South Korea: Remittances, percent of GDP

* indicates monthly or quarterly data series
 South Korea

Remittances as percent of GDP

 Latest value 0.47
 Year 2022
 Measure percent
 Data availability 1976 - 2022
 Average 0.69
 Min - Max 0.15 - 1.49
 Source The World Bank
For that indicator, we provide data for South Korea from 1976 to 2022. The average value for South Korea during that period was 0.69 percent with a minimum of 0.15 percent in 1979 and a maximum of 1.49 percent in 1986. The latest value from 2022 is 0.47 percent. For comparison, the world average in 2022 based on 173 countries is 5.36 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
South Korea - Remittances, percent of GDP - Recent values chart

Historical chart
South Korea - Remittances, percent of GDP - historical chart - 1976-2022




Definition: Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees.

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 Related indicators Latest value Reference Measure
 Terms of trade 92.30 2021 percent
 Trade openness 96.54 2022 percent
 Financial openness 2.299 2021 index points
 Exports, percent of GDP 48.27 2022 percent
 Exports, billion dollars 753.55 2023 billion U.S. dollars
 Growth of exports 3.43 2022 percent
 Imports, percent of GDP 48.26 2022 percent
 Imports, billion dollars 752.67 2023 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 1.08 2022 percent
 Foreign Direct Investment, billion dollars 25.04 2022 billion U.S. dollars
 Portfolio investment inflows, equities 11,622.50 2023 million dollars (current)
 Current account, percent of GDP 3.50 2022 percent
 Current account, in dollars 35.49 2023 billion U.S. dollars
 Trade balance, percent of GDP 0.01 2022 percent
 Trade balance, in dollars 8.43 2023 billion U.S. dollars
 Reserves 423.37 2022 billion U.S. dollars
 Remittances, percent of GDP 0.47 2022 percent
 Remittances 7,824.50 2022 million U.S. dollars
 Net errors and omissions -3,137.60 2023 million USD
 Foreign exchange reserves 414.10 9/2023 billion
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