Remittances from the EU hit a record €50.9bn in 2023

According to Eurostat, personal remittances sent by EU residents outside the bloc will reach €50.9bn in 2023, up 8 per cent from €47bn in 2022. This is an all-time record high.

The main regions receiving remittances from the EU were Asia (excluding the Middle East), non-EU Europe and North Africa. Asia received €10.7 billion (21% of the total), neighbouring European countries received €10.6 billion (also 21%) and North Africa received €9.8 billion (20%).

At the same time, remittances to the EU have grown only marginally over the past ten years, from €11.6bn in 2014 to €13.9bn in 2023. This means that the EU remains a net exporter of remittances, with the remittance deficit with the rest of the world reaching €37bn.

Europe outside the EU was the main source of remittances to the EU, with €6.8 billion (50% of all remittances) in 2023. North America ranked second with €2.9bn (21%) of remittances to the EU. Central and Southern Africa contributed €1.2bn (8%) and South America €1bn (also 8%).

The record growth in remittances from the EU indicates an increase in remittance flows from migrant workers working in EU countries and sending money to their families abroad. This is especially true for countries in Asia and North Africa, which traditionally receive significant amounts of funds from their citizens working in Europe.

Meanwhile, low EU receipts reflect the small number of labour migrants from North America and South Africa, and the fact that EU citizens rarely receive financial support from relatives living outside the bloc.

The EU thus remains a donor to the global remittance market, withdrawing tens of billions of euros annually to third countries, reflecting the significant role of European labour migrants in supporting the economies of developing countries.