Remittance outflow from Ecuador, by year 2023

The value of personal remittances paid in Ecuador increased by more than 70 million U.S. dollars (+11.1 percent) in 2023 in comparison to the previous year. In total, the value amounted to 707.24 million U.S. dollars in 2023.
A remittance is a non-commercial transfer of money by a nonresident worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country. Workers’ remittances are a significant part of international capital flows, especially regarding labor-exporting countries.

Value of personal remittances in Ecuador from 2006 to 2023, based on remittance outflow towards any other country

Characteristic	Personal remittance outflow (in million U.S. dollar)	Year-on-year percentage change (%)
2023	707.24	11.1
2022	636.53	5.4
2021	603.97	16.6
2020	518.02	-20.9
2019	654.67	40.1
2018	467.45	25.8
2017	371.47	22.9
2016	302.37	3.7
2015	291.53	48.8
2014	195.92	17.1
2013	167.27	8.6
2012	154.05	3.8
2011	148.38	9.1
2010	135.97	42.6
2009	95.35	45.4
2008	65.6	-21.1
2007	83.16	33.1
2006	62.46	15.6

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Release date

July 2024

More information

Region

Ecuador

Survey time period

2006 to 2023

Special properties

All figures are estimates and in current U.S. dollars; This statistic follows the BPM 6 definitions of remittances, differentiating between "personal" and "total" remittances even if the two figures are often the same. See the "Details" tab for more information.

Supplementary notes

The numbers provided have been calculated by Statista, using definitions of remittances set in BPM 6 - the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual. The IMF used the following remittance definitions:

Personal remittances: The sum of "personal transfers", "compensation of employees" and "capital transfers between households";
Total remittances: The sum of "1. Personal remittances" with "social benefits";
Total remittances and transfers to Non-Profit Institutions Serving Households (NPISHs): The sum of "2. Total remittances" with "current transfers to NPISHs" and "capital transfers to NPISHs"

The categories of "personal transfers", "compensation of employees", "capital transfers between households", "social benefits", "current transfers to NPISHs" and "capital transfers to NPISHs" are all found in the IMF's Balance of Payments (BOP) database. Both the World Bank - and its KNOMAD department - adopted this IMF database in all their reportings on remittances.

Only the first two IMF categories - "personal transfers" and "compensation of employees" - are reported, though. All other categories are supplementary, meaning data is often not available or researched. This effectively means remittance data is incomplete - as it only covers (parts of) 1. Personal remittances.

Due to this lack of additional information, calculations on 1. Personal remittances and 2. Total remittances regularly lead to the same results. However, sources tend to write "total remittances" when the figures technically refer to "personal remittances". To avoid this confusion, Statista follows the BPM 6 wording of "personal remittances", unless a country does provide additional data that would lead to different figures that would be accounted for in "total remittances".

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