Through its latest report on flows of personal transfers, the European Statistical Office (Eurostat) has revealed that European Union residents sent €33,4 billion to non-EU countries in 2020.
According to the most recent figures, in 2020, the extra-EU personal transfers were mainly directed to Asia, excluding the Near and the Middle East, North Africa, and on-EU European countries. Each of these areas accepted 20 per cent of total extra-EU outflows.
More specifically, €6,8 billion were sent to Asia, €6,7 billion were sent to North Africa, and €6,5 billion were sent to European countries that are not part of the EU or Schengen Area, SchengenVisaInfo.com reports.
The money sent from the EU to third countries has increased since 2015. It has been revealed that the majority of personal transfers consist of money flows sent by migrants to their origin country.
“Extra-EU outflows have maintained a growing trend since 2015, increasing by 33 per cent since that year. The majority of personal transfers consist of flows of money sent by migrants to their country of origin,” the statement of Eurostat reads.
On the other hand, extra-EU inflows have remained unchanged, resulting in a negative balance of €22 billion for the EU with the other countries elsewhere in the world. In 2020 the EU countries received a total of €11,5 billion.
According to Eurostat, non-EU countries are responsible for 54 per cent of the total money inflows in the EU with €6,2 billion. Moreover, the same noted that the second main provider of personal transfers to the EU is North American with 19 per cent of total extra-EU inflows (€2 billion).
Compared to the figures that were registered in 2019, there has been an increase of 3 per cent, suggesting that more people made transfers in 2020.
A more in-depth report by Eurostat on personal remittances shows that the EU Member States account for approximately 53 per cent of the personal transfer flows. Nonetheless, there have been some differences as some Member States transferred remittances while others received them.
Poland (98 per cent) followed by Spain (93 per cent), Greece (91 per cent), Lithuania (84 per cent), and Italy (82 per cent) had the personal remittance of their residents mainly sent to countries outside the EU.
Conversely, Ireland (93 per cent), Italy (80 per cent), and Lithuania (76 per cent) were the main countries that received inflows from countries outside the EU rather than sending money outside.