BAKU, Azerbaijan, March 29. The volume of remittances sent to South Korea by individuals from Azerbaijan reached $5.4 million in 2024.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this figure represents a decline of $9 million, or a reduction by 2.7 times, compared to 2023.
South Korea's share in the country's total remittances was approximately one percent for the reporting year. In contrast, the amount of remittances sent to South Korea in 2023 was $14.5 million.
Overall, the total remittances sent from Azerbaijan to foreign countries in 2024 amounted to $526.8 million, which marks a decrease of $23.4 million, or 4.2 percent, compared to the previous year.
At the same time, the volume of remittances from foreign countries to Azerbaijan in the reporting year was $1.08 billion, reflecting a decline of $571.9 million, or 34.6 percent, compared to 2023.
