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- Remittances form significant portion of GDP for many African countries
- Exports still lead, but remittance contributions catching up
- Remittance value is more than double Kenya’s main export: coffee and tea
Although exports still contribute more to the GDP of most African states, remittances are beginning to surpass some major export categories.
Kenya’s biggest goods export category – coffee, tea, mate and spices – makes up almost 25% of all its exports and is valued at $1.6-billion, according to 2023 UN Comtrade data.
Although Kenya’s exports constitute a significantly larger portion of its economy than remittances, the gap is narrowing, with remittances reaching $4-billion in 2023.
In Senegal, the $2.9-billion it received in remittances contributed the equivalent of one-third of the country’s export value to GDP.
Kenya’s central bank accounts for the ‘steady and resilient flow’ of remittances as a result of the development of mobile money platforms, internet-based channels of remittances and supportive policy.
The only African countries where remittances exceed total export value are Comoros and The Gambia.
— 11 November, 2024Subscribe to the weekly newsletter for more charts like this
