世界銀行：2023年第三季度全球匯款成本

RemittancePricesWorldwide-Issue47,September2023

03

ThisReportreflectsthelatesttrendsobserved

inthedatapublishedinSeptember2023.

RemittancePricesWorldwideisavailableat

?TheWorldBankGroup,2023

RemittancePricesWorldwide-Issue47,September2023

3

Overview

RemittancePricesWorldwide(RPW)monitorsremittancepricesacrossallgeographicregionsoftheworld.LaunchedinSeptember2008,RPWmonitorsthecostincurredbyremitterswhensendingmoneyalongmajorremittancecorridors.RPWisusedasareferenceformeasuringprogresstowardsglobalcostreductionobjectives,includingtheG20commitmenttoreducetheglobalaverageto3percent,whichisbeingpursuedinpartnershipwithgovernments,serviceproviders,andotherstakeholders.

SinceQ22016,RPWcovers48remittancesendingcountriesand105receivingcountries,foratotalof367countrycorridorsworldwide.RPWtracksthecostofsendingremittancesforfourmainRSPtypes:Banks,MTOs,MobileOperators,andPostOffices.MTOsincludebothtraditionalprovidersandinnovative/fintechplayers.Onaverage,21.5servicespercorridoraretracked.

ThisReportusesdatafromRPW’smostrecentreleasetoanalyzetheglobal,regional,andcountryspecifictrendsintheaveragecostofmigrantremittances.

FXCIntelligenceprovidestheunderlyingdatausedintheRPW.

Keyfindings

?TheGlobalAveragedecreasedfrom6.20percentinQ22023to6.18percentinQ32023.

?TheInternationalMTOIndexexperiencedadecreaseoverthequarterto6.29percentinQ32023,from6.46percentinQ22023.

?TheGlobalWeightedAverageincreasedto4.78percentinQ32023from4.53percentinQ22023.

?TheGlobalSmaRTAverageforQ32023wasrecordedat3.36percent(downfrom3.55percentinQ22023).Twenty-twocorridorsdidnothaveanySmaRTqualifyingservices.

?TheDigitalremittancesindexincreasedfrom4.60percentinQ22023to4.84percentinQ32023.

?TheDigital-onlyMTOindexexperiencedanincreaseto3.92percentinQ32023from3.61inQ2.

?SouthAsiaremainsthelowestcostreceivingregion,withanaveragecostof5.44percent.Sub-SaharanAfricaremainsthemostexpensiveregiontosendmoneyto,recordedat7.39percenttotalaveragecostinQ32023.

?Banksremainthemostexpensivetypeofserviceprovider,withanaveragecostof11.48percent.

?Theproportionofcorridorswithaveragecostsoflessthan5percenthasincreasedconsiderablysinceQ12009(from17percentto37percentinQ32023).

?InQ32023,mobilemoneyremainsthelowestcostinstrumenttooriginateremittancesandwasalsothelowestcostinstrumenttoreceiveremittances.

?DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederationinQ1andQ22022.InQ3-Q42022andQ1-Q32023,onlypubliclyavailable

RemittancePricesWorldwide-Issue47,September2023

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onlinedataoncorridorsoriginatinginRussiawerecollected,i.e.,mysteryshoppingordatacollectionviaAPIswerenotemployed.Duetothisdeviationindatacollectionmethodology,theseserviceswerenotincludedinthemainanalysisinQ32023(aswellasinQ3-Q42022andQ1-Q22023);instead,thedataarepresentedinAnnexV.

?InQ32023,elevenweremovedfromtheprospectsindextothemainanalysis,afterdemonstratingconsistency,materialityanddiversity.Inthesamequarter,thirty-fivenewserviceswereaddedtotheprospectsindex.RPWwillcontinuetomonitorandincludenewserviceswhenandwhererelevantusingtheprospectsindex.

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TableofContents

Overview 3

Keyfindings 3

Progresstracker 6

NumberofcorridorsintheQ22023dataset 6

Prospectsindex 6

Globaltrends 7

Globalaverageexperiencesadecrease 7

InternationalMTOIndex 8

Globalweightedaverage 8

SmartRemitterTarget(SmaRT) 9

Trendsincorridoraveragetotalcosts 11

G8andG20countries 11

CostofsendingremittancesfromG8countries 11

CostofsendingremittancesfromandtoG20countries 12

Regionaltrends 14

Coststructure 15

Cashvs.DigitalServices 15

CostsbyRSPType 16

CostsbySendingandReceivingMethod 17

AnnexI-Tables($200) 20

AnnexII-CostTrendsforSending$500 22

Globaltrendsforsending$500 22

Globalaveragetotalcost 22

InternationalMTOIndex 23

G20Countries 23

CostofsendingremittancesfromandtoG20countries 23

AnnexIII-Tables($500) 26

AnnexIV-ProspectsIndex 27

AnnexV-CorridorsfromRussia 30

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Progresstracker

RPWindicatorsareusedtomeasuretheprogresstowardstargetsofglobaleffortsforthereductionofremittancecosts.TheUNSDGsandtheG20haveindicatedatargetof3percentfortheGlobalAveragetobereachedby2030.1Atthesametime,theUNSDGsandtheG20havealsocommittedtoensuringthatinallcorridors,remittancescanbetransferredfor5percentorless.

Thefigurebelowsummarizestheprogresstowardsthesethreetargets.

NumberofcorridorsintheQ32023dataset

TheQ32023datasetincludesdatafrom351corridors(excluding13originatinginRussia,and3originatinginNigeria).DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederation.Inaddition,remittanceserviceproviders(RSPs)havestillnotresumedoutgoingremittanceoperationsinNigeriaduetotheCentralBankofNigeriabanningalloutboundtransfersfromthecountry.

Prospectsindex

SinceQ12022,RPWdatacollectionwouldbeusedtoalsomonitornewservicesviaaprospectsindex.Thesenewservicescouldbecandidatesforinclusioninthemainindexinthefuturesubjectto

themmeetingcertainrequirements.PleaseseeAnnexIVfordetails.

1TheG8(L’Aquila,2010)andtheG20(Cannes,2011andBrisbane,2014)committedtoreducetheGlobalAverageTotalCostto5percent.TheG20alignedwiththeUN’s2030AgendatoincludecostreductiontargetssetunderSDG10.c.In

addition,throughtheG20RoadmapforEnhancingCross-BorderPayments,theG20reaffirmedSDG10.cforremittance

costs.WorldBank’sRemittancePricesWorldwidedatabasewillbeusedtomonitorseveraltargetsonremittancesinthe

Roadmap,includingthoseoncost,speedandtransparency.SeeFSB(2021),Targetsforaddressingthefourchallengesofcross-borderpayments

(/wp-content/uploads/P131021-2.pdf)

andFSB(2022),Developingthe

ImplementationApproachfortheCross-BorderPaymentsTargets

(/wp-content/uploads/P171122.pdf)

.Untilnow,RPWhasbeenreportingontheG8/G20remittancetargetof5%.InlinewiththeG20affirmationoftheSDG10.cremittancepricetargets,startingwithQ12023editionoftheRPWQuarterlyReports,thereportingisbeingadjustedtokeeponlySDG10.c.Therehasbeennochangeinmethodology.

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Globaltrends

Globalaverageexperiencesadecrease

InQ32023,theGlobalAveragecostforsendingremittanceswas6.18percent,aminutedecreasefrom6.20inQ22023.TheGlobalAveragehasremainedbelow7.00percentsinceQ12019(seeFigure1belowandTable1intheAnnex).Overall,thisrepresentsadeclineof3.49percentagepointssinceQ12009,whenthefigurewasrecordedat9.67percent.InQ32023,theglobalaveragefordigitalremittanceswasrecordedat4.84percent,whiletheglobalaveragefornon-digitalremittanceswas6.77percent.Digitalservicesaccountfor30%ofallservicesRPWcollectedinQ32023.2

Figure1Trendsintheglobalcostofsending$200inremittances3

2Adigitalremittancemustbesentviaapaymentinstrumentinanonlineorself-assistedmanner,andreceivedintoatransactionaccount,i.e.,bankaccount,transactionaccountmaintainedatanon-bankdeposittakinginstitution(sayapostoffice),mobilemoneyore-moneyaccount.

3FiguresfortheglobalaveragewereadjustedinQ12014followingaclean-upoftheentiredatabase.SomevaluesslightlyvaryfromfigurespublishedpriortoQ12014.

8

InternationalMTOindex

TheInternationalMTOIndextracksthepricesofMTOsthatarepresentinatleast85percentofcorridorscoveredintheRPWdatabase.4InQ32023,theInternationalMTOIndexrecordedadecreaseto6.29percentfromthepreviousvalueof6.46percentinQ22023.Overtheyear,thisfigurewasupby0.36ofapercentagepoint,recordedat5.93percentinQ32022.Thisfigurehascomedownby4.07percentagepointsfromitsfirstrecordedvalueof10.36percentinQ12009.InQ32023,thedigital-onlyMTOIndexrecordedat3.92percent,anincreasefrom3.61percentinQ22023.5Thedigital-onlyMTOIndexhasconsistentlyremainedbelowboththeInternationalMTOIndexandtheglobalaverage.

Figure2TrendsinInternationalMTOIndex&Digital-onlyMTOIndex

Globalweightedaverage

Theglobalweightedaveragetotalcostaccountsfortherelativesizeoftheflowsineachremittancecorridor.6This,asillustratedinFigure3(seealsoTable1intheAnnex),hasattimesshownadifferent

4TheInternationalMTOsIndexincludesallMTOsthatarepresentinover85percentofRPWcorridors.Thusfar,ithasincludedWesternUnionandMoneyGram,whichoperatein95percentand90percentofthecountrycorridorscoveredinthedatabase,respectively.

5Adigital-onlyMTOreferstomoneytransferoperatorsthatsendremittancespredominantlythroughdigitalchannels.Thedigital-onlyMTOindexincludesfivedigital-onlyMTOs,Wise,Remitly,WorldRemit,InstaReMandXoom.Someoftheseprovidersalsohavephysicalchannels.6Itisimportanttonotethat,whileofficialdataonremittanceflowsbybilateralcorridorsarecurrentlynotavailable,estimates(RathaandShaw2007,the2018version,availableat

9

patternfromthesimpleaverage.InQ32023,theGlobalWeightedAveragewasrecordedat4.78percent.Thisfigurehasbeenrecordedbelow5.00percentsinceQ42020.Overthelastfiveyears,thisfigurehasdecreasedbyapproximately0.52percentagepoints-recordedat5.29percentinQ32018.

Figure3TrendsinGlobalweightedaverage&SmaRTaverage

SmartRemitterTarget(SmaRT)

TocomplementtheGlobalAverageandGlobalWeightedAveragesdescribedabove,theWorldBankintroducedtheSmaRTindicatorinQ22016,whichaimstoreflectthecostthatasavvyconsumerwithaccesstosufficientlycompleteinformationcouldpaytotransferremittancesineachcorridor.SmaRTiscalculatedasthesimpleaverageofthethreecheapestqualifyingservicesforsendingtheequivalentof$200ineachcorridorandisexpressedasapercentageofthetotalamountsent.Inadditiontotransparency,servicesmustmeetadditionalcriteriatoqualifyforbeingincludedintheSmaRTcalculation,includingtransactionspeed(fivedaysorless),andaccessibility,determinedbygeographicproximityof

/en/topic/migrationremittancesdiasporaissues/brief/migration-remittances-data)

havebeenusedinthiscalculation.TheseestimatesarebasedontheBalanceofPayments(BOP)andfactorinmigrantstocks,destinationcountryincomes,andsourcecountryincomes.Themethodologyfortheseestimateshasbeenquestioned,aswellastheaccuracyofofficialdataonremittanceflowsandmigrantstocks.However,thisstillrepresentstheonlyavailablecomprehensivedatasetonbilateralremittanceflows.Italsoseemslikelythatoverall,thedatasetissufficientlyaccuratetoreflectatleasttheproportionbetweenthedifferentcorridors,henceofferingagoodapproximationtoweighttherelevanceofeachcorridorintermsofflowsize.

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branchesforservicesthatrequirephysicalpresence,oraccesstoanytechnologyordevicenecessarytousetheservice,suchasabankaccount,mobilephone,ortheInternet.7InQ32023,theGlobalSmaRTAveragewasrecordedat3.36percent.

ThepotentialofSmaRTcanbeappreciatedevenmoreatthecorridorlevel,wheretheindicatorscaninformpolicyactionsbyidentifyinglimitationsatamoregranularlevel.InQ32023,22ofthe3548corridorsdidnothaveanySmaRTqualifyingservices,indicatingthatinthesecorridorsthereisanissuewitheitheraccessorreachofservices,oralowerlevelofcompetition.Ofthese22corridors,fourteenaredestinedforSub-SaharanAfrica,fourfortheMiddleEastandNorthAfrica,threeforSouthAsia,andoneforLatinAmericaandtheCaribbean.AnoverwhelmingmajorityofthesecorridorshavelowInternetpenetrationand/orhavelowtransactionaccountpenetration,whichindicatethataccesstotheInternetandaccountsshouldbeproactivelytargetedintheseregionsasameansofencouragingmorediversepaymentandremittanceservicesoffering.Majorityofthereceivingcountriesinthisgrouphavea“GreenLight”SmaRTratingforaccessibilitytoCash,andmajority(15outof22–seeBox1)havea“GreenLight”ratingforMobileservices(measuredbyavailabilityofcashservicesandnumberofcellularsubscriptionsper100persons).

Box1-CorridorswithoutSmaRTqualifyingserviceswith“GreenLight”ratingformobileservices

AngolatoNamibia

GhanatoNigeria

IndiatoBangladesh

IndiatoPakistan

IndiatoSriLanka

QatartoSudan

QatartoEgypt,ArabRep

NigeriatoBenin

NigeriatoMali

NigeriatoTogo

JordantoSyrianArabRep.

SaudiArabiatoSyrianArabRep.NetherlandstoSuriname

SaudiArabiatoSudan

UnitedArabEmiratestoSudan

Note:InQ32023,RPWcontinuestoexperiencedifficultiesincollectingdataonalloutboundservicesfromNigeria.Inaddition,dataonservicesoriginatingintheRussianFederation(13corridors)werenotincluded.Therefore,forQ32023,RPWreportsnoqualifyingservicesinthese16corridors,threeofwhicharelistedinthisBoxinitalics.

TheUNSDGscommittedtoensurethat,by2030,itshouldbepossibletosendremittancesfor5percentorlessineverycorridor.TheSmaRTaveragesareusedasareferenceforthisindicator,reflectingthefactthatinanygivencorridorthereareservicesavailabletocustomersthatmeettherequirementsdescribedabove,whilealsoonaverageofferingacostthatisinlinewiththeUNSDG.AsofQ32023,75percentofallcorridorscoveredintheRPWdatabasehadSmaRTcorridoraveragesbelow5percent.9

7ForadditionalinformationonthemethodologyusedtocalculateSmaRTsee

/sites/default/files/smart_methodology.pdf

8Thenumberofcorridorsexcludesthe13corridorsoriginatinginRussia.

9Pleasenotethatthisfigureexcludesthe13corridorswhichoriginateinRussia.

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Trendsincorridoraveragetotalcosts

Figure4showsthatcomparedtoQ12009,theproportionofcorridorswithaveragecostsoflessthan10percenthasincreasedconsiderably,showinganoverallincreaseofshareby31percentagepoints(53percentofcorridorsinQ12009,comparedto82percentofcorridorsinQ32023).Thisshiftisnaturallyaccompaniedbyadecreaseofshareofcorridorsexhibitingtotalcostsover15percent(18percentofcorridorscomparedto3percentofcorridors).Inthe10-15percenttotalcostcategorythereare10percentofcorridorsinQ32023,comparedto29percentofcorridorsinQ12009.YearoveryearsinceQ12019,thisgradualshiftisvisible.Ofthe6corridorswithcostsabove20percentinQ32023,fiveoriginateinSub-SaharanAfricaandthreearedestinatedforSub-SaharanAfrica.Inthefigurebelow,corridoraveragetotalcostsforalloutboundservicesfromNigeriaremainunavailable.CorridoraveragetotalcostsforservicesoriginatingfromRussiaarealsonotincluded.These16corridorsareshownas“NA”inFigure4.

Figure4DistributionofAverageTotalCosts

G8andG20countries

CostofsendingremittancesfromG8countries

TheG8countriesincludeseveralofthemajorremittancesendingcountriesintheworld.10TheaveragecostforsendingremittancesfromtheG8countriesincreasedfrom5.83percentinQ22023to5.87percentinQ32023.Overtheyear,thisfiguredecreasedby0.11ofapercentagepoint(from5.98percentinQ32022).ThelargestincreaseintotalaveragecosttosendremittancesisseeninItaly(5.36percentto5.62percent),followedbyUnitedKingdom(5.82percentto5.97percent),theUnitedStates(5.66percentto5.77percent),France(5.98percentto6.07percent),andJapan(7.09percentto7.12percent).ThelargestdeceaseisseeninCanada(6.45percentto5.96percent),followedbyGermany(5.84percentto5.62

10AsthedatasetdidnotincludedataoncorridorsoriginatingfromRussiacollectedinthesamewayasfromothersendingcountries,theG8andG20figuresreporteddonotincludedataonthesecorridorsfromRussia.

12

percent).

Figure5TotalaverageovertimeinG8countries

CostofsendingremittancesfromandtoG20countries

ThecostofremittingfromG20countriesexperiencedasmallincreaseto6.33percentinQ32023,asshowninFigure6(alsoseeTable3intheAnnex).

Figure6Averagecostofsending$200fromG8andG20countries

SouthAfricaremainsthecostliestG20countrytosendremittancesfrom(seeFigure7).ThisisdespiteanoveralldecreasefromitspeakinQ12013,whenthecostofsendingfromSouthAfricawasmorethan20percent.InQ32023,remittingfromSouthAfricaincurredanaveragecostof11.62percent,adecrease

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fromitsrecordedvalueof13.90percentinQ22023.ThecostofsendingfromthesecondmostexpensiveG20sendingcountry-Brazil-wasrecordedat7.61percentinQ32023.TheRepublicofKoreaistheleastexpensiveG20sendingcountry,recordedat4.72percent,followedbySaudiArabia(5.52percent),Italy(5.62percent),Germany(5.62percent),Australia(5.72percent),theUnitedStates(5.77percent),Canada(5.96percent),theUnitedKingdom(5.97percent),andFrance(6.07percent).

Figure7AveragecostofremittingfromG20countries

Figure8Averagecostofsending$200toG20countries

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Figures8and9displaythetotalaveragecostofsending$200toG20countriesovertimeandinQ22023,respectively(seealsoTable4intheAnnex).TheaveragecostofsendingmoneytotheG20countriesthatareincludedinRPWasreceivingmarketswasrecordedat5.55percentinQ32023.

Apartfromafewquarters,theaveragecostofsendingmoneytotheG20countrieshasfollowedthepatternoftheGlobalAverage.SinceQ22017,thecostofremittingtoG20countriesisrecordedbelowtheGlobalAverage.InQ32023,SouthAfrica(7.17percent)isthemostexpensivecountryinthisgrouptoremitto,followedbyChina(6.46percent).CostsforsendingremittancestoBrazil,Indonesia,India,Mexico,andTürkiyewererecordedbelow6percent.MexicoremainedthecheapestreceivingmarketintheG20group,recordedat4.70percent.

Figure9AveragecostofremittingtoG20countries,byCountry

Regionaltrends

Figure10Averagecostsovertimebyregionoftheworld

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Thecostforremittanceservicesvariessignificantlydependingontheregionwherethemoneyisbeingsentto(seeFigures10&11belowandTable5intheAnnex).SouthAsia(SA)experiencedthelargestincreasefrom4.31percentto5.44percent,followedbyMiddleEastandNorthAfrica(MNA).Sub-SaharanAfrica(SSA)experiencedthelargestdecreasefrom7.92percentto7.39percent,followedbyLatinAmericaandtheCaribbean(LAC),Europe&CentralAsia(ECA),andEastAsiaandPacific(EAP).

Figure11Averagecostsbyregionoftheworld

Coststructure

Cashvs.digitalservices

Figure12Averagecostsbyregion:cashvsdigitalservices

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Figure12furthercomparesthecostsforremittanceservicesamongdifferentregions,bybreakingdownthecostintotwocomponents:feeandforeignexchange(FX)margin.Withineachregion,Figure12differentiatesbetweendigitalandnon-digitalremittances.Itshowsfeesaccountforalargeportionofthecostsforremittanceservices.Moreover,costsfornon-digitalservicesareconsistentlyhigherthanthosefordigitalservicesregardlessoftheregionwherethemoneyisbeingsentto.

CostsbyRSPtype

RPWtracksthecostofsendingremittancesforfourmainRSPtypes:banks,MTOs,mobileoperators,andpostoffices.Figure13providesatimeseriesvisualofalltheRSPtypesincludedintheRPWdataset.

Overtime,banks,mobileoperators,andMTOshaveseenageneraldeclineoftotalaveragecosts,whilepostofficeservices,duetothesmallnumberofservices,haveledavolatiletrendandoverallrecordedperiodicincreasessincethehistoriclowrecordedinQ32013.BankshavebeenfirmlyabovetheGlobalAverage,whereasMTOsandmobileoperatorshaveremainedbelow.

Figure14providesanoverviewforeachRSPtypeinQ32022andQ32023.BankscontinuetobethecostliestRSPtype,withanaveragecostof11.48percentinQ32023.Postoffices’costsarerecordedat8.52percentinQ32023.11MTOs’costsarerecordedat5.33percent,whilemobileoperatorsarethecheapestRSPtypewithcostsrecordedat4.47percent.However,mobileoperatorsonlyaccountforaverysmallshare(lessthan1%)ofthesamplesize.Box2providesadditionaldetailsontheaveragecostofsending$200viamobileoperators.

Figure13TotalaveragesovertimebyRSPtype

11SeveralservicesoriginatinginFrancevia“LaPoste”areprovidedby“LaBanquePostale”whichisasubsidiaryofLaPosteandislicensedasabank.ThisrecategorizationseemstohaveimpactedtheaveragecostofsendingviapostofficesinQ12022.

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Figure14TotalaveragebyRSPtype

Box2-Averagecostofsending$200viamobileoperators

Averagecostofsending$200viamobileoperatorshasbeenfluctuatingaround3percentovertime,untilrecently.Atthesametime,transferfeeschargedbymobileoperatorshavebeenaround1.5-2.0percentonaverage(FigureB2.1-theblueshadedportioninthechartshowsshareoffeesintheaveragecost).

RPWcollectsthetotalcostofservicessplitintotwocomponents:transferfeeandforeignexchangemargin.Asshowninthefigure,thefluctuationsintheaveragecostofsendingviamobileoperatorssince2021havelargelybeenduetothefluctuationsintheaverageforeignexchangemargin.

FigureB2.1Averagecostofsending$200viamobileoperators

Asimilarpatternisalsoobservedformobilemoneyasthepaymentinstrument.

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Costsbysendingandreceivingmethod

RPWcapturesseparatelythepaymentinstrumentusedtofundthetransactionandtheoneusedtodisbursethefundstothereceiver.Thisapproachisreflectedinthechartsbelow.Thisapproachallowsforfurtherrefinementoftheanalysisandincreasesitsadaptabilitytonewproductsthatmightemergeandhasprovenparticularlyusefulinmonitoringinnovativeproductsandplayers.

InQ32023,thecheapestmethodforfundingaremittancetransactionwasMobileMoneyat4.78percent(49servicesrecordedinRPW)(Figure15).TheaveragecostwhenusingCash(1,723services)was6.71percent.Sendingmoneyusingcreditordebitcard(3,501services)cost5.20percent.Usingabankaccountincurredanaveragecostof7.34percent(2,263services).

Figure15AverageCostbyInstrumentUsedtoFundtheTransaction

Figure16Averagecostbymeansofdisbursingthefunds

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Thecostofsendingremittancestoabankaccountwithinthesamebankortoapartneroftheoriginatingbank(101services)wasrecordedat9.26percentinQ32023(Figure16).Incontrast,sendingmoneytoabankaccountregardlessoforiginatingbank(2,796services),was6.74percent.Whenfundsaresenttoamobilewallet(520services)theaveragecostinQ32023was4.68percent.Serviceswheremoneyisdisbursedincash(4,215services)costonaverage6.00percent.

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AnnexI-Tables($200)

Table1-GlobalAverage(%),InternationalMTOIndex

2019

Q4

2020

Q1

2020

Q2

2020

Q3

2020

Q4

2021

Q1

2021

Q2

2021

Q3

2021

Q4

2022

Q1

2022

Q2

2022

Q3

2022

Q4

2023

Q1

2023

Q2

2023

Q3

GlobalAvg.

6.82

6.79

6.67

6.75

6.51

6.38

6.30

6.30

6.04

6.09

6.01

6.30

6.24

6.25

6.20

6.18

MTOIndex

7.34

7.18

6.95

6.81

6.56

6.31

6.57

6.37

6.39

6.44

6.17

5.93

6.34

6.37

6.46

6.29

Table2-TotalaverageinG8Countries(%)

Canada

2019

Q4

8.28

2020

Q1

7.44

2020

Q2

7.12

2020

Q3

6.27

2020

Q4

5.23

2021

Q1

6.13

2021

Q2

6.47

2021

Q3

6.60

2021

Q4

6.69

2022

Q1

6.66

2022

Q2

6.50

2022

Q3

6.60

2022

Q4

6.29

2023

Q1

6.51

2023

Q2

6.45

2023

Q3

5.96

France

6.76

6.79

6.27

6.30

6.06

5.93

5.78

6.21

6.41

6.69

6.41

6.09

5.75

6.29

5.98

6.07

Germany

7.49

7.70

7.10

7.47

7.10

7.26

6.15

6.37

6.22

6.10

5.83

7.02

5.98

6.13

5.84

5.62

Italy

5.71

5.68

5.75

6.15

5.27

4.76

4.76

4.76

4.54

4.78

4.37

4.79

4.97

5.01

5.36

5.62

Japan

9.56

9.40

10.36

10.58

10.02

10.5

8.50

7.95

7.52

7.35

7.58

7.82

7.22

6.96

7.09

7.12

Russia

2.11

1.83

1.90

1.94

1.00

1.00

2.40

2.93

3.13

UK

7.23

7.42

6.74

6.57

6.48

6.44

6.25

6.06

5.65

5.64

5.62

6.33

6.34

6.25

5.82

5.97

USA

5.43

5.36

5.21

5.14

5.22

4.88

5.41

5.61

5.18

5.52

5.55

5.36

5.58

5.69

5.66

5.77

G8

6.61

6.57

6.31

6.33

6.01

5.92

5.79

5.83

5.61

5.80

5.68

5.98

5.88

5.97

5.83

5.87

Table3-TotalaverageinG20sendingcountries(%)

Australia

2019

Q4

7.61

2020

Q1

7.59

2020

Q2

7.31

2020

Q3

7.21

2020

Q4

7.31

2021

Q1

7.23

2021

Q2

6.56

2021

Q3

7.25

2021

Q4

6.40

2022

Q1

6.23

2022

Q2

5.76

2022

Q3

5.82

2022

Q4

5.88

2023

Q1

5.77

2023

Q2

5.98

2023

Q3

5.72

Brazil

6.83

5.09

9.57

9.77

7.00

7.17

7.74

4.81

4.19

5.93

7.71

9.01

8.08

8.10

9.41

7.61

Canada

8.28

7.44

7.12

6.27

5.23

6.13

6.47

6.60

6.69

6.66

6.50

6.60

6.29

6.51

6.45

6.96

France

6.76

6.79

6.27

6.30

6.06

5.93

5.78

6.21

6.41

6.69

6.41

6.09

5.75

6.29

5.98

6.07

Germany

7.49

7.70

7.10

7.47

7.10

7.26

6.15

6.37

6.22

6.10

5.83

7.02

5.98

6.13

5.84

5.62

Italy

5.71

5.68

5.75

6.15

5.27

4.76

4.76

4.76

4.54

4.78

4.37

4.79

4.97

5.01

5.36

5.62

Japan

9.56

9.40

10.36

10.58

10.02

10.5

8.50

7.95

7.52

7.35

7.58

7.82

7.22

6.96

7.09

7.12

Korea,Rep.

4.50

4.77

4.72

4.74

4.74

4.61

4.15

4.18

3.46

2.98

2.93

2.07

2.28

3.30

3.55

4.72

Russia

2.11

1.83

1.90

1.94

1.00

1.00

2.40

2.93

3.13

Saudi

Arabia

4.75

4.53

4.79

4.80

4.42

3.55

4.82

4.87

4.20

4.43

4.87

4.22

4.83

4.54

4.69

5.52

South

Africa

17.18

15.3

4

14.56

15.0

5

14.4

1

14.9

1

15.86

14.8

1

13.0

2

13.9

3

14.7

3

15.0

1

13.1

9

13.4

13.9

11.6

2

UK

7.23

7.42

6.74

6.57

6.48

6.44

6.25

6.06

5.65

5.64

5.62

6.33

6.34

6.25

5.82

5.97

USA

5.43

5.36

5.21

5.14

5.22

4.88

5.41

5.61

5.18

5.52

5.55

5.36

5.58

5.69

5.66

5.77

FromG20

7.07

6.93

6.73

6.79

6.52

6.49

6.46

6.37

6.00

6.20

6.14

6.39

6.37

6.47

6.43

6.33

21

Table4-TotalaverageinG20receivingcountries(costtos