Workers' remittances rise 10.7% to $30.25bn in FY24

July 09, 2024 (MLN): Workers' remittances have increased by 10.68% to $30.25 billion in fiscal year 2023-24 as compared to $27.33bn worth of inflows received in FY23, the latest data issued by SBP revealed today.

Meanwhile, in the month of June alone, remittances have jumped by 44.4% YoY to $3.16bn, compared to $2.19bn in the same month of last year.

On a monthly basis, workers' remittances fell 2.6% as compared to $3.24bn in the previous month.

During the year, Saudi Arabia held the top spot, contributing $7.42bn. This figure was up 13.6% compared to the previous year.

The second biggest inflow was from UAE as they sent $5.53bn during the year, up 18.9% YoY.

Pakistanis working in U.K. sent $4.52bn during FY24, up 11.0% compared to last year.

Moreover, the inflows from EU Countries clocked in at $3.53bn, which were up 11.5% YoY.

The data further shows that remittances sent by Pakistanis working in USA rose by 12.7% YoY to $3.53bn.

Explanatory Note

When migrants send home part of their earnings in the form of either cash or goods to support their families, these transfers are known as workers’ remittances.

Workers’ remittances are one of the major sources of foreign exchange earnings for Pakistan.

"For many countries, money transfers from citizens working abroad are a lifeline for development," says Dilip Ratha of the World Bank.

These inflows have financed Pakistan’s trade and primary income deficit significantly over the last half century.

Copyright Mettis Link News