Pakistan’s remittances dip by 4.8 per cent in April

WEB DESK: Workers’ remittances into Pakistan increased by 27.9 per cent year-over-year (YoY) in April 2024, reaching $2.81 billion, according to the latest data released by the State Bank of Pakistan (SBP).

This figure represents a significant boost compared to the $2.2 billion recorded in April 2023.

However, despite the strong year-over-year growth, remittances experienced a slight monthly decline of 4.8 per cent, dropping from $2.95 billion in March 2024.

Cumulatively, in the first ten months of the fiscal year 2024 (10MFY24), the total remittances amounted to $23.85 billion, an increase of 3.5 per cent from the $23.04 billion received in the same period last year.

Saudi Arabia continued to be the leading source of remittances, with contributions totaling $712.01 million in April, marking a 45.4 per cent increase from the previous year.

The United Arab Emirates (UAE) followed as the second-largest source, sending $542.31 million, a 42.7 per cent rise year-over-year.

The United Kingdom ranked third, with Pakistani workers there sending $403.21 million in April 2024, which represents a 14.0 per cent increase over the same period in 2023.

The United States also saw growth, with remittances reaching $329.19 million, a 21.1 per cent rise YoY.

Additionally, remittances from European Union (EU) countries rose by 15.7 per cent, totaling $297.95 million during the month.

Workers’ remittances play a critical role in Pakistan’s economy, serving as one of the primary sources of foreign exchange earnings.

They have significantly contributed to financing the country’s trade and primary income deficit over the last 50 years.

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