Workers’ remittances surged by 54.2% year-on-year (YoY) in May, reaching $3.24 billion compared to $2.1 billion in the same month last year, according to the latest data from the State Bank of Pakistan (SBP). This significant increase reflects a robust trend of overseas Pakistanis sending more money back home to support their families and communities.
Similarly, on a month-on-month (MoM) basis, remittances increased by 15.3%, rising from $2.81 billion in the previous month. This monthly increase indicates a consistent and growing reliance on remittances as a stable source of foreign exchange.
Cumulatively, during the first eleven months of FY24, total remittances amounted to $27.09 billion, compared to $25.15 billion during the same period in FY23. This marks a 7.75% YoY increase, underscoring the importance of remittances in supporting the country’s economy amidst various economic challenges.
In May, Saudi Arabia was the largest contributor, with remittances totaling $819.28 million, a 56.4% increase from the previous year. The significant contribution from Saudi Arabia highlights the strong ties and large Pakistani workforce in the Kingdom.
The United Arab Emirates followed, with remittances of $668.48 million, a substantial 99.0% YoY increase. This dramatic rise points to the increasing employment opportunities and earnings for Pakistanis in the UAE.
Pakistani workers in the United Kingdom sent $473.22 million in May, up 54.4% compared to the same month last year. This increase reflects the steady employment and earning potential for Pakistanis residing in the UK.
Remittances from the United States totaled $359.55 million, showing a 39.8% YoY increase. This highlights the strong economic ties and significant Pakistani diaspora in the US.
Additionally, remittances from Pakistanis working in EU countries rose by 36.4% YoY to $339.99 million, indicating the continued importance of the European job market for Pakistani workers.
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