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Remittances decline 13% month-on-month in April, stand at $2.2bn

  • Cumulative figure for July to April 2022-23 stands at $22.742bn, 13% lower year-on-year
Published May 10, 2023

Inflow of overseas workers’ remittances saw a significant decline and clocked in at $2.2 billion in April 2023, a decrease of 12.9% on a month-on-month basis, as compared to $2.5 billion in March 2023, showed data released by the State Bank of Pakistan (SBP) on Wednesday.

On a year-on-year basis, the inflow of remittances registered a massive decline of 29%. In April 2022, the amount stood at $3.12 billion, data showed.

On a cumulative basis, the inflow of remittances during the July to April of fiscal year 2022-23 stood at $22.742 billion, 13% lower than $26.143 billion in the same period of the previous fiscal year.

“In March, higher remittances were witnessed on account of Ramadan factor. Same was the case in April last year, which saw a major part of Ramadan,” Tahir Abbas, Head of Research at Arif Habib Limited (AHL), told Business Recorder.

Pakistan reports massive current account surplus of $654mn in March

The market expert, however, brushed off concerns that the remittance decline would have a significant impact on the country’s macroeconomic indicators.

“Despite the decline in remittances, we expect a current account surplus to the tune of $500-600 million in April,” he said.

Pakistan’s current account posted a massive surplus of $654 million in March 2023 against a (revised) deficit of $36 million in February 2023, SBP data showed earlier.

Breakdown of remittances

Overseas Pakistanis in Saudi Arabia remitted the single largest amount in April 2023 as they sent $489.3 million during the month. This was nearly 31% lower than the $705 million sent by expatriates in the same month of the previous year.

Remittances from the United Arab Emirates amounted to $382 million during the month, a decline of 38% compared to $614 million in April 2022.

Inflows from the United Kingdom plunged 25% as they decreased from $484 million in April 2022 to $361 million in April 2023.

Moreover, remittances from the European Union reduced by 13% as they amounted to $257 million in April 2023.

Overseas Pakistanis in the US sent $276 million in April 2023, a year-on-year decline of 21%.


Comments are closed.

Tulukan Mairandi May 10, 2023 05:21pm
Exactly as I said. There was a big spike for Eid. Pakistani workers (all low pay low skilled and no brain work - forming 99% of Pakistanis overseas) borrow to remit to their impoverished families back home. Now it's payback time for their borrowing, so remittance drops. Borrowing is a Pakistani culture it seems.
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Az_Iz May 10, 2023 05:52pm
@Tulukan Mairandi, Pakistani American , just like other Asian Americans, have much higher levels of education and income, than the rest of the population. Pakistani Americans make up about 7 to 8 percent of overseas Pakistanis. Your 99% numbers are cooked up, due to the hate and vile of the Hindutva ideology in you.
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TimeToMovveOn May 10, 2023 10:19pm
@Az_Iz, Regardless of the numbers from Tulukan Mairandi he true about one thing... "Borrowing is a Pakistani culture it seems." I mean hasn't Pakistan borrowed from anyone and everyone it can, and still continues to borrow from the West while bashing the West. Just recently, in case you did not know, you begged for military aid from the USA.. the country several of your fellow men hate!
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Az_Iz May 11, 2023 03:52am
@TimeToMovveOn, that is something one can agree with. The only fix the politicians can think of is to borrow more money and seek support from other countries, which is shameful. No country can progress in a meaningful way like this. The savings rate in Pakistan has always been about 10% lower than other countries at similar levels of development. If the country can improve upon the savings rates, there won’t be any need to beg or borrow. Until the focus shifts from consumption to savings, things will stay the same.
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Az_Iz May 11, 2023 04:09am
@TimeToMovveOn, Pakistan has lost a lot , fighting America’s wars in Afghanistan. The opportunity cost was much greater than the aid it got, fighting for America in Afghanistan against the Soviets . Pakistanis wouldn’t be so resentful, if there is a free trade agreement or greater market access. Aid is more of a curse.
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Az_Iz May 11, 2023 04:49am
@TimeToMovveOn, one can easily agree that, loans and aid will get you thru a crisis, until the next crisis. And it is also a shame and a disgrace for a country to keep on going like this. Only savings and investment in physical, health and education infrastructure will bring about genuine and sustainable development. IMF delaying the loan has forced the government to cut down imports and consumption. Although it is painful, at least it is slowly generating a C/A surplus. And one can feel proud that the country can pay its bills by itself. That is a silver lining. Hope the country can keep going in this direction. Pay your own bills by yourself.
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