Pakistan remittances climb to $3.24bn in May. Saudi Arabia, UAE continue topping the list
Business
Expats from the Gulf States contribute more than half of the total
KARACHI (Web Desk) – Saudi Arabia and the United Arab Emirates (UAE) remained the top two sources of remittances for Pakistan in May 2024, as the country saw the monthly figure reaching over $3.24 billion, representing a 54 per cent increase when compared to the same month last year.
The corresponding numbers for May 2023 were $2,102.70bn, while the latest figures are also an increase over $2,813.3bn in the previous month – April 2024.
Unlike the common perception mainly generated by social media, it is the Pakistani expatriates living in Gulf States, which contribute most to the remittances.
Read more: Pakistan remittances in Dec recorded at $2.38bn. More than half of it came from Gulf States
May saw the share from Saudi Arabia reaching $819.3 million and the UAE $668.5 million. They are followed by Oman $100.8m, Qatar 89.4m, Kuwait $80.5m and Bahrain $48.3m.
It means the GCC (Gulf Cooperation Council) countries’ share stands at $1,806.9bn out of $3.24bn – well over half of the grand total.
On the other hand, the United Kingdom and the United States occupied the third and fourth slots with $473.2m and $359.5m respectively.
Meanwhile, the expatriates from the European Union (EU) countries sent $340m back home, placing it on the fifth position.
Australia – another developed nation where a sizeable population of Pakistani resides – is ranked 10th, according to the data released by the State Bank of Pakistan (SBP).
Pakistan had recorded a total of $27.093bn in remittances during the first 11 months of the current fiscal year 2023-24, which translates into a 7.7pc increase against the same period of 2022-23. The highest ever yearly figures for the country were $31.278bn in 2021-22.
