Pakistan’s Remittances Drop by 5% to $2.81 Billion in April

Remittances sent by overseas Pakistanis fell by 4.7 percent to $2.81 billion in April 2024 compared to inflows of $2.95 billion registered in the previous month. However, despite the decline over the previous month, the inflows during April are the second highest during the current fiscal year. On a year-on-year basis, the remittances in April 2024 were 28 percent higher compared to remittances of $2.19 billion reported in April 2023. A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $712 million, followed by the United Arab Emirates (UAE) at $542 million, the United Kingdom (UK) at $403 million, the United States (US) at $329 million, European Union (EU) countries at $298 million and other GCC countries at $288 million. Moreover, remittances during July-April FY24 stood at $23.849 billion, up 3.5 percent from remittances of $23.043 billion recorded in the same period of FY23. It is pertinent to mention here that inflows in March 2024 were the second highest ever after remittances of $3.12 billion recorded in April 2022. The higher remittances in March were due to Ramadan and Eid, as overseas Pakistanis usually send higher amounts for their families and charity, including Zakat.