Pakistan’s remittances increase by 1pc in January 2024: SBP

KARACHI: Remittances sent by overseas Pakistani workers registered an increase of 1 per cent MoM basic to $2.53 billion in January 2024 as compared to 26pc in January 2023, data issued by SBP revealed Monday.

According to data issued by the central bank, the workers’ remittances in January 2024 clocked in at $2.40 billion in January.

During Jan 24, workers’ remittances recorded an inflow of US$2.4 billion.
For details see https://t.co/rPOvn9CTjfhttps://t.co/7XBd4uNES4#SBPRemittances pic.twitter.com/BJ79w2B0fs

— SBP (@StateBank_Pak) February 12, 2024

However, the remittances have dropped by 3% in the first seven months of FY2023-24. During the period $15.80 bln was sent by overseas Pakistanis.

The inflows mainly came from Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America, with Saudi Arabia being the largest contributor at $580.7 million.

Read more: Pakistan’s exports to China up by 46pc in 7 months

In January, Pakistan’s export of goods and services to China witnessed an increase of 39.44 per cent during the first five months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) reported.

The overall exports to China were recorded at US $1223.532 million during July-November (2023-24) against exports of US $877.444 million during July-November (2022-23), SBP data revealed.

On a year-to-year basis, the exports to China also surged by 36.29 per cent from $199.058 million in November 2022, against the exports of $271.316 million in November 2023.