Karachi November 8 2024: In October 2024, Pakistan’s total remittances reached an impressive USD 3,052 million, marking a 24% year-over-year growth from the USD 2,463 million recorded in October 2023.
This marks the fourth highest worker inflows for the country and highest since June 2024.
Compared to September 2024, remittances also showed a healthy month-over-month (MoM) increase of 7% from USD 2,860 million.
Overall, the total remittances for the first four months of FY25 amounted to USD 11,848 million, a substantial 35% increase from USD 8,795 million during the same period in FY24. This surge in remittances underscores the critical role the Pakistani diaspora plays in supporting their homeland, acting as a resilient financial lifeline during challenging economic times. The growth from major remittance corridors like the Middle East, UK, and the USA further highlights the unwavering commitment of overseas Pakistanis to contribute to their country’s economy.
Saudi Arabia led the way as the most significant source of remittances, contributing USD 767 million in October 2024. This represented a 24% increase compared to October 2023’s USD 617 million. The month also saw a 12% rise from September’s USD 684 million. Over the first four months of FY25 (4MFY25), Saudi Arabia’s contributions surged to USD 2,924 million, showcasing a robust 37% increase from the USD 2,133 million recorded in 4MFY24.
The United Arab Emirates (UAE) followed closely, with October 2024 remittances amounting to USD 621 million, a substantial 31% increase from October 2023’s USD 474 million. The month-on-month growth was also notable, with a 10% rise from USD 563 million in September 2024. Over 4MFY25, UAE remittances totaled USD 2,333 million, an impressive 56% YoY increase from 4MFY24’s USD 1,498 million.
The United Kingdom (UK) played a vital role, contributing USD 429 million in October 2024, reflecting a 30% YoY growth from USD 330 million in October 2023. Compared to September 2024, this represented a slight 1% rise. The 4MFY25 remittance inflows from the UK reached USD 1,772 million, marking a 39% increase from USD 1,278 million during the same period in FY24.
From the United States (USA), remittances in October 2024 stood at USD 299 million, a 6% YoY increase from USD 283 million in October 2023 and an 8% rise from September 2024’s USD 278 million. For 4MFY25, total remittances from the USA were USD 1,199 million, up 14% from the USD 1,051 million recorded in 4MFY24.
The European Union (EU) contributed USD 359 million in October 2024, showing a 21% YoY growth from USD 298 million in October 2023. However, remittances from the EU dipped slightly by 2% compared to September 2024’s USD 366 million. The cumulative total for 4MFY25 was USD 1,451 million, a 27% increase from USD 1,141 million in 4MFY24.
Other GCC countries collectively sent USD 320 million in October 2024, showing a 19% YoY growth from USD 269 million in October 2023 and a 10% MoM increase from September 2024’s USD 292 million. For 4MFY25, remittances from this group reached USD 1,182 million, reflecting a 19% YoY increase from USD 991 million in 4MFY24.
Finally, remittances from other regions totaled USD 256 million, up by 34% YoY from USD 192 million in October 2023 and with a slight 1% MoM rise from USD 254 million in September 2024. The cumulative figure for 4MFY25 was USD 987 million, a significant 40% increase compared to USD 703 million in 4MFY24.
