International remittances champion title goes to Pakistan

International remittances champion title goes to Pakistan

While Pakistan ranks fifth in the world for getting the most remittances every year, their growth has remained flat during the past four years, according to World Bank’s data.

For 2016, Pakistan was ranked fifth for receiving the most remittances, with India leading the charts.

Remittances level for the top five countries for 2016 were:

  • India: $72 billion
  • China: $64 billion
  • Philippines: $30 billion
  • Mexico: $26 billion
  • Pakistan: $19.7 billion

In total an estimated $574 billion (USD) were remitted by migrants to relatives in their home countries in 2016; with almost 28% of the entire remittances going back to top five countries only.

Pakistan’s remittances, while fifth in rank, have slowed down during the past three years.

If we look at the chart, remittances registered a massive uptick after 2002 till 2014. After 2014, the volume of remittances stayed flat to date.

Top sources of International Remittances (for 2016)

Unsurprisingly, Saudi Arabia remained the top country from where Pakistanis sent back the most remittances.

Here is a breakdown of countries from where Pakistani expats remitted the most money back home:

  • Saudi Arabia: $5.81 Billion
  • United Arab Emirates: $5.7 Billion
  • United Kingdom: $1.70 Billion
  • United States: $1.33 Billion
  • Kuwait: $1.07 Billion
  • Canada: $565 Million
  • Singapore: $531 Million
  • Qatar: $483 Million
  • Oman: $403 Million
  • Bahrain: $305 Million
  • Spain: $251 Million
  • Italy: $248 Million

Article Source: ProPakistani