Posted 12/9/2023, 2:05:15 AM
Pakistan Remittances Drop Over 10% Despite Record Expat Exodus
- Remittances to Pakistan fell 10.3% to $11.045 billion in July-November 2023 compared to the same period last year
- This decline comes despite record high outflows of Pakistanis leaving for jobs abroad
- Inflows from Saudi Arabia, the UAE, and GCC countries all saw double-digit percentage declines
- Remittances from EU countries grew 6.6%, but all other regions saw declines
- Exporters say high electricity and gas costs have hurt competitiveness, portending more struggles ahead