Thursday, September 5, 2024
Expats remittance reaches nearly 13 Billion riyals in July, highest in Two years
Remittances of expatriates in Saudi Arabia hit 12.91 billion Saudi Riyals in July 2024, the highest level in two years. That was a 21.47 percent rise, or SR2.28 billion, over the same month in the year 2023, when the sum was SR10.63 billion. Trending : Saudi Arabia to enjoy long weekend this Saudi National Day
This marks the biggest amount of foreign remittances since September 2022, as the previous period did not saw levels exceeding SR12.9 billion, according to a recent report published by the Saudi Central Bank (SAMA).
- Annually, Saudi remittances increased slightly, reaching 5.81 billion Saudi Riyals from approximately SR5.8 billion in July of last year. On a monthly basis, Saudi citizens sent an average of SR5.16 billion abroad, for a total annual value of SR61.95 billion.
- Monthly remittances averaged SR10.57 billion in the year 2023, contributing to a total of SR126.83 billion in foreign exchange. Most Viewed : Employers responsible to send Expat after issuing final exit visa
- Impressively, the General Authority for Statistics reported that Saudi Arabia's total the retailer imports in June 2024 were SR57.7 billion, down 5% from June 2023, and that goods imports decreased by approximately SR16.7 billion, or 22%, from May 2024.
- At SR14.3 billion in June, machinery, mechanical devices, electrical equipment and their parts made up 25% of Saudi Arabia's overall imports, with transportation equipment including ships, aircraft, and automobiles coming in at roughly 11%.
- Based on the data provided by the authority, the top three countries for Saudi Arabia's imports in June 2024 were China (21% of total, worth SR12.1 billion), the US (4.5 billion), and the UAE (4.02 billion). Recommend : Guide to terminate work contract via Qiwa platform
Expats remittance reaches nearly 13 Billion riyals in July, highest in Two years
