Quarterly Report on Remittance Earnings

July-September 20141

Bangladesh Bank
Research Department
External Economics Division

Comments on any aspects of the report are highly welcome and can be sent to Ms. Zahira Hasin, Deputy Director,
Research Department, Bangladesh Bank. E-mail:zahira.hasin@bb.org.bd.

FY14

FY13

FY12

FY11

FY10

FY09

FY08

FY07

FY06

Percentage

Foreign employment and rremittance

Graph-1: Remittance as Percentage
P
of
sent by the Bangladeshi eexpatriates
GDP, Export and Import and its
have immense contributioon to the
Growth
70.00
economic development of B
Bangladesh
60.00
through lowering unem
mployment,
50.00
GDP
poverty alleviation and swell up
40.00
Export
Remittance
foreign exchange reserve. R
30.00
(f.o.b)
20.00
is the main source of foreiggn finance
Import
10.00
(f.o.b)
for
developing
countrries
like
0.00
Bangladesh with limitedd internal -10.00
resources and foreign capital. In
addition,
remittance
pplays
a
supportive role in swellingg up current account surplus. However, gross remittance
earnings in FY14 declined by 1.61 percent to USD 14228.31 milllion compared to
USD 14461.13 million of FY
Y13 due to slow recovery from world eco
onomic recession.
In FY14 remittance was 8.21 percent of our GDP and 47.80 percent and 42.38 percent
of the countrys total export and import respectively (Table-1).
Table-1: Remittance ass Percentage of GDP, Export and Import and
d its Growth
FY

GDP
P

Export (f.o.b)

Import (f.o.b)

Growth
h

FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14

6.688
7.511
8.644
9.444
9.522
9.055
9.633
9.644
8.211

46.12
49.60
55.93
62.11
67.80
50.64
53.58
54.43
47.80

36.10
38.54
40.62
47.70
46.29
34.61
38.59
43.07
42.38

24.78
24.50
32.39
22.28
13.40
6.03
10.24
12.51
-1.61

Country wise Remittance Earnings: July-September 2014

*Gulf Countries are KSA, UAE, Qatar, Oman, Bahrain and Kuwait.
** EU countries are United Kingdom, German and Italy.
***Asia-Pacific countries are Japan, Malaysia and Singapore.

Jul-Sep 14

Apr-Jun 14

Jan-Mar 14

Oct-Dec 13

Jul-Sep 13

Apr-Jun 13

Jan-Mar 13

Oct-Dec 12

Jul-Sep 12

Million USD

In July-September 2014 quarter

Bangladesh earned USD 4010.01
Graph 2: Trend of Quarterly Remittance
million of remittance, which is 7.42
4500
4000
percent higher than USD 3733.09
3500
million of previous quarter and 22.63
3000
2500
percent higher than USD 3269.96
2000
million of same quarter of the
1500
preceding year. During the quarter,
1000
500
the largest amount of remittance
0
inflows from KSA (USD 848.21
million), which is 21.15 percent of
total remittance earnings. The
sequential remittance sender countries
are UAE with USD 723.56 million (18.04 percent), USA USD 648.38 million (16.17
percent), Malaysia USD 334.53 million (8.34 percent), Kuwait USD 284.45 million
(7.09 percent) and United Kingdom USD 240.45 million (6.00 percent) (Table-2 and
Chart-3). Observing the country wise remittance inflow, the Gulf* countries have
important role as the main source of remittance earnings for Bangladesh. In this
quarter the remittance share of these countries stood at 57.54 percent of the total
remittance earnings, which is 1.15 percent lower than the previous quarter. Overall
remittance inflow from EU** countries increased by 12.27 percent. From AsiaPacific*** region overall remittance growth was 11.18 percent due to 30.15 percent
growth from Japan, 12.01 percent from Malaysia and 8.28 percent from Singapore.
Remittance inflow from USA raised by 6.67 percent compared to previous quarter.
Country wise remittance earning is shown in Table-2 and Graph-3.

Graph 3: Country wise Remittance

July-September 2014
88.32
2.20%

534.14
13.32%

334.53
8.34%

KSA
848.21
21.15%

UAE
Qatar
Oman
Kuwait

240.45
6.00%

723.56
18.04%

Bahrain
USA

648.38
16.17%
1355.51
3.338%

72.88
1.82%
284.45
7.09%

235.09
5.86%

UK
Malaysia
Italy
Others

Tab
ble-2: Country wise Remittance Inflow
(Million
(
USD)
Gulf Countries
KSA
UAE
Qatar
Oman
Bahrain
Kuwait
Libya
Iran
EU Countries
United Kingdom
German
Italy
Asia-Pacific Countries
Japan
Malaysia
Singapore
USA
Other Countries
Total

Jully-Sep 13
1920.51
(58.73)
709.15
(21.69)
620.41
60.40
151.46
92.57
267.10
19.42
0.0
327.69
(10.02)
237.74
6.53
83.42
315.96
(9.66)
4.21
220.19
91.56
529.5
(16.19)
176.3
(5.39)
3269.96

Oct-Dec 13
2068.07
(59.05)
768.67
(21.95)
662.02
61.68
164.49
111.8
279.90
19.51
0.0
290.8
(8.30)
216.33
7.88
66.59
379.12
(10.82)
4.14
269.27
105.71
576.98
(16.47)
187.37
(5.35)
3502.34

Jan-Mar 14
2221.46
(59.68)
844.47
(22.69)
707.18
67.58
183.89
122.87
275.52
19.95
0.0
280.98
(7.55)
219.09
6.45
55.44
402.45
(10.81)
4.74
276.53
121.18
609.00
(16.36)
208.55
(5.60)
3722.44

Source: Foreign Exchange Policy Department, Bangladesh Bank.

Note: Numbers in bracket iindicate percentage share of total.

April-June14
4
2190.92
2
(58.69)
796.60
0
(21.34)
695.26
6
67.86
6
201.22
2
132.13
3
284.37
7
13.09
9
0.39
9
298.28
8
(7.99)
228.09
9
6.07
7
64.12
2
413.32
2
(11.07))
3.98
8
298.67
7
110.67
7
607.84
4
(16.28)
222.73
3
(5.97)
3733.09
9

July-Sep14
2307.52
(57.54)
848.21
(21.15)
723.56
72.88
235.09
135.51
284.45
7.82
0.00
334.87
(8.35)
240.45
6.10
88.32
459.54
(11.46)
5.18
334.53
119.83
648.38
16.17
259.7
(6.48)
4010.01

Country wise Migration

Graph 4: Country wisee Migration

Jul-Sep 13
Oct-Dec 13
Jan-Mar 14
Apr-Jun 14

Others

Singapore

Malaysia

Oman

Jordan

Lebanon

Bahrain

UAE

Jul-Sep 14

Qatar

KSA

In Number

In July-September 2014 quarter,

100.49
thousand
Banngladeshi
migrated for their livelihoood, which
35000
is 0.2 percent higher thann 100.24
30000
thousand of July-Septembber 2013
25000
20000
and 10.2 percent lower thann 111.89
15000
thousand of previous quarter.
10000
During this period, 26164 persons
5000
migrated to Oman, 24522 tto Qatar,
0
14318 to Singapore, 77152 to
Bahrain, 5969 to UAE, 5248 to
Jordan, 4011 to Lebanon, 2138 to
KSA and 705 to Malaysia. Country
wise migration is shown in T
Table-3 and Graph-4.

Table-3: Country wise Migration

Year
2000

KSA
144618

UAE
34034

Qatar
1433

2001

137248

16252

223

2002
2003
2004
2005
2006

163269
162131
139031
80425
109513
204112

25462
37346
47012
61978
130204
226392

132124
14666
7069
15030
21232
6955
3202
1362
1135

2007
2008
2009
2010
2011
2012
Jan-Mar 13
Apr-Jun 13
Jul-Sep 13
Oct-Dec 13
2013
Jan-Mar 14
Apr-Jun 14
Jul-Sep 14
Quarterly
Growth
Annual
Growth

Bah
hrain Lebanon
46637

(In Number)
Total
Female

Oman
5258

Malaysia
17237

Singaporre
11095

Others
4374

222686

454

43371

4561

4921

9615

552
94
1268
2114
7691
15130

54421
74482
91194
100716
166355
166433

6856
5304
6948
9651
20139
38324

188965
225256
254190
272958
252702
381516

25548
11672
12085
13168
28801
12561
15238
15099
14686

13182
288426
21824
13928
21777
71145
66688
60029
52293

52896
41704
42641
135260
170326
39144
31714
31499
31671

131762
12402
919
742
804
548
559
790
1956

56581
39581
39053
48666
58657
13889
16332
16063
13773

37504
34481
52847
44360
34981
64159
7185
13474
17061
19078

832609
875055
475278
390702
568062
607798
99224
100714
100249
100664

659
1,217
2,353
11,259
13,570
18,045
19,094

419355
258348
203308
282734
215452
2041
3672
4001
4527

494
682
1691
2235
4387
11726
5979
5819
4611
4974

85
28
224
2911
20469
273201

11774
19757
37776
64846
80080
66241

3541
8444
13941
17208
19166
14864
3777
4016
3734
3571

3854
4029
4435
4827
8082
17478

12654
1457
5208

14241
5210
6326

57584
16931
20827

255155
46690
57723

15098
3513
3697

21383
5036
5530

134028
27137
27147

3853
1900
1269

60057
12592
13778

56798
17602
22384

400851
96068
111889

56430
16393
19682

2138

5969

24522

71152

4011

5248

26164

705

14318

10264

100491

18803

-58.9

-5.6

17.7

255.0

8.5

-5.1

-3.6

-44.4

3.9

-54.1

-10.2

-4.5

7.4
13.8
-16.9
57.0
49.2
62.4
188.6
Source: Bureau of Manpower, Employmeent and Training, Bangladesh.

-10.8

-10.9

-39.8

0.2

34.2

Jordan

2822

20,842
22,224
27706
30579
37304
12437
14644
14013
15336

Country wise Female Migrration

Others

Singapore

Malaysia

Jordan

Lebanon

Bahrain

Qatar

Oman

UAE

KSA

In Number

Migration of Bangladeshi female

Graph-5: Country wise Female
personnel to various counttries in
Migration
the world has been inccreasing
7000
gradually. In July-Septembeer 2014
6000
Jul-Sep 13
quarter,
18.80
thhousand
5000
Oct-Dec 13
Bangladeshi
female
w
workers
4000
Jan-Mar 14
migrated for their liveelihood,
3000
Apr-Jun 14
2000
which is 34.2 percent higher
1000
Jul-Sep 14
compared to 14.01 thousaand of
0
July-September 2013 annd 4.5
percent lower compared too 19.68
thousand of previous qquarter.
During this period, 5477 female
workers migrated to UAE, 55122 to Jordan, 3209 to Oman, 3024 to Lebanon
L
and 1481
to Qatar. In this context, it is important to mention that along with increasing female
migration in many countriees, their job environment and financial security
s
should be
ensured. Government may take necessary initiatives through Bureau of Manpower,
M
in abroad.
Employment and Training ((BMET) and Bangladeshi Diplomatic Missions
Moreover, private recruitinng agencies may play an important rolle in this regard.
Country wise female migration is shown in Table-4 and Graph-5.

Tab
ble-4: Country wise Female Migration
(In Number)
Year
KSA
UAE Omaan Qatar Bahrain Lebanon
Jan-Mar 12
112
2012
5977
1
10
3119
Apr-Jun 12
40
1918
12344
1
11
3989
Jul-Sep 12
19
1295
12455
2
11
2788
Oct-Dec 12
314
987
10266
2
6
2600
Jan-Mar 13
126
1959
13122
62
1
2586
Apr-Jun 13
34
3567
14955
218
4
3004
Jul-Sep 13
5
3821
15488
788
68
2661
Oct-Dec 13
2
4363
17133
1032
68
2499
Jan-Mar 14
0
5088
21099
1229
23
2437
Apr-Jun 14
2
6126
30577
1808
5
2725
Jul-Sep 14
0
5477
32099
1481
8
3024
Quarterly Growth (%)
-100.0 -10.6
5.00
-18.1
60.0
11.0
Yearly Growth (%)
-100.0
43.3
107..3
87.9
-88.2
13.6
Source: Bureau of Manpower, Employmeent and Training, Bangladesh.

Jordan
14
2006
5258
4304
5942
5774
4575
4952
4990
5492
5122
-6.7
12.0

Malaysia
8
4
4
3
6
7
2
8
7
7
1
-85.7
-50.0

Singapore
11
21
23
20
31
29
32
41
38
36
24
-33.3
-25.0

Others
507
956
299
527
412
512
513
658
472
424
457
7.8
-10.9

Total
6391
10180
10944
9789
12437
14644
14013
15336
16393
19682
18803
-4.5
34.2

Category wise Migration

By

analyzing

cateegory

the

wise

Graph-6: Categorry wise Employee

Migration 2013 (Jaanuary-December)

migration of Bangladeshi expatriates, it

Unskilleed,
212282
2,
51.87%
%

depicts that 52.0 percennt of total

migrated labor force was unskilled in
January-December

2013

(Table-5).

Professiona
l, 689,
0.17%

During the period, only 0.22 percent of

migrated manpower was pprofessional,
32.7 percent was skilled andd semiskilled
migration

stood

at

15.28

Semi
Skilled,
62528,
15.28%

Skilled,
133754,
32.68%

percent

compared to 3.4 percent in 22012.

Tablee-5: Category wise Employee Migration

(In Numb
ber)
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

Professional
106669
(4.799)
5940
(3.144)
144550
(6.422)
158662
(6.244)
122002
(4.477)
1945
(0.777)
9255
(0.244)
6766
(0.088)
1864
(0.21)
1,4226

Classification of Migrated Employees

Skilled
Semi Skilled
Unskilled
99606
26461
85950
(44.73)
(11.88)
(38.60)
42742
30702
109581
(22.62)
(16.25)
(57.99)
56265
36025
118516
(24.98)
(15.99)
(52.61)
74530
29236
134562
(29.32)
(11.50)
(52.94)
110177
28327
122252
(40.36)
(10.38)
(44.79)
113655
24546
112556
(44.98)
(9.71)
(44.54)
115468
33965
231158
(30.27)
(8.90)
(60.59)
165338
183673
482922
(19.86)
(22.06)
(58.00)
281450
132825
458916
(32.16)
(15.18)
(52.45)
134,265
84,517
255,070

(0.300)
(28.25)
(17.18)
(53.66)
3877
90,621
20,016
279,678
(0.100)
(23.19)
(5.12)
(71.58)
2011
1192
229149
28279
308992
(0.22)
(40.3)
(5.1)
(54.4)
2012
8122
209368
20498
377120
(0.133)
(34.45)
(3.37)
(62.05)
2013
6899
133754
62528
212282
(0.177)
(32.68)
(15.28)
(51.87)
Total
69,0339
1,856,388
742,048
3,289,555
Source: Bureau of Man
npower, Employment and Training, Bangladesh.
2010

Note: Numbers in braccket indicate percentage share of total.

Total
222686
2
(1
100.00)
188965
1
(1
100.00)
225256
2
(1
100.00)
254190
2
(1
100.00)
272958
2
(1
100.00)
252702
2
(1
100.00)
381516
3
(1
100.00)
832609
8
(1
100.00)
875055
8
(1
100.00)
475,278
4
(100)
390,702
(100)
568062
5
(100)
607798
6
(100)
409253
4
(100)
5,9
957,030

Bank wise Remittance Infllow: July-September 2014

In Bangladesh most of the coommercial
banks are contributing distincctively to
countys

economic

devvelopment

through

distributing

collected

Graph-7:Bank wise Remittance Inflow:

July-September 2014
2
SCB
1301.2
32.45%

SB
51.05
1.27%

remittance from all over the world to

the beneficiaries. In this context,
private

commercial

collect

the

highest

banks

(PCBs)

amoount

of

FCB,
51.38,
1.28%

remittance. State owned coommercial

banks (SCBs), foreign coommercial

PCB,
2606.38,
65.00%

banks (FCBs) and specialized banks

CBs have collected
are the sequential remittance collectors. During July-September 2014, SC
p
higher than
USD 1301.20 million (32.45 percent), which is 9.05 percent and 19.29 percent
ng all SCBs Agrani
previous quarter and the same quarter of previous year respectively. Amon
Bank is in the top position havving USD 462.03 million and Sonali Bank attained the second
position with USD 394.62 miillion of remittance. In this period, PCBs have
h
collected USD
2606.38 million (65.00 percennt), which is 6.90 percent less compared to prrevious quarter and
24.29 percent higher than thee same period of the preceding year. Islamii Bank Bangladesh
Limited (IBBL) is the top moost remittance collector among all PCBs. During
D
this period,
IBBL has collected USD 1002.39 million, which is the highest collectio
on compared to any
n this quarter, many
other bank and 25.00 percent of total remittance inflow of the country. In
n previous quarter.
of the PCBs collection of reemittance increased substantially rather than
During July-September 2014, FCBs have collected USD 51.38 million (1.28 percent), which
is 4.1 percent less than previouus quarter and 11.26 percent higher than Jully-September 2013.
Standard Chartered has colleected USD 20.62 million of remittance wh
hich is the highest
amount among the FCBs. In tthis quarter, Bangladesh Krishi Bank has so
olely received USD
50.55 million out of total USD
D 51.05 million earned by the specialized baanks. It is observed
that a few other banks have aalso contributed in collecting remittance alo
ong with the major
banks of Bangladesh in July-S
September 2014 quarter.

Table-6: Bank wise Quarterly Remittance Inflow

(Million USD)
Bank Name
State owned Private Banks
Sonali Bank
Agrani Bank
Janata Bank
Rupali Bank Ltd
Specialized Banks
Bangladesh Krishi Bank
Basic Bank Ltd
Private Commercial Banks
IBBL
National Bank Ltd
Uttara Bank Ltd
BRAC Bank Ltd
Pubali Bank Ltd
Prime Bank Ltd
AB Bank Ltd
NCCBL
Eastern Bank Ltd
Bank Asia Ltd.
South East Bank Ltd.
The City Bank Ltd
Dhaka Bank Ltd
Mutual Trust Bank Ltd.
The Trust Bank Ltd
Dutch-Bangla Bank Ltd
Shahjalal Islami Bank
IFIC Bank Ltd
UCBL
Mercantile Bank Ltd.
Jamuna Bank Ltd
The Premier Bank Ltd
Exim Bank Ltd
Social Islami Bank Ltd.
ICB Islamic Bank
First Security Bank Ltd.
One Bank Ltd
Al-Arafah Islami Bank Ltd.
Standard Bank Ltd
BD Com. Bank Ltd.
NRB Commercial Bank
Foreign commercial Banks
HSBC
Standard Chartered Bank
Woori Bank Ltd
Com. Bank of Ceylon
Citi Bank NA
Bank Al Falah
State Bank of India
Habib Bank Ltd
National Bank of Pakistan
Total

July-Sep 13

Oct-Dec 13

Jan-Mar 14

April-June 14

July-Sep 14

1090.80
(33.36)
356.02
373.79
326.82
34.17
35.94
(1.10)
35.64
0.30
2097.04
(64.13)
808.61
(24.73)
177.85
142.47
131.89
97.0
75.66
43.95
55.19
14.7
73.22
59.14
78.68
46.50
17.95
57.86
59.34
2.37
11.68
22.47
34.81
23.08
7.51
6.35
5.0
0.30
11.25
2.93
13.57
15.05
0.66

1108.94
(31.66)
361.79
395.1
313.63
38.42
40.33
(1.15)
39.98
0.35
2296.35
(65.57)
917.35
(26.19)
180.93
130.95
130.36
106.64
82.6
72.00
55.94
21.1
106.62
65.4
78.45
54.85
18.1
43.51
67.64
1.89
12.69
21.21
38.16
19.71
12.25
6.7
10.21
0.38
12.83
2.8
8.85
15.12
1.11

46.18
(1.41)
22.74
18.04
2.14
2.05
0.31
0.73
0.15
0.01
0.01
3269.96

56.72
(1.62)
19.42
31.38
2.94
2.01
0.78
0.06
0.11
0.02
0
3502.34

1161.51
(31.20)
375.47
412.67
329.55
43.82
44.53
(1.20)
44.44
0.09
2459.85
(66.08)
981.04
(26.35)
186.22
138.66
102.67
125.52
88.18
80.22
63.45
21.75
121.02
65.77
87.8
53.68
19.93
39.05
75.13
1.83
14.68
28.29
52.86
18.22
13.19
6.56
26.93
0.37
11.31
3.34
14.73
15.21
1.03
1.21
56.55
(1.52)
18.51
30.09
4.11
1.91
0.26
0.05
0.08
0.03
1.51
3722.44

1193.20
(31.96)
380.91
421.39
344.40
46.50
48.19
(1.29)
47.90
0.29
2438.10
(65.31)
953.87
(25.55)
184.96
152.38
92.85
120.56
82.78
73.67
57.9
16.59
104.71
70.19
78.95
54.49
21.75
52.07
81.56
1.99
16
34.53
56.01
22.76
10.56
7.25
32.81
0.32
10.17
2.94
21.01
21.07
1.26
0.14
53.6
(1.44)
15.19
30.51
5.61
1.79
0.35
0.08
0.07
0
0
3733.09

1301.20
(32.45)
394.62
462.03
392.64
51.91
51.05
(1.27)
50.55
0.5
2606.38
(65.00)
1002.39
(25.00)
201.11
166.61
109.1
130.76
91.79
62.26
74.24
22.24
108.7
74.94
73.38
54.75
26.96
59.45
97.54
3.25
17.2
32.09
53.38
29.31
8.83
6.68
21.97
0.49
12.53
3.78
32.08
26.46
1.86
0.25
51.38
(1.28)
20.59
20.62
6.24
3.49
0.36
0.05
0.02
0
0.01
4010.01

Source: Foreign Exchange Policy Department, Bangladesh Bank.

Note: Numbers in bracket indicate percentage share of total.

International Comparison
As

per

view

Migration

and

of

the

paper
Graph-8:Top 10 Remittancce Earning
Countries

Develoopment
70

Brief, World Bank Aprril 19,

60

position among worlds ttop ten

remittance earner countries and 2nd

Billion USD

2013, in 2012 Bangladesh is in 7th

50
40
30
20

in South Asian region. India is the

10

worlds top most remittancee earner

and China attained the 2nd position.

Though Bangladesh is in 6th
position among worlds topp 10 manpower exporter countries, its earrned remittance is
11.14 percent of the counntrys GDP. In 2011 Tajikistan is in th
he 1st position in
percentage share of GDP.
Table-7((A): Top 10 Remittance Earning Countries
(Million
USD)

Top 10
Countries
India
Chine
Mexico
Philippines

2005
22,125
24,102
23,062

2006

2007

2008

2009

2010

Percentage Share of
GDP (%)

28,334
27,954
26,877

37,217
38,791
27,136

49,941
48,524
26,304

49,256
48,729
22,153

55,000
51,000
22,572

3.9%
1.0%
2.5%

13,566

15,251

16,302

18,642

19,766

21,311

11.7%

France

11,945

13,031

14,445

16,408

15,551

15,939

0.6%

German

6,933

7,567

9,898

10,908

10,879

11,559

0.3%

Bangladesh

4,315

5,428

6,562

8,941

10,523

11,050

11.8%

Belgium

7,242
7,961
3,329

7,488
8,890
5,435

9,098
10,739
9,221

10,255
11,807
9,980

10,360
9,904
9,585

10,446
10,245
9,975

2.2%
0.7%
5.6%

Spain
Nigeria

Source: World Bank staff estimates based on thee International Monetary Fund's Balance of Payments Statistics Yearbook 2010.

Table-7(B): Top 10 Remittance Earning Countries in 2012

Top 10 Countries

2012 (Billion USD)

Top 10 Countries *

India
Chine
Philippines
Mexico
Nigeria
Egypt
Bangladesh
Pakistan
Vietnam
Lebanon

69
60
24
23
21
21
14
14
10
7

Tajikistan
Liberia
Kirgiz Republic
Lesotho
Moldova
Nepal
Samoa
Haiti
Lebanon
Kosovo

Percentage Share of GDP (%)

Source: Migration and Development Brief, World Bank, April 19, 2013.
* Top 10 Countries according to percentage share of GDP (%) in 2011

47%
31%
29%
27%
23%
22%
21%
21%
18%
18%