Workers’ remittances drop in 2022 despite ‘notable recovery’ towards end of year

Workers’ remittances in 2022 recorded a decline of 31% in comparison to USD 5,491 million in 2021, the Central Bank of Sri Lanka says.

According to the Central Bank’s report on external sector performance in 2022, the workers’ remittances amounted to USD 3,789 million last year.

However, a notable recovery was witnessed during the latter part of the year.

Workers’ remittances have increased to USD 476 million in the month of December last year, in comparison to USD 384 million in November. This is the highest monthly remittance recorded in 2022.

According to the CBSL’s report, total departures for foreign employment in 2022 were recorded at 299,934, contributed mainly by the unskilled (101,786), skilled (88,215) and domestic aid (73,781) categories.

Total departures for foreign employment were recorded at 23,407 during the month of December 2022.

Meanwhile, Sri Lanka saw an uptick in tourist arrivals in 2022, recording 719,978 in total, compared to 194,495 arrivals in 2021. This is the highest number of tourist arrivals Sri Lanka saw after 2019, 

Tourist arrivals increased notably in December 2022 to 91,961, from 59,759 arrivals recorded in November 2022. Russia, India, the United Kingdom, Australia, and Germany remained the main source countries for tourist arrivals in December 2022.

Earnings from tourism are estimated at USD 1,136 million in 2022, compared to USD 507 million in 2021. Earnings from tourism in the month of December 2022 are estimated at USD 127 million, in comparison to USD 81 million in the previous month and USD 233 million in the corresponding month in the previous year.