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India tops global remittances at $70 billion
April 12, 2014, 2:11 pm

India received foreign exchange remittances worth $70 billion in 2013 from its migratory workforce to retain the top spot in the world amid a broad slowdown caused by regulatory hindrances on both movement of people and capital. China ($60 billion), the Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion), Egypt ($17 billion), Pakistan ($15 billion), Bangladesh ($14 billion), Vietnam ($11 billion) and Ukraine ($10 billion), rounded up the Top 10 remittance recipient nations, according to a World Bank report released on Friday.

The report, an annual World Bank exercise that underscores the point that remittances are an important source of foreign exchange often surpassing earnings from major exports, said India's $70 billion in remittance receipts in 2013 was "more than the $65 billion earned from the country's flagship software services exports".

Such trajectory was even greater in countries such as Nepal, where remittances are nearly double the country's revenues from exports of goods and services, while in Sri Lanka and the Philippines, they are over 50% and 38%, respectively. In Uganda, remittances are double the country's income from its main export of coffee.

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