Months-long gains in workers’ remittances continue in April

• April remittances at US$ 454mn compared to US$ 249mn a year ago 

Remittances from migrant Sri Lankan workers continued their months-long upwards streak in April, becoming one among the few bright spots for Sri Lanka’s external sector and the entire economy which is coming out of the worst currency crisis. 
The latest data for April showed that the Sri Lankans working abroad had sent US$ 454 million back home, up from US$ 248.9 million in the same month last year. 

In March, Sri Lankans repatriated US$ 568.3 million, the highest in many months as they typically send a larger part of their incomes back home just ahead of the traditional New Year in April. Typically in March Sri Lanka receives the highest monthly figure in remittances each year.  
Unlike in other developed economies, which receive large amounts of their foreign incomes from trade, services and investments, Sri Lanka is almost entirely dependent on exporting people who send back approximately US$ 7.0 billion per annum.

Secondly, tourism brings in roughly another US$ 4.5 billion in a year which together almost entirely erase the trade deficit. With April income, Sri Lanka has had received US$ 1,867.2 million in remittances in total in the first four months. Recovery in remittance incomes and the rebound seen in the tourism industry are helping the Sri Lankan economy to regain footing it had lost a year ago. The external debt standstill is providing the officials further headroom to manage the economy well and to rebuild the reserves well beyond where it was at any time in Sri Lanka’s post-independence history.