There was a record labour migration in 2023 while remittance earnings increased ever so slightly.
Data from the Bureau of Manpower, Employment, and Training (BMET) and Bangladesh Bank shows that compared to 2022 labour migration jumped by 15.15% and remittance flow increased only 2.96% Year on Year (YoY) in 2023.
Till the end of the 2023 calendar year, 1.31 million workers found employment in 137 countries, which was 12,10,256 till November 2023.
The previous migration record was 11,35,873 in 2022, according to data from BMET.
According to Bangladesh Bank data, Bangladesh received $21.91 billion in 2023, compared to $21.28 billion the previous year.
Central bank's latest data said that expatriates sent home $1.99 billion in the last month of 2023, up 3.09% from November.
It clearly shows the inflows were lower despite a spike in the number of Bangladeshis going abroad.
Mohammed Abul Basher, president of Bangladesh Association of International Recruiting Agencies (BAIRA), the organization of labour exporters, told Dhaka Tribune that record workers were sent abroad in 2023. Hopefully, this will continue in 2024 as well but for that, the government should be more focused. Especially the officials who are in the embassies should be given strict instructions so that the migrant workers are not harassed.
He also said, apart from this, the recruiting agencies should also be given proper respect because they are the ones who are opening up new markets for the export of labour by talking to different countries.
When questioned about the stagnation in remittances despite a rise in labour migration, he outlined the factors contributing to this trend. To address the issue, it is crucial to engage in discussions and implement measures involving Bangladesh's Finance Ministry, Bangladesh Bank, and the embassies. The embassies possess insights into the methods through which workers transfer their earnings (remittances) to the country.
Experts, attributing the lack of progress to a diminishing incentive, also pointed fingers at the substantial disparity between formal and informal exchange rates, citing the growing influence of the hundi system.
