DHAKA: Bangladesh received foreign exchange remittances worth $14 billion in 2013 from its migratory workforce to retain the 8th spot in the world.

Top ten global remittances recipient nations are India ( $70 billion) 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), according to a World Bank report released on Friday.

The report, an annual World Bank exercise, underscored the point that remittances are an important source of foreign exchange often surpassing earnings from major exports.

Bangladesh’s $14 billion in remittance receipts in 2013 helped the country to cross its Foreign reserve the $20 billion which mark for the first time in history.

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.

In terms of remittances as a share of GDP, the top recipients were Tajikistan (52%), Kyrgyz Republic (31%), Nepal and Moldova (both 25%), Samoa and Lesotho (both 23%), Armenia and Haiti (both 21%), Liberia (20%) and Kosovo (17%).

BDST: 1303 HRS, APR 12, 2014