Remittances to Samoa up by 40 per cent for June
Total remittance inflows to Samoa recorded an increase of 40 per cent (or $20.6 million) in June of this year, when compared to the same month of last year and was up by 6.8 per cent (or $4.6 million) over the month of May.
Details of the tourism sector earnings and remittances inflow were highlighted in a Government report titled “Visitor Earning & Remittances Report June 2022" released on 4 August 2022.
The report is the latest available data on the tourism sector and private remittances, with information sourced from the Central Bank of Samoa, Samoa Bureau of Statistics and the Ministry of Customs and Revenue.
Due to the report being compiled prior to the opening of Samoa's international borders on 1 August 2022, the tourist arrivals and earnings remained unchanged since the last report in March this year.
The increase in the total amount of remittances received for the month of June this year ($72.20 million) was almost as high as the total amount recorded during the festive season in December 2021 which was $79.04 million.
The amount recorded for June this year is also a big jump compared to the amount recorded in the month of June last year and 2020.
In June 2020 a total amount of $52.09 million was recorded for Samoa while the total number of remittances received by Samoans in 2021 was $52.59 million.
"Total remittances in June 2022 grew by 40.0 per cent (or $20.6 million) to $72.2 million when compared to the same month of last year and was up by 6.8 per cent (or $4.6 million over the previous month," the report reads.
"Responsible for the increase over the year were higher transfers received from its main markets namely New Zealand (up by $9.7 million), Australia (up by $9.2 million), and 'Other countries' (up by $2.1 million).
"In terms of recipients, funds for 'family and households' went up significantly by $15.6 million, 'hand-carried cash' (up by $3.0 million), 'non-profit institutions serving households' (NPISH) (up by $2.3 million) and 'In-Kind' (up by $0.1).
"As a result, total inflow of remittances in the twelve months of FY2021/22 expanded by 20.7 per cent (or $125.7 million) to $732.4 million compared to FY2020/21.
"Accounting for this increase were higher transfer from Australia (up by $72.8 million), New Zealand (up by $44.0 million) and United States (up by $11.5 million). Partially responsible for this expansion was the depreciation of the Samoan tala against the US dollar by (1.3 percent).
"By recipients, total funds received by 'family and households' increased considerably by $133.2 million to $667.5 million; around 91.1 percent of the total annual remittances for FY2021/22.
"In addition, 'hand-carried cash' and 'In-kind' transfers also went up by $3.7 million and $3.0 million in that order, offsetting reductions in NPISH and 'Others'.
"The monthly share of total remittances inflows received directly through Money Transfers Operators (MTOs) in June 2022, fell to 79.3 percent from 8.0 percent in June of last year, whilst funds received directly through commercial banks climbed up to 20.7 percent from 19.3 percent in the same month last year.
"The average monthly cost of sending NZD$200.00 to Samoa was around 8.08 percent of total funds while the average cost of sending AUD$200.00 to Samoa was around 5.53 percent of total funds."
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