Remittances now third biggest foreign exchange earner

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Remittances have become the third foreign exchange earner for the country after logging and cocoa exports after it rose 68% to $475.5 million in 2024.

The growth in remittances outpaced all other industries like fishing and even tourism.

In his annual speech on at the launch of the Central Bank of Solomon Islands’ Report last week, Governor Dr Luke Forau revealed the rise of remittances.

He said: “The otal remittances from the labour mobility scheme, seasonal workers, and RSE rose by 68% to $475.5 million in 2024.”

He thanked Australia and New Zealand for offering the opportunity.

About eight thousand workers are now in Australia under the scheme and the number is expected a steady growth in the years ahead.

He added that remittances have become the third foreign exchange earner for the country after logging and cocoa exports.