However, on a quarter-by-quarter basis, there was an increase of 54 per cent from $24.82m spent in Q4 2023.
The year-on-year decrease in FX spending for foreign education occurred amid a crash in international student enrolment at United Kingdom universities earlier this year.
A survey conducted by Universities UK across 73 universities revealed a significant drop in international student enrolment, particularly in postgraduate programmes. This January saw a 44 per cent decrease in such students compared to the previous year, a reduction greater than anticipated.
This sharp fall in international students, who typically pay higher fees for postgraduate courses, poses a financial challenge for universities.
Also, data from Enroly, used by around 60 universities, indicates a decline in interest among international students studying in the UK, evidenced by a significant drop in deposit payments compared to the previous year.