Jamaica remittances on track for record

October 16, 2025 by
Remittance inflows to Jamaica rose 4.6 percent in July this year over the 2024 period to US$302.2 million, taking the total for the seven months this year to US$2.01 billion, 3.6 percent more than the take in 2024, for the same period but below the record year of 2021 when inflows for the first 7 months were $2,028 billion, data from Bank of Jamaica reveal.

Aside from the record take for 2021, the year-to-date inflows exceed all previous years’ figures. Gross inflows for July 2025 dropped by US$21 million compared with July 2021. For the seven months to July this year, inflows are down US$17 million from the 2021 seven-month period. To exceed the record 2021 intake of US$3.497 billion, it will require growth of just under 5 percent for the last 5 months of this year. Regardless, the 2025 numbers appear on track to at least come close to the record haul in 2021 to be either the best year or the second-best.

are on track for a record haul this year, following declines between 2022 and 2023, with inflows increasing by 3.5 percent to US$1.708 billion as US$57 million more came into the country over the January to June 2024 period.

Inflows in June continue to rise for the year compared with 2024, increasing by US$7.2 million, with a 2.8 percent increase to US$267.5 million in comparison to June 2024.

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Record remittance inflows in 2025

September 17, 2025 by
Remittance inflows to Jamaica are on track for a record haul this year, following declines in 2022, 2023 and 2024, with inflows increasing by 3.5 percent to US$1.708 billion, following US$57 million more that came into the country over the January to June 2024 period.

Inflows in June this year increased by US$8 million to US$286.5 million, or 2.9 percent compared to US$278.3 million in June 2024.
At the current pace, inflows are set to surpass the record US$3.497 billion haul in 2021 and the second-best of US$3.44 billion in 2022. Inflows for the six months to June 2021, amounted to US$1.7044 billion $36 million behind this year intake.

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May 2025 remittances the highest in 5 years

August 6, 2025 by
Remittance inflows to Jamaica increased by a notable 5.6 percent to US$303.5 million in May this year, above the US$287.4 million in the corresponding period in 2024.

For the five months to May 2025, remittance inflows amount to US$1.422 billion, up 3.6 percent over the first five months of last year, with total inflows of $1.373 billion.

Inflows for May this year are the highest for May in any year, but for inflows of US$308.5 million in 2021, the year of record inflows of US$3.5 billion and the highest monthly inflows since December 2022 and December 2023.

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Remittances set to beat 2023 inflows

February 8, 2025 by
Remittance inflows to Jamaica are on track to beat 2023 inflows partially due to an increase of US$6 million or 2.3 percent in total inflows of US$266 million in November last year. November is the second consecutive month of increase and the third in four months.

Remittance inflows for 2024 to November amassed US$3.059 billion, an increase of just 0.1 percent over the similar period in 2023. It seems set to exceed the US$3.3 billion generated in 2023. If achieved, it would be the first year since the massive increase in 2021 that there has been an annual increase.

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Remittance inflows to Jamaica slip

June 4, 2024 by

After a modest increase in total remittance inflows into Jamaica in February, remittances for March slipped from the same period last by 1.3 percent to US$297.5 million but was higher than the US$295 million in March 2022, data released by the country’s central bank show.
Remittance inflows which are major source of foreign for the country and remains fairly stable, slipped moderately for the three months to March this year, with total inflows down a mere 0.4 percent to US$797 million compared with US$801 million to March 2023.  The decline in March albeit small, is a continuation of several months of decline since May 2023.
The United States of America continues to be Jamaica’s largest source of remittance flows in March 2024, accounting for 69.8 percent of total flows, down from 71.7 percent in March 2023. Other countries which contributed a notable share of remittances for the month were the United Kingdom, with 10.6 percent followed by Canada at 8.7 percent and the Cayman Islands with 6.7 percent, the report from Bank of Jamaica states.

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Jamaica pulled US$3.37B in remittances in 2023

February 19, 2024 by

Remittance inflows to Jamaica, ended in 2023 at US$3.37 billion, down two percent compared to total inflows of US$3.44 billion in 2022, and representing the third consecutive year that remittances exceed $3 billion and the fourth since it has come close to $3 billion, in 2020 in hitting a then record high of US$2.9 billion, well above the previous high of US$2.4 billion in 2019.
Remittance inflows for December 2023 declined by 3.6 percent to US$314 million, compared with US$326 million in December 2022. The data was compiled from data released by Bank of Jamaica

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Soft remittance flows to end at $3.4B in 2023

November 28, 2023 by

Remittance inflows into Jamaica fell 1.9 percent in September to U.S$284.4 million and 1.2 percent for the year to date to just under $2.53 billion, this marks the 6th month of decline in remittances for the year to date, data from jamaica’s central bank shows.
With three months to go before the end of 2023, the market seems on track to be close to this US$3.44 billion of total inflows in 2022, with the absolute shortfall in remittances to date of just US$31 million adrift of the 2022 intake to September. The 1.9 percent fall in September is far less than the 5.9 percent decline that occurred in August and a 5.8 percent fall in April.

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Remittance inflows rise for Jamaica

July 24, 2023 by

Remittance inflows into Jamaica continue to track close to the 2022 flows, with a slight reduction year to date, but inflows for May 2023 rose 2.4 percent over last year after a US$7 million increase to US$290 million, data out of the country’s central bank show and that was well up on the $272 million pulled in during April this year.
Inflows for the year to date are down marginally by 0.2 percent to US$1.36 billion compared to the same period in 2022.
The continued strong inflows seem tied to the robust economic activity in the country’s primary source – the United States of America, which accounted for 70 percent of the inflows.

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Remittances up in January for Jamaica

March 18, 2023 by

Remittance inflows into Jamaica rose 2 percent to US$248.6 million for January 2023, up from US$243.7 in 2022, data out of Jamaica’s central bank show and represent the 6th monthly increase since January last year, with increases in the first two months of the year, as well as August, November and December.
The slow increase for January is in stark contrast to some others in the region. Guatemala and Mexico with growth of 17.4 percent and 12.5 percent respectively and El Salvador with an increase of 6.4 percent, the Bank of Jamaica report shows.
Remittances in 2021 amounted to 58 percent of Imports, down from 61 percent in 2020 but only 37 percent in 2019 and 135 percent of the inflows from the tourist industry in 2021, 206 percent in 2020 and 67 percent in 2019. The ratio for tourism would have declined in 2022 and below the 100 percent level for 2023 based on the sharp recovery in that industry in 2022 and so far in 2023.

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Remittance inflows to Jamaica fall

February 15, 2023 by

Remittances inflows to Jamaica amounted to US$3.440 billion in 2022 a  1.6 percent fall from inflows of US$3.497 billion in 2021, the first year of decline since 2014, data out of Bank of Jamaica show.
2022 is the second year that inflows exceeded the $3 billion mark, although 2021 came close with $2.905, $492 million in excess of inflows for 2020.
Inflows for December last year were slightly ahead of 2021, with inflows of US$326 coming in the 2022 last month versus US$321.6 for December 2021.

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