Remittance inflows into Jamaica in 2022 exceeded the $3 billion mark second year with US$3.1 billion inflows for the first eleven months of the year and ended just below the $3.18 billion collected in the similar period for 2021.
For the full 2022 year, remittances seem set to exceed $3.4 billion, close to the full year intake of US$3.497 billion in 2021. In November, remittance inflows rose 0.7 percent to US$276.5 million, from US$274.5 million in 2021 and are just one of the four months that inflows increased during 2022.
Five countries account for the bulk of the flows, with the United States of America accounting for 70.2 percent of total flows, up from 70.1 percent recorded for November 2021. The United Kingdom contributed 10.2 percent, followed by Canada and the Cayman Islands at 9.7 percent and 6.2 percent, respectively.
Jamaica’s remittances exceed $3 billion
Jamaica remittances fell in September
Remittance flows into Jamaica play a critical role for the country, it is the second largest inflow of foreign exchange after tourism. While tourism has now reached record levels for September and October, remittances fell US$16 million in September this year from the same period last year, with the country receiving U$288 million or 5.3 percent less than in 2021.
September is the fifth month for the year to register a decline and follows August with an increase of 12.7 percent.
The decline brings the year to date fall to 1.9 percent with a total intake of US$2.55 billion, just under a billion dollars to match the total 2021 inflows of $3.5 billion. August registered a strong 12.7 percent increase to $307 million over the $273 million in 2021, but follows declines of May 8.1 percent, 4.7 percent in June and a fall of 5.6 percent in July.
Notwithstanding the decline this year, remittances are still well ahead of the pre-pandemic inflows of $2.4 billion in 2019.
Remittances inched higher for Jamaica
Following historical record haul in remittances to Jamaica, the country saw a modest 1.4 percent growth in total remittance inflows for the first month of 2022 compared to January 2021 as a total of US$244.4 million entered the financial system, data recently released by the country’s central bank show.
In January 2021 inflows jumped nearly 33 percent from US$181.5 million. In 2021 inflows for January was the second lowest month of the year, following February that brought in US$236 million. In 2021 remittance inflows grew by US$592 million to US$3.5 billion.
The USA provided the largest amount of inflows accounting for 70.3 percent, up from 69.8 percent in January 2021. The UK contributed 11.1 percent, followed by Canada and the Cayman Islands, with 9 percent and 5.7 percent respectively, the Bank of Jamaica report indicated.
Jamaica’s remittances up again in October
Total remittance inflows climbed a respectable 8.8 percent for an increase of US$24 million to US$296 million, up from US$272 million in 2020.
The increase continues the robust growth remittance inflows enjoyed since May last year. It puts the total inflows for the year to date at US44 million short of the total intake for 2020, when US$2.905 billion was taken in for the year to the end of December. At the pace inflows have grown, the take for the current year could hit a record US$3.5 billion, data released by the Bank of Jamaica is suggesting.
Remittances slow from torrid pace
Jamaica’s remittances inflows slowed from the torrid pace experienced between May, last year to May this year, with an increase in June and July of 10 percent each over the record levels of 2020 with increases of 42 percent and 37 percent respectively in 2020 over 2019 and bringing the year to date growth to 30.4 percent, down from 42 percent to May this year.
According to a release from Jamaica’s Central Bank, June enjoyed inflows of US$303 million versus US$275 million last year and July US$324 million, up from US$293 million in 2020. For the year to July, the country has garnered US$2 billion up from US$1.56 billion for the same period in 2020. Remittances appear on track to hit US$3.5 billion by the end of the year if the recent trend continues which would be US$600 million than last year and US$1.1 billion over 2019.
Remittances surged 65%
Remittances into Jamaica surged a massive 65 percent in March, this year over the inflows for the same month in 2020 and probably the strongest monthly rise on record. Inflows saw US$328 million flowing into the financial system compared to just US$199 in 2020.
Jamaica’s Central Bank
The highest growth in 202 was June with an increase of 42 percent and inflows of US$275 million, while December with US$301 million was the only month that saw inflows reaching the US$300 million mark after it increased 35 percent over the prior year’s period.
For the year to date, inflows are up 42 percent over 2020, with increases of 33 percent in January and 27 percent for February. The development for the first quarter indicates that the country is on target to exceed US$3 billion in one year, for the first time, in 2021, with 2020 reaching a record US$2.9 billion. The trend suggests that 2021 is on track to reach or exceed US$3.4 billion.
Jamaica’s remittances up 10%
Jamaica enjoyed a strong 10.4 percent growth amounting to US$17.2 million in net remittances in April 2016 to reach US$184 million compared to April 2015. The growth reflected an increase in gross remittance inflows buttressed by a slight contraction in remittance outflows.
Gross remittance inflows for the month were US$203 million, an increase of US$15.5 million or 8.3 percent versus the similar period last year. While the April’s increase climbed sharply over 2015, net inflows for the first 4 months of the year is up just 3.5 percent, reflecting swings in the rate of growth for various months, with January suffering a contraction of 6.4 percent and March rising by just 1.5 percent.
Net remittances for the first four months of 2016 were US$22 million or 3.5 percent above the 2015 period, to end at US$660 million, flowing from an increase in gross inflows, partially offset by an increase in outflows. Total inflows were US$740 million, an increase of US$25 million or 3.5 percent.
In 2015 total remittance inflows, amounted to US$2.23 billion or 3 percent ahead of the amount generated in 2014.
Jamaica’s remittances up 7%
Remittance inflows into Jamaica for February this year, climbed 7.3 percent to US$180 million for an increase of US$12 million compared to the corresponding month in 2015, while net remittances totalled US$161 million, representing an increase of US$12 million or 8 percent.
The expansion in net remittances for the month is a result of the increase in gross remittances, which was partially offset by a marginal expansion in remittance outflows from US$18.7 million to US$19 million.
For the two months period, total remittance inflows were US$340 million, representing an increase of US$6 million or 1.9 percent, while net remittances grew by just US$2.6 million to US$299 million after accounting for outflows moving from US$37.6 million in 2015 to US$41.3 million this year. The increase in February comes against the background of a fall in inflows of 3.6 percent in January, over the same period in 2015.
Jamaica could lose some flows from Britain, with the pound having fallen from around the 1.50 level to the US dollar for a great part of 2015, to just over 1.30 now. For 2015, according to data from Jamaica’s central bank (Bank of Jamaica), remittances from the UK amounted to US$347 million, as such this year’s fall in the pound could cut inflows from the UK by US$25 to US$30 for 2016 and as much as US$50 million in a full year, if the rate remains depressed.
Record remittances for 2015
Jamaica garnered just 3.2 percent or US$69 million in remittance inflows in 2015 bring total inflows for the calendar year to US$2.226 billion, after accounting for outflows of US$233 net remittances for the 2015 totaled US$1.99 billion, for a net increase of US$48 million over 2014.
For December 2015, remittance inflows amounted to US$211 million, an increase of a mere US$6 million or 2.9 percent relative to the corresponding month of the previous year. Net remittances totalled US$189 million, an increase of US$4.4 million or 2.4 per cent, relative to the corresponding period of 2014
Remittance inflows are the highest in Jamaica’s history, having hit US$2.157 billion in 2014, up from US$2.065 billion in 2013 and US$2.43 billion in 2012.
Jamaica’s record remittances
Jamaica continued to enjoy positive inflows of foreign exchange from overseas in the area of remittances. For the first eleven months of 2015, total remittance inflows were US$2.015 billion, an increase of US$63 million or 3.2 percent over the similar period in 2014.
The 2015 take is the first time that the country has crossed the $2 billion mark by the end of November in any year.
Total remittance outflows which amounted $206.5 million in 2014, ended at $210.4 million for the first eleven months of 2015 and resulted in net remittances for the year to November 2015 of US$1.80 billion, an increase of US$59 million or 3.4 percent relative to the corresponding period of 2014.
In addition to remittances, other transfers into the country were almost on par with that of 2014 up to October, with inflows of US$115 million compared with $117 million in 2014. For all of 2014 other transfers amounted to $145 million.