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
Jamaica pulled US$3.37B in remittances in 2023
February 19, 2024 by
Remittances tracking 2022 inflows
September 9, 2023 by
Remittance inflows to Jamaica for the first half of 2023 are marginally behind intakes for 2022 with $1.64 billion being taken in, 0.3 percent less than for the same period in 2022, with June slipping 0.7 percent to $286 million below the $288 million collected for June last year.
The data for the half year suggests that the total of US$3.44 billion collected in 2022 is likely to be within reach this year if the current trend continues. In 2019 gross remittance inflows were $2.4 billion, which is a billion dollars less than was collected in 2022.
According to the Bank of Jamaica, the entity that compiles the data, remittances from the USA account for 69.8 percent of total flows, down from 70.7 percent in June 2022. Other source countries with a notable share are Canada at 10.5 percent, followed by the UK and the Cayman Islands at 10.0 percent and 5.8 percent, respectively.
Remittances slip in August
October 8, 2021 by
Remittance inflows into Jamaica slipped by 2.4 per cent or US$7 million to US$273 million from US$280 in August last year that benefited from a robust increase in 2020 and brings the year to date to US$2.3 billion or 25.4 percent over US$1.84 billion accounted for in the similar period in 2020.
Last year August saw a hefty 31 percent surge from US$214 million earned in 2019. At the rate of growth to date, remittance inflows should hit US$2.3 billion this year.
The decline for August is the first monthly decline on a year over year basis since April last year, with a fall of 20 percent. Remittances that surged 42 percent and 37 percent in June and July in 2020 over 2019 is up 10 percent this year in each month.
The largest source market of remittance flows to Jamaica for August 2021 was the USA accounting for 70 percent, of total inflows up from 66.3 percent recorded for August 2020, the bank of Jamaica report states. The central bank also indicates that Canada contributed 11.8 per cent, followed by UK and the Cayman Islands at 10 per cent and 4.9 percent, respectively.
Remittances up strongly in October
February 16, 2016 by
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Jamaica continues to garner increasing inflows of remittances, with the latest data indicating another record year of well over $2 billion to be generated from this source, with just two more months’ figures left to close out the year.
The country should see the record inflows for 2014 amounted to US$2.157 billion being broken by a good margin based on the figures up to October. The latest information shows remittance inflows in October growing a strong 6.7 percent over to the corresponding month in 2014, to reach US$192 million, for an increase of US$12 million. Net flows were US$171 million, an increase of US$11 million or 7 percent, relative to the October 2014 as outflows grew at a slower pace than inflows, at 4.9 percent. Inflows for August and September grew by less than one percent per month over the similar months of 2014 and may have contributed to the increase in October.
For the year to October, total remittance inflows increased by US$63 million or 3.5 percent to US$1.84 billion while net inflows rose by US$59 million or 3.7 percent, to US$1.65 billion.
Remittance inflows grow for Jamaica
November 14, 2015 by
Remittance inflows for Jamaica rose 3.7 percent or US$6.9 million to US$190 million in July this year, over July 2014. For the year to date period total remittance inflows climbed 3.8 percent or US$47.5 million to US$1.28 billion.
After accounting for outflows, net remittances were US$168 million for July, an increase of US$6.9 million or 4.3 percent relative to the corresponding period of 2014. The growth in net remittance inflows reflect an increase in gross remittances while remittance outflows remained unchanged.
Net remittances for 2015 to-date are US$1.154 billion, an increase of US$45 million or 4.1 percent over the corresponding period of 2014. The out-turn for the review period reflected an increase in gross inflows, which was partially offset by a growth in outflows, Bank of Jamaica reported.
The flows for 2015 should exceed the US$2.157 billion the country received in 2014, if the trend continues.
