Remittances up in January for Jamaica

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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