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.
Remittances inched higher for Jamaica
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.
Remittances down in January
Remittances into Jamaica for January, this year declined compared the similar month in 2015, a report on remittance flows out of the country’s central bank shows.
Gross inflow for the month was US$6 million of or 3.6 percent off the intake in January 2015 to end up at US$160 million.
Remittance outflows amounted to US$22.4 million which was 18.7 percent higher than the $19 million that went out in the 2015 period. The combination of the inflows and increased outflows resulted in net total inflows of US$138 million, representing a decrease of US$9.5 million or 6.4 percent, relative to the corresponding period of 2015. The decline is the only January that there has been a decline from since inflows fell in 2009 below the intake for January 2008.
Remittances dip in February
Remittances flows into Jamaica declined for February this year, with total remittances coming up short of the inflows into the system in 2014 by a marginal decline of just $500,000 from the corresponding month last year.
Gross remittance inflows for the month amounted to US$167.8 million while net remittances were US$146.7 million, a decline of US$5 million or 3.4 percent relative to the corresponding period of 2014. The decline is the first such since December 2013.
For the first two months of the year total remittance inflows were US$334 million, representing an increase of US$7.6 million or 2.3 percent while net remittances for 2015 were US$294 million, a growth of US$4.4 million or 1.5 percent compared to the corresponding period of 2014.
Jamaica remittances grow but lag region
Remittances into Jamaica continue to grow as the international economy continues to recover from the depression suffered since 2008. Jamaica’s increase of 4.4 percent for the first three months of 2014, is one of the lowest in the region of countries with large remittance inflows. Mexico is up 13 percent, El Salvador 8 percent and Guatemala 9 percent. Most likely, exchange instability affected Jamaica’s numbers negatively.
Net remittances, increased by US$11 million to US$172 million for March 2014, or 6.7 percent over March last year. Gross inflows were US$188 million, an increase of US$9 million. Net remittances for the three months to March amounted to US$461 million, an increase of US$30 million or 6.9 percent. For the three months, total remittance inflows were US$514 million, an increase of US$22 million or 4.4 percent.
Inflows were higher in each of the three months for the year, so far. Total remittance outflows declined in the quarter versus 2013, from US$61 down to US$53. The USA accounted for 61 percent of inflows and the UK 16 percent, in the quarter.
Remittances up in January
Jamaica continues to benefit from increased remittance flows as the countries that were negatively affected by the down turn in their economies in 2008 continue to mend.
Net remittances for January 2014 were US$138 million, an increase of US$8 million or 6.2 percent relative to the corresponding period of 2013. The growth in net remittance inflows reflect an increase in gross remittance inflows and a contraction in outflows.
Gross remittance inflows amounted to US$158 million, an increase of US$4 million or 2.7 percent compared to January last year. The rise in total remittance inflows emanated from an increase of US$6 million in inflows through Remittance Companies and partly offset by a reduction of US$1.4 million in inflows from Other Remittances.
The January increase follows a record year in which Jamaica topped $2B in remittance inflows.
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Remittance inflows continues up
Remittance inflows for November last year were US$168 million, an increase of US$10 million or 6.3 per cent compared to the corresponding month in 2012. The rise in total remittance inflows reflected an increase of US$8.0 million in inflows through Remittance Companies and an increase of US$2 million in inflows by other sources.
Net remittances flows were US$149.4 million for November 2013, an increase of US$13.5 million or 9.9 per cent versus the corresponding month in of 2012. The growth in net remittance inflows reflected an increase in gross remittance inflows and a contraction in outflows.
Total remittance inflows from January to November 2013 were US$1.87 billion, an increase of US$24 million over the flows for the similar period in 2012.
The increase in total remittance inflows reflect an increase of US$15 million in inflows through Other Remittances and an increase of US$9 million in inflows through Remittances Companies.
Net remittances for January to November 2013 were US$1.65 billion representing an increase of US$47 million or 2.9 per cent relative to 2012. The outturn for the review period reflected an increase in gross remittance inflows and a contraction in outflows.
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