Jamaica recorded net remittance inflows of US$271.2 million in May 2022 but declined by 6.7 per cent or US$19.5 million relative to May of 2021.

Total remittance inflows also fell, decreasing by US$25.0 million, partly offset by a reduction of US$5.5 million or 31.0 per cent in total remittance outflows.

The decline in total gross remittance inflows largely reflected a fall of 5.3 per cent in inflows via remittance companies partly offset by a decrease in Inflows via the other remittances channel of 25.1 per cent for the month of May.

TOTAL REMITTANCE INFLOWS

For the period January to May 2022, net remittance inflows of US$1,264.8 million decreased by 3.0 per cent or US$38.6 million relative to the corresponding period in 2021.

This decline stemmed from a decrease of 2.6 per cent or US$36.3 million in total remittance inflows further aided by an increase of 2.4 per cent in total remittance outflows.

The largest source market of remittance flows to Jamaica for May 2022 continued to be the USA. Remittances from the USA accounted for 70.7 per cent, of total flows up from 69.7 per cent recorded for May 2021.

Canada accounted for 10.3 per cent followed by the United Kingdom at 9.4 per cent.