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JM | Aug 17, 2022

Remittances to Jamaica declined by 2.9% for half-year period

/ Our Today

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However, remittance in competitor markets rose during the period

Durrant Pate/Contributor

For the half-year period (January to June 2022), remittance inflows to Jamaica declined by 2.9 per cent relative to the corresponding period of 2021.

Remittances for the period amounted to US$1.711 billion. While remittances to Jamaica went down, competitor markets such as Guatemala registered a growth rate of 25.1 per cent. Similarly, remittances to Mexico grew by 16.6 per cent while El Salvador grew by 3.3 per cent for the period.

Net remittance inflows of US$280.5 million received for June reflected a decline of 4.1 per cent or US$11.9 million relative to June 2021. Total remittance inflows in June declined by US$14.2 million or 4.6 per cent to US$297.5 million.

BOJ EXPECTS INFLOW TO GO BACK UP

This was partly offset by a reduction of US$2.3 million or 11.7 per cent in total remittance outflows. The largest source market of remittance flows to Jamaica continues to be the USA which accounted for 70.7 per cent of total flows.

Canada accounted for 10.6 per cent, followed by UK and The Cayman Islands at 9.0 per cent and 6.0 per cent, respectively. In spite of the decline in remittances, inflows remains healthy with the Bank of Jamaica anticipating that inflow to go back up in the coming months, particularly during the busy winter holiday season.

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