June 6, 2022
Total remittance inflow as at April 2022 amounted US$288.9 million, a 0.1% decrease from the US$289 million booked twelve months earlier. The decrease in total remittance inflow was due largely to a 0.9% decrease in ‘Remittance Companies’ to US$252.8 million (2021: US$254.9 million), however it was offset by a 6% increase in ‘Other Remittances’ to US$36.1 million (2021: US$34 million). As travel returns, the small reduction in remittance inflows is partially due to decreasing cash in hand remittances. Increased living costs in the key source markets also played a role. Total Remittance Outflows decreased 5.8% or US$1.1 million to US$17.3 million ( 2021: US$18.3 million). As a result, Jamaica’s net remittances as at April 2022 amounted to US$271.6 million, 0.3% or US$0.9 million higher than the US$270.7 million recorded April 2021.
According to the Bank of Jamaica (BOJ), during the period under review USA was the largest source of remittance flow to Jamaica, accounting for 71% of total remittance inflow, down from 72.3% recorded in April 2021. While Canada contributed 9.9%, UK 9.7% and Cayman Islands 5.9%.
Additionally, for the Calendar year to April 2022, net remittance totalled US$993.6 million, a 1.9% decrease relative to the US$1.01 billion for the comparative period last year. It was noted that, the decrease was as a result of a 1% or US$11.2 million decline in total remittance inflows. This was partly offset by an increase of 9.7% or US$7.8 million in total remittance outflows. The decrease in total remittance inflow was driven by a decrease in ‘Remittance Companies’ by 2.5% while ‘Other Remittances’ increased by 9.3%.
In comparison with other countries, for the period January-April 2022, Jamaica’s remittance inflows decreased by 1% to total US$1.08 billion. Jamaica 1% decline in remittance is lower than Guatemala 24.9% and El Savaldor 4% growth.
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