Remittances to Jamaica pass US$3 billion by November 2024

 


With November 2024 data now in, remittances to Jamaica year to date passed the US$3 billion mark, although inflows still underperform 2021 highs. In 2021 inflows were above US$3.5 billion.

Bank of Jamaica (BOJ) data indicates that for January to November 2024, remittance inflows to Jamaica amounted to US$3059.3 million.

This outturn represented an increase of 0.1 per cent relative to January to November 2023. The BOJ notes meanwhile that the island continues to underperform regional nation: the island’s calendar year to November 2024 is compared to growth of 8.5 per cent, 3.0 per cent and 1.3 per cent recorded for Guatemala, Mexico and El Salvador, respectively.

Smaller outflows

Net remittance inflows of US$246.1 million for November 2024, represented an increase of 3.3 per cent or US$ 7.9 million in comparison to November 2023. This was primarily due to an increase of US$5.9 million or 2.3 per cent in total remittances inflows, aided by a decline in remittance outflows of US$2.0 million or 9.2 per cent.

The growth in total remittance inflows was attributed to higher inflows through both Remittance Companies and the Other Remittances channel.

The largest source market of remittance flows to Jamaica for November 2024 continued to be the United States of America. Remittances from the USA accounted for 67.9 per cent of total flows, down from 68.6 per cent share recorded for November 2023.

Other source countries which contributed a notable share of remittances for the month were the United Kingdom (11.2 per cent), followed by Canada and the Cayman Islands (9.7 per cent and 6.6 per cent, respectively.

Photo credit: freepik.com

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