The Bank of Jamaica (BOJ) has released the remittance numbers for April 2022 which indicate flat inflows compared to the similar period in 2021.

For the January to April 2022 period remittance inflows to Jamaica amounted to US$1082.0 million. This out-turn represented a decline of 1.0 per cent compared to last year.

In comparison with other countries in the region, Jamaica underperformed. Guatemala registered a growth rate of 24.9 per cent. Similarly, El Salvador registered growth of 4.0 per cent for the period.

Travel patterns and cost of living changes are being blamed for the pattern emerging in the first half of 2022. The BOJ stated, “ The marginal decline in remittance inflows is partly due to decreased cash in hand remittances as travel recovers. Increased cost of living in the main source markets was also a factor.”

April results

Net remittance inflows of US$271.6 million into Jamaica in April increased by 0.3 per cent or US$0.9 million in comparison to April of 2021.

Total remittance inflows remained flat, decreasing by only US$0.1 million, further aided by a reduction of 5.8 per cent or US$1.1 million in total remittance outflows.

The BOJ said that the slight decrease in total gross remittance inflows largely reflected a decline of 0.9 per cent in inflows via remittance companies partly offset by an increase in inflows via the other remittances channel of 6.0 per cent for the month of April.

Remittance flows for year to date from January to April are US$993.6 million which represents a decrease of 1.9 per cent or US$19.1 million relative to the corresponding period in 2021.

This decline stemmed from a decrease of 1.0 per cent or US$11.2 million in total remittance inflows further aided by an increase of 9.7 per cent or US$7.8 million in total remittance outflows.

The largest source market of remittance flows to Jamaica for April 2022 continued to be the USA which accounted for 70.8 per cent of total flows down from 72.3 per cent recorded for April 2021.

Other source countries which contributed a notable share of remittances for the month were Canada at 9.9 per cent, followed by UK and the Cayman Islands at 9.7 per cent and 5.9 per cent, respectively.