Latest figures from the Bank of Jamaica (BOJ) show that net remittance inflows for June declined by 4.6 per cent or US$8.4 million to US$173.3 million, relative to June 2018.

The decrease was reflective of a decline in gross remittance inflows of 4.1 per cent or US$8.4 million, along with an increase of 0.3 per cent or US$0.1 million in outflows.

The decrease in gross remittance inflows was attributable to a decline of 8.0 per cent or US$14.2 million in remittance companies, partially offset by an increase of 22.1 per cent or US$5.8 million in other remittances.

The BOJ latest remittance bulletin for June 2019 showed that for the six-month period January to June 2019, net remittance inflows increased by US$2.9 million or 0.3% to US$1.02 billion relative to the previous corresponding period.

The increase reflected a marginal upward movement of 1.6 per cent or US$17.9 million in remittance inflows. This was partially offset by an increase of 12.7 per cent or US$15.0 million in outflows.

The increase in inflows was attributable to a 22.7 per cent jump in other remittances, partially offset by a decrease of 1.7 per cent in remittance companies.

The largest source market of remittances to Jamaica in June 2019 remained the USA, whose share increased to 65.6 per cent up from 64.7 per cent recorded in June 2018. The remaining share of remittances for June 2019 came from UK at 11.3 per cent, followed byCanada and the Cayman Islands at 10.7 per cent and 6.6 per cent, respectively.

COMPARISON WITH OTHER COUNTRIES

Jamaica’s growth rate of 1.6 per cent was below Guatemala, which registered a growth rate of 11.9 per cent. Mexico and El Salvador registered growth rates of 5.6 per cent and 2.3 per cent, respectively. Overall, the January to June 2019 period had remittance inflows totalling US$1.15 billion.