JAMAICA had a 9.5 per cent increase in remittance inflows during January from US$246 million to US$255.50 million ($40.02 billion), as the United States of America’s share of remittance inflows moved up to 69.7 per cent.

Remittances represent funds sent by people overseas (originating market) to individuals in another country (receiving market). These funds are largely used to support basic consumption such as paying bills and purchasing food, supporting housing or construction, and as gifts to relatives or friends. An increase in remittance inflows tends to represent a greater need by people in the receiving market to cover their expenses.

Total remittance inflows were marginally down, from US$3.37 billion to US$3.36 billion in 2024, but still remain above 2019 which had US$2.41 billion in inflows. The year 2021 was the highest for remittance inflows, at US$3.497 billion during the peak of the COVID-19 pandemic.

For the first 10 months of the 2024/2025 fiscal year (April 2024 – January 2025), total remittance inflows moved from US$2.815 billion to US$2.816 billion. Remittance companies observed a 7.9 per cent decline in inflows — from US$2.453 billion to US$2.445 billion — while other remittances increased 8.7 per cent, from US$362.4 million to US$371.1 million. Apart from the USA, the United Kingdom, Canada, and Cayman Islands represented 25.5 per cent of remittance inflows while other markets represented 4.8 per cent.

There was a decline in the number of active locations by remittance service providers, from 514 to 492, while the number of active locations decreased from 858 to 842.

Air travel down

For the month of March, Sangster International Airport (SIA) reported a 7.7 per cent dip in total terminal passengers from 522,800 to 482,600, while Norman Manley International Airport (NMIA) had a 13 per cent improvement from 148,400 to 167,000 passengers. However, SIA handles 70 per cent of air traffic into the island, which means that the net increase at NMIA didn’t offset the overall decline in passenger arrivals for the month.

The first quarter (January to March) saw an 8.1 per cent decline in total terminal passengers at SIA from 1,457.3 million to 1,338.9 million. NMIA saw a 9.2 per cent increase in total terminal passengers from 392,000 to 428,100.

SIA reported a three per cent dip in total terminal passengers from 5.21 million to 5.06 million passengers for 2024, while NMIA saw a two per cent rise in total terminal passengers from 1.75 million to 1.78 million.

Total cruise visitor arrivals were down one per cent in 2024 from 1,265,734 to 1,252,632. Total stopover visitors decreased from 2,916,006 to 2,900,358, according to Jamaica Tourist Board data.

— David Rose