1) Key Findings

-Total remittances received (Jan 2012 – Feb 2025): US$34.7 billion

– Total number of inbound transfers: 134 million

– Average remittance per transfer: US$258.77

2) Trends and Patterns

Growth: Over the 13-year period, both the value and number of remittance transfers have increased, with notable spikes during and after the COVID-19 pandemic years (2020–2022). For example, monthly total remittances rose from around US$150-US$200 million in early years to peaks above US$300 million in some recent months.

Seasonality: There are recurring peaks in December and March, likely due to holiday and back-to-school periods, reflecting increased support from the diaspora during these times.

COVID-19 Impact: Despite global economic disruptions, remittances to Jamaica surged in 2020 and 2021, reaching historic highs, likely due to increased support from overseas relatives during the pandemic.

3) Major Source Corridors

United States: Consistently the largest source, contributing the majority of inbound remittances each month.

United Kingdom and Canada: Also significant, but far below the US in volume.

Other notable sources: Cayman Islands, The Bahamas, and other Caribbean territories, though their contributions are much smaller in comparison.

Steady upward trend: Both remittance value and transaction numbers show a long-term upward trajectory, with occasional dips and sharp recoveries.

Resilience during crises: Remittances proved resilient during global shocks, particularly during the COVID-19 pandemic, highlighting their importance as a stable source of foreign exchange and household income in Jamaica.

Data Source: Bank of Jamaica, Remittances by Corridor Inbound, Jan 2012-Feb 2025