Remittance Declines MoM in April, Still Up YTD

  • For April 2026, net remittance inflows to Jamaica declined by 0.8% year-over-year to US$274.5Mn, according to the Bank of Jamaica (BOJ). The decrease reflected a 0.5% (US$1.4Mn) reduction in total remittance inflows, compounded by a 5.1% (US$1.0Mn) increase in remittance outflows. The decline in inflows was mainly due to lower receipts through the Other Remittances channel[1], partly offset by stronger inflows via remittance companies.
  • The United States (U.S.) remained the largest source market for remittances, accounting for 68.8% of total inflows, unchanged from April 2025. Other key source markets were the United Kingdom (11.1%), Canada (8.5%), and the Cayman Islands (6.4%).
  • That said, Year to date (January–April 2026), net remittance inflows have increased by 3.3% to US$1.07Bn, supported by a 3.2% (US$35.6Mn) rise in total remittance inflows, despite a 1.7% (US$1.3Mn) increase in remittance outflows. Total remittance inflows for the same period amounted to US$1.15Bn, representing a 3.2% increase relative to the corresponding period of 2025, highlighting continued resilience in remittance receipts despite the slight decline recorded in April.
  • Compared with regional peers, Jamaica’s 3.2% growth in remittance inflows trailed Guatemala (10.5%) and El Salvador (7.2%) but exceeded Mexico’s 2.2% increase over the January–April 2026 period.
  • Looking ahead, the BOJ expects remittance inflows to remain supportive over the medium term, underpinned by continued digital adoption, enhanced payment infrastructure, and diversified remittance channels. This should help support Jamaica's current account balance, even as the merchandise trade deficit is expected to widen due to higher imports associated with hurricane recovery efforts.
  • However, there are downside risks, including a gradual slowdown in U.S. economic growth and easing labour market conditions, which could temper migrant income growth and, consequently, remittance inflows.

(Sources: Bank of Jamaica & NCBCM Research)

 

[1] ‘Other Remittances’ refers to any remittance activity occurring outside of traditional remittance companies, for example transfers via deposit taking institutions.