Jamaica’s Net Remittance Inflows Increased in May 2025

• Net Remittance Inflows to Jamaica increased by 5.9% in May 2025 year-over-year, rising from US$270.34Mn to US$286.32Mn. The increase was primarily due to a US$16.06Mn (5.6%) increase in total remittance inflows, reaching US$303.49Mn. However, this was marginally offset by a 0.5% rise in remittance outflows.
• With the 5.9% May increase, net remittances for the first five months of the 2025 calendar year (5M 2025) increased by 3.6% to US$1.33Bn compared to US$1.28Bn for 5M 2024. The 5M 2025 outturn was driven by a 3.4% increase in total remittance inflows of US$1.42Bn but was tempered by a 3.6% increase in remittance outflows totalling US$96.65Mn.
• Amid the increase, the U.S. remains the largest source market for remittance flows to Jamaica. May 2025 Remittances from the U.S. accounted for 68.2% of total flows, down from the 68.7% recorded for May 2024. Other source countries that contributed a notable share of remittances for the month were the United Kingdom (11.5%), followed by Canada (9.6%, and the Cayman Islands (6.3%).
• Looking ahead, the uncertainties around the Trump administration's trade, immigration, and other policy changes could affect remittance inflows if they result in a slowdown in the US economy. Recently, the administration announced a 1.0% excise tax on cash-based remittance, which remittance firms locally are bracing for. Still, the firms expect little fallout as strong digital adoption by consumers and years of investment in alternative remittance channels could act as key buffers.

(Sources: BOJ & NCBCM Research)