Net Remittances for February 7% above January

Source: Bank of Jamaica

One of Jamaica’s largest sources of foreign exchange is remittances. DiGJamaica tracks the Net Remittances, which is total remittances into the island less the total remittances leaving the island.

Net Remittances for February 2013 were US$136.9 million, representing a strong 7% increase over January 2013′s figure of US$127.4 million. The increase in February, was as a result of the combination of a 4% increase in total remittance inflows and a 14% contraction of total remittance outflows.

Since the start of the year, Net Remittances have been on an upward trend. However, February 2013 Net Remittances represent a decrease of US$7.9 million relative to the corresponding period of 2012. In fact, Net Remittances for February 2013 is the lowest recorded since February 2010.

The chart above shows Net Remittances for the period 2008 to February 2013, displaying the value for each month.

Click here to see the Motion Chart which shows monthly Net Remittances data for the period January 2011 – February 2013.