- Jamaica receives US$267.6M in September, rebounding 5.1% year-on-year
- Recovery follows August’s first year-on-year decline recorded in 2025
- US corridor returns to growth at 68.0%, ending five consecutive monthly declines
- Canada and UK both record 11.0% share — the first-ever tie for second place
- Cumulative January–September inflows reach US$2.59 billion, up 2.9% year-on-year
- Guatemala surges 21.6%; El Salvador rises 19.7%; Mexico retreats 5.5%
Jamaica’s remittance flows mounted a swift recovery in September 2025, with inflows rising 5.1 percent year-on-year to US$267.6 million — reversing August’s first decline of the year and restoring the growth trajectory that had characterised the first seven months of 2025. The month’s most striking development was not the headline rebound but the first-ever recorded tie between Canada and the United Kingdom as Jamaica’s joint second-largest remittance corridor.
Jamaica received US$267.6 million in remittances during September 2025, a 5.1 percent increase from the same month in the prior year, according to the Bank of Jamaica’s September 2025 Remittance Bulletin. The recovery, following August’s 3.0 percent contraction, is the tenth positive month in an eleven-month window stretching back to November 2024, reinforcing the view that August’s decline was an aberration rather than the start of a structural downturn.
A Decisive Recovery After August’s Blip
The magnitude of September’s rebound is significant not merely because it offsets August’s contraction but because it does so by a margin that leaves the cumulative year-on-year position comfortably positive. The question that August’s decline had raised — whether Jamaica’s remittance stream was entering a period of sustained weakness — receives a clear answer in September’s data: it was not.
September in Jamaica coincides with the tail end of the summer remittance season, when diaspora members who have been sending funds to support back-to-school expenses and family events during July and August often revert to more normalised transfer patterns. The 5.1 percent year-on-year gain suggests either that September 2025 saw genuinely elevated sending volumes, or that September 2024 had been a weaker comparison base — or both. The recovery eliminates any near-term concern about a trend break and keeps Jamaica’s full-year remittance trajectory on track for another positive annual outcome.
The US Corridor Returns to Growth After Five Months of Decline
One of September’s most consequential data points is the US corridor’s return to year-on-year growth. The United States accounted for 68.0 percent of Jamaica’s September remittances — a slight improvement from August’s series low of 67.5 percent and, crucially, the first month in which the US corridor’s proportional contribution did not decline year-on-year after five consecutive months of erosion.
The stabilisation of the US corridor is consequential. Five consecutive months of year-on-year decline had raised legitimate questions about whether structural forces were permanently reshaping the composition of inflows. September’s reading does not settle that question definitively, but it does suggest that the corridor’s share has found a floor in the upper 67–68 percent range rather than continuing to decline toward the 65 percent territory that a straight-line extrapolation might have implied.
Canada and the UK Share Second Place — A Historic First
In one of the more historically unusual developments in Jamaica’s remittance data series, Canada and the United Kingdom each accounted for exactly 11.0 percent of September’s inflows — the first time the two corridors have been recorded at parity. The milestone follows August’s equally significant development, when Canada surpassed the UK for the first time to claim the second-largest corridor position at 11.5 percent.
The convergence at 11.0 percent in September represents a settling of the corridor hierarchy. Canada’s rise through 2025 — from roughly 9 percent in the opening months of the year to a high of 11.5 percent in August before settling at 11.0 percent in September — reflects a genuine structural shift in the migration geography of Jamaica’s diaspora. The United Kingdom, which had consistently held second place for years, has seen its share gradually compress as Canada has become an increasingly attractive destination for Jamaican economic migrants and skilled workers.
For Jamaica’s policymakers and development economists, the corridor data carries long-term significance. A more diversified sending base reduces Jamaica’s exposure to economic or policy disruptions in any single sending country. It also suggests that Jamaica’s diaspora community is itself becoming more geographically distributed, with implications for investment flows, property market demand, and the cultural ties that underpin sustained remittance behaviour over generations. The Cayman Islands held steady at 5.9 percent, and the residual Other category accounted for 4.1 percent.
Channel Mix Returns to Normal Pattern
One of the reassuring features of September’s data is the restoration of the normal channel pattern that had been disrupted in August. In September, the formal Remittance Companies channel grew year-on-year while the Other Remittances category declined — the pattern that has characterised most months of 2025 and reflects the ongoing structural shift toward regulated, formal transfer channels as digital remittance platforms gain market share.
August’s unusual configuration — in which both channels contracted simultaneously — now looks increasingly like a temporary anomaly. The return to the growth-in-formal, contraction-in-informal pattern in September is consistent with the multi-year trend toward formalisation that the Bank of Jamaica has been tracking and encouraging. Regulated remittance operators offer greater consumer protections, competitive exchange rates, and digital convenience, all of which support continued migration of volumes from informal channels.
Central American Peers Maintain Elevated Growth
The Bank of Jamaica’s bulletin captures comparative remittance data for regional peers. Guatemala posted year-on-year remittance growth of 21.6 percent in September, continuing the pattern of Central American outperformance that has persisted throughout 2025. El Salvador similarly recorded 19.7 percent growth. Mexico, by contrast, recorded a 5.5 percent year-on-year decline in September — a reminder that strong aggregate US labour market conditions do not automatically translate into remittance growth for all sending communities.
Guatemala and El Salvador’s extraordinary growth rates likely reflect a concentration of recently arrived migrants with high remittance propensities in the early stages of US settlement. Jamaica, with its more established and economically integrated diaspora, operates in a different part of the remittance cycle — which explains both the more moderate growth rates and the greater stability of the series over time.
Cumulative Position Solidifies
September’s recovery brings Jamaica’s cumulative 2025 remittance position to a strong footing. For the first nine months of the year, total inflows reached US$2,586.6 million, representing a 2.9 percent increase compared with the equivalent period in 2024. The fiscal year-to-date figure stands at US$1,649.1 million, a 2.8 percent improvement and an absolute gain of US$44.3 million over the prior fiscal year-to-date.
These cumulative figures keep Jamaica firmly on track for a third consecutive year of remittance growth — a run that, if sustained through the October–December period, will represent a meaningful period of uninterrupted inflow expansion despite global economic crosscurrents including elevated US interest rates, cost-of-living pressures in the major diaspora markets, and ongoing Jamaican dollar volatility.
Implications for Housing, Banking, and the Broader Economy
The September rebound reinforces remittances’ role as one of Jamaica’s most reliable and countercyclically resilient sources of foreign exchange. At approximately 20 percent of GDP, inflows of this scale are a macroeconomic variable with direct consequences for the Bank of Jamaica’s reserve management, the exchange rate, domestic liquidity conditions, and the consumption spending that drives retail activity and services sector employment.
For the housing and real estate market, September’s strong reading provides reassurance to developers, mortgage lenders, and estate agents who track remittance trends as a leading indicator of diaspora property demand. The parishes most heavily influenced by diaspora purchasing — St. Elizabeth, Westmoreland, St. James, and Manchester — benefit directly from sustained inflow growth, both through household remittance income that supports mortgage deposit accumulation and through direct diaspora investment in residential property.
For Jamaica’s commercial banks, September’s data completes a quarter — July, August, September — that, read as a whole, shows the resilience of the remittance base despite a one-month August anomaly. The net effect on household balance sheets and deposit levels is likely modestly positive, supporting the liquidity environment that underpins continued growth in retail lending, mortgage origination, and the financial inclusion expansion that the Bank of Jamaica has prioritised as a cornerstone of Jamaica’s medium-term economic development strategy.
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