When international remittances are brought up in discussions about the Caribbean, the conversation almost always centers on inbound funds: money earned by diaspora relatives working abroad that gets sent back to support households across the region. However, little attention is paid to the equally important reverse flow: outbound remittances sent by migrant workers and foreign-born residents living and employed within CARICOM member states, who send a portion of their earned income back to family and connections in their home countries. For the Caribbean’s small, trade-reliant open economies, both inbound and outbound remittance flows directly impact the total volume of foreign currency retained within national borders, a key metric that shapes exchange rate stability, import capacity, and overall economic resilience.
Newly released 2024 data from the World Bank, covering 12 of CARICOM’s full member states, offers the most up-to-date snapshot of this dynamic balance. The analysis shows that for nine of the 12 studied members, inbound remittances exceed outbound flows, resulting in a net positive gain of foreign currency. Three member states, however, buck this trend, recording a net outflow of remittance funds in 2024.
The Bahamas records the largest net outflow by a wide margin. The country received just $66 million in inbound personal remittances over the year, while sending $321 million in outbound flows, resulting in a net gap of $255 million leaving the national economy. Antigua and Barbuda also posted a net outflow, taking in $26 million in inbound remittances and sending $43 million outbound, for a net gap of $17 million. Grenada came closest to balancing its flows, with $48 million received against $52 million sent, resulting in a small net outflow of $4 million. Combined, these three CARICOM members saw a total net remittance outflow of $276 million in 2024.
When adjusted for population size, the disparity in The Bahamas becomes even more striking. Per resident, the country sees roughly $800 sent abroad in outbound remittances each year, compared to just $164 received in inbound flows per capita. While Saint Kitts and Nevis maintains an overall net positive remittance balance, it still posts one of the highest per capita outbound remittance rates in the region, at roughly $590 per resident annually.
Crucially, regional economic analysts note that these net outflows do not pose an immediate threat to the three affected economies. All three nations are able to offset the lost foreign currency from net remittance outflows through existing revenue streams, including earnings from the large international tourism sector, cross-border trade, and inbound foreign direct investment. It is important to note that 2024 data was not available for three CARICOM members: Barbados, Guyana, and Montserrat, so they were excluded from the World Bank’s analysis. All remittance figures included in the dataset are sourced from the International Monetary Fund’s balance of payments statistics, compiled into the World Bank’s World Development Indicators database.