Jamaica’s exports grew faster than imports in first six months
/ Our Today
administrator
Exports from Jamaica grew faster than imports during the first six months of 2023, according to the country’s latest International Merchandise Trade Statistics.
The data for January – June 2023 released by the Statistical Institute of Jamaica (STATIN) shows exports going up by 29.4 per cent to be valued at US$1.04 billion, coming from US$805.8 million earned during the same period last year. At the same time Jamaica’s spending on imports for the review period amounted to US$3.74 billion, up 0.6 per cent compared to the US$3.72 spent in the corresponding 2022 period.
The increase in total exports for January to June was due primarily to higher exports of “Crude Materials (excluding Fuels)” (123.7%) and “Mineral Fuels (10.0%). Domestic exports also increased valued at US$770.5 million, 16.0 per cent above the similar period in 2022.
Similarly, re-exports increased for January to June 2023 to value US$272.0 million, an upward movement of 91.9 per cent. The marginal 0.6 per cent increase in imports was largely attributable to higher imports of “Raw Materials /Intermediate Goods” (4.1%), “Consumer Goods” (8.2%), “Capital Goods (excl. Motor Cars)” (10.0 %) and “Transport Equipment” (36.0%).
MAIN TRADING PARTNERS
Jamaica’s five main trading partners for the first half of 2023 were the United States of America (USA), China, Brazil, Colombia and Japan. Expenditure on imports from these countries amounted to US$2,305.1 million, an increase of 2.4 per cent when compared to the corresponding 2022 period.
This increase was due largely to higher imports of fuel from the USA. The top five destinations for Jamaica’s exports were the USA, Puerto Rico, Latvia, the Russian Federation, and the United Kingdom.
Exports to these countries increased by 23.6 per cent to US$737.0 million, due mainly to higher exports of alumina.
Comments