The value of Jamaica’s imports increased by double digits in January this year, according to the Statistical Institute of Jamaica (STATIN), while its exports declined by almost the same rate.

Total spending on imports for the month was valued at US$689.5 million or 16.4 per cent more than the US$592.3 million spent in January 2023. The rise in the value of imports was due to increases in the purchase of fuels and lubricants capital goods (excluding motor cars), transport equipment, and consumer goods.

For the period, Jamaica’s five main trading partners were the United States of America (USA), Brazil, China, Colombia, and Japan. Altogether, imports of goods from these countries accounted for 64.7 per cent of total imports with a value of US$445.9 million.

Imports from the top five was 16.0 per cent above the US$ 384.4 million spent in January 2023 and was due largely to higher imports of mineral fuels from Brazil.

For the period January 2024, external sales fell by 15.2 per cent below the US$185.2 million earned in the similar 2023 period.

“This was due primarily to a 23 per cent decrease in the value of exports of mineral fuels,” STATIN explained.

Domestic exports for the month fell to US$124.7 million, down by 11.1 per cent compared to US$140.3 million for January 2023. There was also a decline in re-exports which fell by 28.0 per cent to value US$32.3 million.

The USA, Iceland, Russian Federation, Puerto Rico, and the United Kingdom were the top five destinations for Jamaica’s exports Revenue earned from exports to these countries decreased by 22.6 per cent to US$113.4 million as a result of lower exports of alumina.