Exports earnings increased by 26.3% and import spend went up by 23.3%
The Statistical Institute of Jamaica (STATIN) is reporting that export earnings rose much faster than expenditure on imports for the period January to September 2021.
Jamaica’s earnings from imports rose by 26.3 per cent while total spending on imports went up by 23.3 per cent relative to the similar period in 2020. Earnings from total exports for the period were valued at US$1.15 billion above the US$910.7 million earned in the similar 2020 period.
The rise in exports was driven mainly by higher exports of ‘Mineral Fuels’ which rose by 96.8 per cent. Domestic exports from the Manufacturing industry rose by 32.1 per cent.
Earnings from the Mining and Quarrying and Agriculture industries also rose by 6.2 per cent and 7.5 per cent respectively. As it regards imports for the period, this amounted to US$4.2 billion compared to US$3.44 billion for January to September 2020.
This rise was mainly attributable to higher imports of ‘Raw Materials/Intermediate Goods’ which jumped by 22.2 per cent and ‘Consumer Goods’, up 9.5 per cent, and ‘Fuels and Lubricants’ which went up by 62.2 per cent.
MAIN TRADING PARTNERS
The five main import partners for the period were the United States (US), China, Brazil, Japan and Nigeria, which collectively accounted for 62.4 per cent of total imports. Total expenditure on imports from these countries was valued at US$2.65 billion, a rise of 26.3 per cent when compared to 2020.
This was mainly due to rising imports of motor spirit from the USA and crude oil from Brazil. The main exports markets for January to September 2021 were the US, the Netherlands, Canada, the United Kingdom and Puerto Rico.
Exports to these countries rose by 35.5 per cent to US$846.4 million. This was due largely to rising exports of alumina to the Netherlands and bunker C fuel oil to the US.