Total exports for January to July 2022 increased by 2.3%

For January to July 2022, Jamaica’s total spending on imports were valued at US$4.41 billion, while earnings from exports were valued at US$939.7 million, based on the latest International Merchandise Trade Bulletin.

The Statistical Institute of Jamaica (STATIN), which released the bulletin, reports that imports for the period increased by 33.6 per cent when compared to the same period in 2021. This increase was largely attributable to higher imports of ‘Fuels and Lubricant’, ‘Raw Materials/Intermediate Goods’ and ‘Consumer Goods’, which rose by 55.4 per cent, 29.8 per cent and 31.0 per cent, respectively.

When compared to the similar period in 2021, total exports for January to July 2022 increased by 2.3 per cent above the US$918.3 million earned in 2021 period. The increase in exports was due primarily to a 61.8 per cent increase in the value of exports of ‘Mineral Fuels’.

The increase in total exports was influenced by the growth in re-exports which increased by US$59.4 million to US$172.7 million.

MAIN TRADING PARTNERS

The top five main import partners for the period were the United States, China, Trinidad and Tobago, Brazil and Japan. Imports from these countries rose to US$2.88 billion, 39.6 per cent above the US$2.06 billion recorded in the similar 2021 period.

This was due largely to the higher imports of fuel from the US and Trinidad and Tobago. The top five destinations for Jamaica’s exports were the US, Puerto Rico, Canada, the Russian Federation and United Kingdom.

Revenues from exports to these countries increased by 32.0 per cent to US$752.0 million, mainly as a result of higher exports of fuels to the US.