Increased spending on all sub-categories of imported goods
For the first quarter of 2022, Jamaica’s imports have been outpacing exports by more than 4:1.
During the period January 2022 to April 2022, Jamaica’s total spending on imports was valued at US$2.34 billion, while earnings from exports were valued at a mere US$511.1 million, based on Jamaica’s International Merchandise Trade Bulletin, released yesterday by the Statistical Institute of Jamaica (STATIN).
There was a 34.4 per cent increase in imports for the review period compared to the same period in 2021. This was due to increased spending on all sub-categories of imported goods.
Imports of ‘Raw Materials/Intermediate Goods’ amounted to US$717.4 million, 31.8 per cent higher than the US$544.2 million spent in the 2021 review period. Total spending on imports of “Fuels and Lubricants” increased by 48.1 per cent to US$705.1 million when compared to the US$476.1 million spent in a similar period in 2021.
Big jump in imports of Consumer Goods
Imports of ‘Consumer Goods’ amounted to US$592.0 million, an increase of 37.8 per cent compared to US$429.6 million spent in the corresponding 2021 period. Total exports for the review period increased by 1.3 per cent compared to the US$504.4 million earned in the similar 2021 period.
The increase in exports was due primarily to a 52.9 per cent increase in the value of export of ‘Mineral Fuels’. Domestic exports for the review period increased by 1.4 per cent to a value of US$438.9 million; accounting for 85.9 per cent of total exports.
This increase was due mainly to a 43.3 per cent rise in export from the Manufacture industry. Jamaica’s five main trading partners for the period were the United States (US), China, Brazil, Trinidad and Tobago and Ecuador.
Expenditure on imports from these countries accounted for 62.3 per cent of total imports and was valued at US$1,458.0 million, an increase of 40.5 per cent. This was largely due to higher imports of fuel from the US and Ecuador.
The top five destinations for Jamaica’s exports were the US, Canada, Puerto Rica, the Russian Federation and the United Kingdom. Exports to these countries increased by 35.5 per cent to US$424.2 million. This was attributed to higher exports of fuels to the US.