Jamaican export earnings grew more than import expenditure
/ Our Today
administrator
Jamaica’s export earnings grew much faster than its import expenditure, according to the latest International Merchandise Trade (IMT) bulletin for the period January – May 2023.
The IMT report, published by the Statistical Institute of Jamaica (STATIN), shows that exports climbed by 36 per cent year-over-year while at the same time imports went up by 3.8 per cent. Jamaica’s total spending on imports for the period under review was valued at US$3.12 billion, while earnings from total exports were valued at US$879.5 million.
The value of imports increased by 3.8 per cent when compared to the US$3.01 billion spent during the corresponding period in 2022. This increase was largely attributable to higher imports of ‘Raw Materials/Intermediate Goods’ (9.1 per cent), ‘Consumer Goods’ (10.0 per cent) ‘Transport Equipment’ (40.0 per cent) and ‘Capital Goods (excl. Motor Cars)’ (19.6 per cent).
Contributory factors for hike in exports
The increase in total exports was 36.6 per cent above the US$644.1 million earned in the similar 2022 period. Increases in the exports of ‘Mineral Fuels, etcetera’ and ‘Crude Materials (excl. Fuels)’ of 17.8 per cent and 151.5 per cent, respectively were the primary contributors to the overall increase in the value of exports.
Domestic exports went up by 22.5 per cent above the value recorded in 2022 to US$654.7 million. Additionally, re-exports increased by 104.9 per cent to value US$224.8 million.
Earnings from domestic exports for the 2023 review period increased by 22.5 per cent to US$654.7 million, due to higher exports from the Mining and Quarrying industry. Earnings from domestic exports accounted for 74.4 per cent of total exports.
Jamaica’s main trading partners
The five main trading partners for January to May 2023 were the United States of America (USA), China, Brazil, Japan and Trinidad and Tobago. Expenditure on imports from these countries amounted to US$2 billion, an increase of 3.1 per cent compared to the corresponding 2022 period.
This increase was largely due to higher imports of fuel from Brazil and the United States.
The US, Puerto Rico, Latvia, the Russian Federation and the United Kingdom were the top five destinations for Jamaica’s exports.
Exports to these countries increased by 37.3 per cent to US$645.1 million, primarily due to higher exports of fuel to the US.
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