Durrant Pate/Contributor

Exports from Jamaica have registered a marked 32 per cent increase for the period January to April 2023 to earn US$677.5 million.

The increase in total exports surpasses the US$513.2 million earned in the similar 2022 period, according to the Statistical Institute of Jamaica (STATIN) in its January – April 2023 International Merchandise Trade Bulletin.

This was primarily influenced by a 21.6 per cent increase in the value of “Mineral Fuels”.

The increase in total exports was the result of higher domestic exports and re-exports, which grew by US$72.0 million and US$92.4 million, respectively. Domestic exports increased to US$513.0 million for January to April 2023.

Higher earnings from the ‘Mining and Quarrying’ industries as well as the ‘Agriculture’ industries were primarily responsible for this increase. Domestic exports accounted for 75.5 per cent of total exports.

The five main import partners for the period January to April 2023 were the United States, China, Brazil, Japan and Trinidad and Tobago.

Import data

Jamaica’s total spending on imports were valued at US$2.43 billion for January to April 2023. The value of imports increased by 5.8 per cent when compared to the same period in 2022.

This increase was largely attributable to higher imports of “Raw Material/ Intermediate Goods”, “Consumer Goods” and “Capital Goods (excl. Motor Cars)”, which rose by 8.7, 9.6 and 18.5 per cent, respectively. Expenditure on imports from these countries increased by 8.4 per cent when compared to the corresponding 2022 period.

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

Exports to these countries increased by 32.4 per cent to US$502.6 million.