Jamaica’s expenditure on imports during the 2020 calendar year fell by 26.4 per cent to US$4.76 billion, relative to the previous year.

Carol Coy, director general of the Statistical Institute of Jamaica (STATIN), made the disclosure during a digital quarterly briefing hosted by the institute yesterday.

Coy said the decline was largely attributed to lower imports of fuel and lubricants and raw materials/intermediate goods, which fell by 48.8 and 17.1 per cent, respectively.

Additionally, she said imports of consumer goods during 2020 declined by 14.2 per cent, over 2019.

Meanwhile exports for 2020 amounted to some US$1.2 billion, a 26.4 per cent decline when compared with 2019.

“The decline in total exports was mainly influenced by a reduction in the exports of alumina, which fell by 39.8 per cent, and mineral fuels, which fell by 36.1 per cent,” the director general said.

RATE OF INFLATION ROSE

Imports and exports would have been significantly impacted by the massive slowdowns in economic activity and transport of goods as a result of the COVID-19 pandemic which touched Jamaica’s shores in March 2020.

Coy also advised that the rate of inflation (consumer price index) rose by 1.1 per cent in March.

“The increase was impacted by a 4.6 per cent increase in the index for the housing, water, electricity, gas and other fuels’ division. The index for the heaviest weighted division — food and non-alcoholic beverages — rose by 0.2 per cent, while the index for the transport division increased by 0.5 per cent,” she further indicated.