Jamaica’s imports and exports register contraction
/ Our Today
administrator
There has been a marked contraction in both imports and exports from Jamaica for the period January to May 2024, according to the latest International Merchandise Trade Statistics for May 2024 published by the Statistical Institute of Jamaica (STATIN).
Jamaica’s total spending on imports for the period was valued at US$3.05 bllion, representing a decline of 2.4 per cent compared to the US$3.12 billion spent in the comparable 2023 period. This decrease was largely attributable to lower imports of “raw materials/intermediate goods” and “fuels and lubricant”, which fell by 13.5 per cent and 8.2 per cent, respectively.
Meanwhile, earnings from total exports were valued at US$823.9 million, 5.4 per cent below the US$870.6 million earned in the similar 2023 period. This was due primarily to a 57.7 per cent fall in the value of re-exports of “mineral fuels”.
Domestic exports rose by 10.7 per cent
However, over the five-month period, domestic exports rose by 10.7 per cent to US$715.1 million. This was due to a 2.3 per cent increase in exports from the manufacturing industry and a 26.8 per cent increase in exports from the mining and quarrying industry.
Earnings from domestic exports accounted for 86.8 per cent of total exports. Re-exports declined for the January to May 2024 period, earning US$108.8 million compared to US$224.8 in 2023.
Main Trading Partners
For the period, Jamaica imported most of its goods from the United States of America, China, Japan Brazil and Trinidad and Tobago. Expenditure on imports of goods from these countries fell by 10.4 per cent to US$1,793.2 million when compared to just over US$2 billion for January to May 2023.
This contraction was due largely to lower imports of “Mineral Fuels” from the USA and Brazil. The top five destinations for Jamaica’s exports were the USA, Iceland, the Russian Federation, Canada and the Netherlands.
Revenues from exports to these countries rose by 26.6 per cent to US$562.2 million, due to higher export of alumina to Iceland.
Comments