JAM | May 8, 2023

Over US$1.9 billion in export earnings generated for Jamaica for 2022

/ Our Today

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Jamaica generated export earnings of just over US$1.9 billion, between January and December 2022.

The Statistical Institute of Jamaica (STATIN) shared that the value of last year’s exports surpassed the US$1.65 billion earned in 2019, prior to the COVID-19 pandemic’s onset, by 15 per cent.

According to STATIN, this represents a 28.4 per cent increase over the US$1.48 billion recorded for the corresponding period in 2021.

The 2022 outturn, according to the organisation, was primarily due to a 102.6 per cent rise in the export of ‘Mineral Fuels’.

Domestic exports amounted to US$1.36 billion, which was 6.7 per cent above the US$1.28 billion recorded in 2021.

Statistical Institute of Jamaica.

However, STATIN pointed out that this was 9.8 per cent lower than the US$1.5 billion earned in 2019, primarily due to lower alumina exports.

Re-exports in 2022 were valued at US$534 million, a significant increase compared to 2021 and 2019.
Consequent on the latest outturn, Jamaica’s trade deficit fell to a low of US$5.8 billion, relative to the previous three years.

The top five destinations for Jamaica’s exports were the United States of America (USA), Puerto Rico, the Russian Federation, the United Kingdom (UK), and Canada.

It has been indicated by STATIN that outflows to these countries increased by 46.3 per cent to just over US$1.4 billion, due mainly to higher fuel exports to the USA.

Expenditure on imports in 2022 rose by 29.5 per cent to US$7.73 billion

Meanwhile, Jamaica’s expenditure on imports in 2022 rose by 29.5 per cent to US$7.73 billion, compared to 2021.

The increased spend was mainly due to higher imports of ‘Raw Materials/Intermediate Goods’, ‘Fuels and Lubricants’, and ‘Consumer Goods’.

These rose by 24.4 per cent, 53.7 per cent and 21.8 per cent, respectively, and contributed to the overall expenditure figure surpassing the 2019 pre-pandemic level total of US$6.4 billion.

Jamaica’s five main trading partners for 2022 were the USA, China, Brazil, Trinidad and Tobago, and Japan.

Expenditure on imports from these countries increased by 33.7 per cent to US$4.97 billion, due mainly to higher fuel inflows from the USA and Trinidad and Tobago.

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