Jamaica spent US$689.5 million on imports for January 2024, while earnings from total exports were valued at US$157.1 million, which was 15.2% lower than the US$185.2 million earned over the same period last year.
This is according to the latest International Merchandise Trade Bulletin that has been released by the Statistical Institute of Jamaica (STATIN). The value of imports increased by 16.4% when compared to the US$592.3 million spent in January 2023.
“This increase was largely attributable to the increase in imports of “Fuels and Lubricants,” “Capital Goods (excl. Motor Cars),” “Transport Equipment,” and “Consumer Goods,” which rose by 53.7%, 30.6%, 30.4%, and 0.8%, respectively,” STATIN stated.
Domestic exports for January 2024 fell by 11.1% to US$124.7 million, compared to US$140.3 million for January 2023. There was also a decline in re-exports, which fell by 28.0% to a value of US$32.3 million.
Jamaica’s five main import-related trading partners during the period were the USA, Brazil, China, Colombia, and Japan. Expenditure on imports of goods from these countries accounted for 64.7% of total imports and was valued at US$445.9 million. This was 16.0% above the US$ 384.4 million spent in January 2023. This increase was due largely to higher imports of mineral fuels from Brazil.
“The top five destinations for Jamaica’s exports were the USA, Iceland, the Russian Federation, Puerto Rico, and the United Kingdom. Revenue earned from exports to these countries decreased by 22.6% to US$113.4 million as a result of lower exports of alumina,” STATIN reported.