Export Earnings Increase By 30.6 %

Jamaica generated just over US$1.22 billion in export earnings between January and July this year.

This represents a 30.6 per cent increase over the US$939.1 million earned for the corresponding period in 2022, the Statistical Institute of Jamaica (STATIN) has reported.

A statement from STATIN on Wednesday (November 22) indicated that the increased exports this year were primarily spurred by higher outflows of ‘Crude Materials’ (excluding Fuels) and ‘Mineral Fuels’.

STATIN also reported increased earnings from domestic exports and re-exports during the review period.

The Institute indicated that domestic exports climbed to US$926.9 million, up from US$766.1 million in 2022.

Re-exports increased by 73.3 per cent to US$299.8 million.

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

Revenue from outflows to these countries rose by 23.3 per cent to US$856 million.

Meanwhile, Jamaica’s expenditure on imports between January and July 2023 rose by 1.5 per cent over the corresponding period last year to US$4.43 billion.

The spend for the first seven months of 2022 totalled US$4.37 billion.

STATIN said the increase was largely attributable to higher imports of ‘Raw Materials/Intermediate Goods’, up 8.1 per cent; ‘Consumer Goods’, up 14.3 per cent; and ‘Capital Goods (excluding motor cars), up 38.2 per cent.

Jamaica’s top-five trading partners for the review period were the USA, People’s Republic of China, Brazil, Japan and Colombia.

Imports expenditure with these countries increased by 2.7 per cent to US$2.76 billion, relative to the corresponding period in 2022.

This increase was largely due to higher inflows of mineral fuels from the USA, STATIN further indicated.