Exports To Main Trading Partners Increase 14 Per Cent

Exports to Jamaica’s top trading partners increased by 14 per cent to US$173.1 million for the first two months of 2022 compared to the corresponding period last year.

These are the United States of America (USA), United Kingdom, Canada, Puerto Rico, and Finland.

A report from the Statistical Institute of Jamaica (STATIN) indicated that the out-turn for January and February was largely attributed to higher exports of bunker C fuel oil and Turbo A1 fuel to the USA.

STATIN noted, however, that total export earnings fell by 9.5 per cent to US$208.5 million compared to US$230.4 million earned in January and February 2021.

The agency indicated that the decline was primarily due to a 66.6 per cent fall in the value of outflows in the category ‘Crude Materials’.

Further, domestic exports, which accounted for 84.6 per cent of total outflows, declined by 11.8 per cent to US$176.4 million.

STATIN advised that this was due to an 80.6 percentage point fall in the export of alumina.

Meanwhile, Jamaica’s imports expenditure increased to just over US$1 billion, consequent on a 32.4 per cent increase in imports for the review period.

STATIN said that this was due to increased spending on all categories of imported goods.

Imports of ‘Raw Materials/Intermediate Goods’ amounted to US$360.1 million, which was 46.6 per cent higher than the US$245.6 million spent for the corresponding period in 2021.

STATIN further indicated that the total spend on imports of Consumer Goods amounted to US$304.4 million.

This represented an increase of 53.7 per cent, while imports of ‘Fuels and Lubricants’ increased by 10.7 per cent to US$258.6 million when compared to the US$233.6 million spent in the similar period in 2021.

Jamaica’s five main trading partners for the review period were the USA, China, Trinidad and Tobago, Colombia, and Japan.

STATIN indicated that expenditure on imports from these countries accounted for 66.7 per cent of total inflows, valued at US$728.6 million.

This was 43.3 per cent above the US$508.4 million spent in the January to February 2021 review period and was largely due to higher imports of fuel from the USA and crude oil from Colombia.