Import Expenditure Declined January To March 2021

Jamaica recorded declines in import expenditure and export earnings during the January to March 2021 quarter, relative to the corresponding period in 2020.

Data from the Statistical Institute of Jamaica (STATIN) show that imports were valued at just over US$1.3 billion, representing a 2.3 per cent decline, while exports earnings totalled US$354.6 million, a decrease of 0.1 per cent.

STATIN Director General, Carol Coy, says the decline in imports was largely due to a falloff in the categories ‘consumer goods’ and ‘transport equipment’, which decreased by 13.9 and 20.3 per cent, respectively.

She was speaking during the Institute’s digital quarterly briefing, on Thursday (July 15).

Ms. Coy also advised that the inflation rate for June 2021 was 0.7 per cent.

She said the increase was impacted by a 1.9 per cent spike in the heavily weighted ‘food and non-alcoholic beverages’ index, largely consequent on higher prices for some agricultural produce, such as yams, potato, lettuce and cabbage.

Ms. Coy indicated that other notable increases were recorded in the categories ‘cereals and cereal products’, up 2.6 per cent, and ‘meats and other parts of slaughtered land animals’, up 1.9 per cent.

Also contributing to the overall inflation rate was a 5.9 per cent increase in the ‘restaurant and accommodation services’ index, due to higher prices for items within the class ‘restaurants and accommodation and the like’, and a 0.4 per cent spike in the category ‘transport’, due to increased petrol prices.

“These movements were, however, tempered by the decline of 2.4 per cent in the index for the ‘housing, water, electricity, gas and other fuels’ division, which resulted mainly from the fall in electricity, water and sewerage rates,” Ms. Coy advised.

She further indicated that the inflation out-turns for the three regions measured were Greater Kingston Metropolitan Area – 0.6 per cent, Other Urban Centres – 0.7 per cent, and Rural Area – 0.8 per cent.