Increase In Export Earnings

Jamaica earned US$1.24 billion from exports between January and September 2021.

This was 22.9 per cent higher than the US$1.01 billion for the corresponding period in 2020, reported the Statistical Institute of Jamaica (STATIN).

In a statement on Monday (February 14), the agency said that the out-turn was largely due to a 96.8 per cent increase in the value of exports in the category ‘Mineral Fuels’, which totalled US$400.7 million.

STATIN further indicated that the value of domestic exports for the corresponding period climbed by 14.5 per cent to just over US$1.13 billion and accounted for 89.3 per cent of total outflows.

The Institute said the rise was mainly due to higher out-turns from the manufacturing and agriculture industries, up 30.5 and 8.1 per cent, respectively.

The top-five destinations for Jamaican exports were the United States of America (USA), the Netherlands, Canada, the United Kingdom, and the Russian Federation.

Exports to these countries increased by 10.7 per cent to US$912.7 million, largely resulting from increased shipments of bunker ‘C’ fuel to the USA and alumina to the Netherlands.

Meanwhile, imports for the 10-month review period rose by 24.2 per cent to US$4.8 billion, up from US$3.87 billion in 2020.

STATIN said this was mainly attributable to higher imports in the categories ‘Fuels and Lubricants’, up 70.1 per cent; ‘Raw Materials/Intermediate Goods’, up 20.5 per cent; and ‘Consumer Goods’, up 10 per cent.

The Institute noted that Jamaica’s top-five import partners for the period were the USA, Brazil, China, Japan, and Nigeria, which accounted for 62.8 per cent of total inflows.

Total expenditure on imports from these destinations was valued at US$3.01 billion, a 27.5 per cent increase when compared to the US$2.36 billion recorded for January to October 2020.

STATIN indicated that this was mainly due to increased imports of motor spirit from the USA and crude oil from Brazil.