Jamaica’s total spending on imports and earnings from exports for January to November 2020 declined relative to the similar period in 2019 as released today by the Statistical Institute of Jamaica (STATIN).
For January to November 2020, expenditure on imports fell by 28.1 per cent to US$4,247.2 million. By comparison, total imports for the same period in 2019 was US$5,905.5 million. This decline was largely due to lower imports of ‘Fuel and Lubricants’ and ‘Raw Materials/Intermediate Goods’, which fell by 52.3 per cent and 18.3 per cent respectively.
Total earnings from exports amounted to US$1,104.5 million. Compared to the corresponding January to November 2019 period, earnings from total exports declined by 24.5 per cent. The decline in domestic exports was mainly influenced by a reduction in the export of Alumina which fell by 45.0 per cent to value US$373. 8 million.
During the review period, Jamaica imported US$2,625.8 million worth of goods from the USA, China, Brazil, Japan and Trinidad and Tobago. This accounted for 61.8 per cent of total imports between January and November 2020. However, the value of total imports from these five countries declined compared to the corresponding period in 2019.
The USA, Canada, Netherlands, Russia and Iceland remained the top five destinations for Jamaica’s exports.
Exports to these countries declined by 20.0 cent to US$849.6 million. This decline was largely due to a fall in
the export of Alumina.
Trade within the CARICOM region also fell during the review period. Imports from other CARICOM countries were valued at US$233.5 million, while total exports were valued at US$70.8 million. Regional trade accounted for 5.5 per cent of total imports and 6.4 per cent of total exports during the review period.
The International Merchandise Trade Bulletin outlines additional information on Jamaica’s international trade activities. The November 2020 International Merchandise Trade Bulletin is available on the Statistical Institute of Jamaica’s website www.statinja.gov.jm or from the Information Section of the Institute at (876)-630-1619. Visit the Institute’s Facebook and Instagram pages @STATINJA for the November 2020 IMT infographics.