STATIN Develops Export and Import Price Indices

The Statistical Institute of Jamaica (STATIN) has developed an Export and Import Price Indices (XMPIs) that will measure quarterly price changes in the country’s goods inflows and outflows.

Director General, Carol Coy, unveiled the new product during STATIN’s digital quarterly media briefing on October 20, where the main indicators for the 2020 calendar year were released.

She said that the development of the XMPIs is geared towards satisfying changing user needs and reflects the structural changes in the Jamaican economy.

“In executing our mandate of producing and delivering quality statistics, STATIN recognises that while it is important to produce our regular statistical products in a timely manner, we also need to ensure that we meet the growing needs of our stakeholders as best as possible,” she said, noting that the XMPI bulletin will be released on a quarterly basis.

Meanwhile, Ms. Coy indicated that for the 2020 calendar year review period, the average export price fell by 10.3 per cent, compared to the outturn in 2019.

“This was due to a 14.6 per cent fall in the XPI of the Mining and Quarrying Industry, impacted by a reduction in the price of alumina,” she noted.

In addition, average import prices fell by 4.4 per cent relative to 2019, resulting from a decline in the import price of ‘Fuels and Lubricants’, and reflecting the fall in global oil prices, she told journalists.

“The average import price for all other categories rose. The import price of ‘Consumer Goods’ increased by 10.5 per cent, while that for “Intermediate Goods/Raw Materials’ rose by 2.7 per cent,” Ms. Coy added.

She said that a Special Report for 2018-2020 will be released shortly.