US$511.1 Million in Export Earnings for January to April
By: , August 16, 2022
Photo: Contributed
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Jamaica generated export earnings of US$511.1 million for the first four months of 2022, between January and April.
This is 1.3 per cent higher than the US$504.4 million earned over the corresponding period in 2021, according to the Statistical Institute of Jamaica (STATIN).
A release from STATIN on Monday (August 15) indicated that the increase was primarily due to 52.9 per cent hike in the value of exports for the category ‘Mineral Fuels’.
The Institute further said that domestic exports for the review period rose by 1.4 per cent to US$438.9 million, which accounted for 85.9 per cent of total outflows.
STATIN said this mainly resulted from a 43.3 per cent rise in manufacturing industry exports.
The top-five destinations for Jamaican products were the United States of America (USA), Canada, Puerto Rico, the Russian Federation, and the United Kingdom (UK).
Exports to these countries, which increased by 35.5 per cent to US$424.2 million, were largely attributed to higher outflows of fuels to the USA.
Meanwhile, import expenditure for the review period rose by 34.4 per cent to US$2.34 billion, due to increased spending on all sub-categories of goods inflows.
Imports of ‘Raw Materials/Intermediate Goods’ totalled US$717.4 million, which was 31.8 per cent higher than the US$544.2 million spent during the corresponding period in 2021.
Total expenditure on imported ‘Fuels and Lubricants’ climbed by 48.1 per cent to US$705.1 million, relative to the US$476.1 million spent in 2021.
Imports of ‘Consumer Goods’ rose by 37.8 per cent to US$592.0 million, compared to US$429.6 million spent in 2021.
Jamaica’s five main trading partners for the review period were the USA, People’s Republic of China, Brazil, Trinidad and Tobago, and Ecuador.
STATIN reported that total expenditure on imports from these countries increased by 40.5 per cent to US$1.45 billion and accounted for 62.3 per cent of total inflows.
This was largely due to higher imports of fuel from the USA and Ecuador.