US$789.2 Million In Export Earnings for January to June

Jamaica generated US$789.2 million in export earnings during the first half of 2021, between January and June.

The out-turn represents a 28.3 per cent increase over the corresponding period last year, the Statistical Institute of Jamaica (STATIN) has reported.

“This was largely due to an increase in the value of exports from the manufacture, and mining and quarrying industries, which rose by 25 per cent and 9.7 per cent, respectively,” Director General, Carol Coy, said.

She was speaking during STATIN’s digital quarterly media briefing on Wednesday (October 20).

Meanwhile, she said that expenditure on imports rose by 15.2 per cent to US$2.7 billion during the period.

Ms. Coy said that this was largely attributable to higher imports of fuel and lubricants, up 46.1 per cent, and raw material/intermediate goods, up 18.8 per cent.

She noted that despite the increase in import and exports, Jamaica recorded a decline in goods traded relative to the pre-coronavirus (COVID-19) pandemic periods of 2019 and 2018, pointing out that this was influenced by contractions in the local and global economies.

She said measures implemented to restrict movement and contain COVID-19 transmission, including the closure of borders and factories globally, led to lower production levels and demand for some products.

“As a result, the value declined significantly in 2020, and despite increasing in 2021, the value of imports and exports has not yet returned to their pre-pandemic levels,” she pointed out.

Ms. Coy advised that export earnings for the 2021 review period were 14.6 per cent and 16.1 per cent below the out-turns for 2019 and 2018, respectively.

“The value of imports for the 2021 review period was 17.9 per cent lower than in 2019 and 7.9 per cent less than 2018,” she said.