STATIN Reports Increased Earnings from Exports

• Jamaica’s total spending on imports increased by 25.4% for the 2021 calendar year. This increase was largely attributed to higher imports of “Raw Materials/Intermediate Goods” (24.4%), “Fuels and Lubricants” (65.0%) and “Consumer Goods” (12.3%). Overall, expenditure on imports for 2021 was 6.7% below the amount spent for 2019. 
• Total export earnings in 2021 were valued at US$1,440.5Mn, an increase of 15.2% relative to 2020. Exports of “Mineral Fuels”, which rose by 75.5%, were the main contributor to the increase. 
• Earnings from domestic exports increased by 10.0% to US$1,281.3Mn on the back of a rise in exports from the Manufacture and Agriculture industries, which increased by 30.8% and 8.1% respectively. This increase was likely due to expansion in global demand stemming from greater vaccination and gradual economic reopening in 2021. Notably, over the past three years, the Manufacture industry’s share of total domestic exports moved from 30.8% in 2018 to 56.3% in 2021. 
• Despite the increase in total exports in 2021, earnings were 12.9% below that of the pre-pandemic period in 2019.

(Source: STATIN)