Jamaica’s Imports Increase in Q1 2022 while Exports Decline

• For the period January to March 2022, Jamaica’s total imports increased by 38.7% to value US$1,826.3Mn, while total exports declined to value US$340.5Mn.
• The increase of 38.7% in spending on total imports for January to March 2022, compared to US$1,316.9Mn in 2021, was due largely to higher imports of “Fuels and Lubricants”, “Raw Materials/Intermediate Goods” and “Consumer Goods” which rose by 48.2%, 41.1% and 42.1% respectively.
• Total exports for the review period January to March 2022, were valued at US$340Mn, 5.5% below the US$360.3Mn earned in the similar 2021 period. Domestic exports accounted for 85.3% of total exports and were valued at US$290.5Mn, 5.8% less than the corresponding 2021 period. This was due to the decline in the value of exports from the Mining and Quarrying industry, which decreased by 57.8% to US$51.2Mn.
• The five main trading partners for the period January to March 2022 were the United States of America (USA), China, Brazil, Trinidad and Tobago, and Colombia. Total expenditure on imports from these countries were valued at US$1,199.1Mn. This was due largely to the higher imports of fuel from the USA and crude oil from Brazil. 
• The top five destinations for Jamaica’s exports were the USA, Canada, Puerto Rica, the United Kingdom and Trinidad and Tobago. Exports to these countries increased by 18.3% to US$282.2Mn. This was attributed to higher exports of turbojet A1 fuel to the USA and alumina to Canada.
• The country continues to run a trade deficit which weighs on the country’s GDP, despite growing by 6.4% in the first quarter. The higher level of exports to imports also indicates a greater dependence on other economies which makes it more susceptible to imported inflationary pressures.

(Source: STATIN & NCBCM Research)