International Merchandise Trade September 2021

• For the period January to September 2021, Jamaica’s total spending on imports and earnings from exports increased by 23.3% and 26.3% respectively, relative to the same period in 2020, as reported by the Statistical Institute of Jamaica (STATIN). 
• Imports for the period amounted to US$4,250.3 million compared to US$3,448.4 million for January to September 2020. This increase was mainly attributable to higher imports of Raw Materials/Intermediate Goods (22.2%), Consumer Goods (9.5%), and Fuels and Lubricants (62.2%). 
• Earnings from total exports for January to September 2021 were valued at US$1,150.2 million; 26.3% above the US$910.7 million earned in the similar 2020 period. The increase in exports was driven mainly by higher exports of “Mineral Fuels” which rose by 96.8%. 
• Domestic exports from the Manufacturing industry increased by 32.1%. Earnings from the Mining and Quarrying and Agriculture industries also increased by 6.2% and 7.5%, respectively. However, while the Manufacturing and Agriculture industries should continue to benefit from this in 2022, the Mining and Quarrying will likely see a decline as Jamalco is not slated to restart operations until June 2022. The resumption of operations this year will only be 50% of its production level until Q1 2024 when phase 3 of the restoration process is completed.

(Sources: STATIN & NCBCM Research)