Import Spending Outpaces Export Earnings in Jamaica - International Merchandise Trade Report

• Jamaica’s total spending on imports and earnings from exports for the period January to November 2021 increased by 25.2% and 20.2%, respectively, relative to the similar period in 2020, as reported by the Statistical Institute of Jamaica (STATIN). 
• Expenditure on imports for the period amounted to US$5,389.4Mn compared to US$4,303.8Mn for the corresponding 2020 review period. The increase in imports was mainly attributed to higher imports of “Fuels and Lubricants” (68.3%), “Raw Materials/Intermediate Goods” (23.3%), and “Consumer Goods” (11.4%). 
• The prices for “Fuels and Lubricants” have however increased since November 2021 owing to the geopolitical tensions between Russia and Ukraine, and as such we expect increased spending on imports from this category in upcoming reports. 
• Earnings from total exports for January to November 2021 were valued at US$1,336.6Mn; 20.2% above the US$1,111.6Mn earned in the comparable review period. The increase in exports was driven mainly by higher exports of “Mineral Fuels” which rose by 94.2%. 
• The main trading partners for imports during the review period, were USA, Brazil, China, Japan and Turkey. Imports from these countries rose by 28.4% to US$3,385.9Mn, accounting for 62.8% of total expenditure. This increase was due chiefly to higher imports of crude oil from Brazil and motor spirit from the USA. 
• Jamaica’s top five exports partners for the 2021 review period were the USA, the Netherlands, Canada, the United Kingdom and the Russian Federation. Earnings from these countries increased by 17.2% to US$964.7Mn, accounting for 72.2% of total exports. The increase was due mainly to higher exports of bunker C fuel oil to the USA and Alumina to the Netherlands.

(Source: STATIN and NCBCM)