Jamaica’s Imports Increased by 34.4% from January to April

• For the period January to April 2022, Jamaica’s total spending on imports was valued at US$2,341.6Mn, while earnings from exports were valued at US$511.1Mn, as reported by the Statistical Institute of Jamaica (STATIN).
• There was a 34.4% year-over-year increase in imports due to increased spending on all sub-categories of imported goods.
• Total exports for the review period only increased by 1.3% compared to the US$504.4Mn earned in the period last year. The increase in exports was due primarily to a 52.9% increase in the value of export of “Mineral Fuels”.
• Domestic exports for the review period increased by 1.4% to a value of US$438.9Mn; accounting for 85.9% of total exports. This increase was due mainly to a 43.3% rise in export from the Manufacture industry.
• The five main trading partners for the period were the United States of America (USA), China, Brazil, Trinidad and Tobago and Ecuador accounting for 62.3% of total imports valued at US$1,458.0 million, an increase of 40.5%. This was largely due to higher imports of fuel from the USA and Ecuador.
• The top five destinations for Jamaica’s exports were the USA, Canada, Puerto Rico, the Russian Federation and the United Kingdom. Exports to these countries increased by 35.5% to US$424.2Mn. This was attributed to higher exports of fuels to the USA.
• 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 imports to exports also indicates a greater dependence on foreign economies which makes Jamaica more susceptible to imported inflation.

(Source: STATIN)