Jamaica’s Import Continues On An Upward Trend, While Exports Have Gained Some Momentum For July 2022         

 

• For January to July 2022, Jamaica’s total spending on imports was valued at US$4,411.2 million, which represents a 33.6% increase relative to the period in 2021. This increase was largely attributable to higher imports of “Fuels and Lubricant”, “Raw Materials/Intermediate Goods” and “Consumer Goods”, which rose by 55.4%, 29.8% and 31.0%, respectively.
• Meanwhile, exports were valued at US$939.7 million which is a 2.3% increase relative to the prior period. The increase in exports was due primarily to a 61.8% increase in the value of exports of “Mineral Fuels”. The increase in total exports was influenced by the growth in re-exports which increased by US$59.4 million to US$172.7 million.
• The top five main import- partners for the period were the United States of America (USA), China, Trinidad and Tobago, Brazil and Japan. Imports from these countries rose to US$2,887.8 million, 39.6% above the US$2,068.8 million recorded in the corresponding period of 2021. This was due largely to the higher imports of fuel from the USA and Trinidad and Tobago.
• The top five destinations for Jamaica’s exports were the USA, Puerto Rico, Canada, the Russian Federation and the United Kingdom. Revenues from exports to these countries increased by 32.0% to US$752.0 million mainly as a result of higher exports of fuels to the USA. This higher outturn for exports should help with the narrowing of Jamaica’s trade deficit.

(Source: STATIN)