Jamaica Rakes in Over US$1.9Bn in Export Earnings for 2022

  • Jamaica generated export earnings of just over US$1.9Bn, between January and December 2022. This marks a 28.4% increase compared to the US$1.48Bn recorded for the corresponding period in 2021, according to the Statistical Institute of Jamaica (STATIN).
  • The value of last year’s exports surpassed the US$1.65Bn earned in 2019, prior to the COVID-19 pandemic’s onset, by 15%. STATIN attributed the 2022 performance primarily to a 102.6% rise in the export of ‘Mineral Fuels’. Domestic exports amounted to US$1.36Bn, which was 6.7% above the US$1.28Bn recorded in 2021. However, this figure was 9.8% lower than the US$1.5Bn earned in 2019, mainly due to reduced alumina exports.
  • The top five destinations for Jamaica’s exports were the United States of America (USA), Puerto Rico, the Russian Federation, the United Kingdom, and Canada. Exports to these countries increased by 46.3% to just over US$1.4Bn, largely driven by higher fuel exports to the USA. Meanwhile, Jamaica’s expenditure on imports in 2022 rose by 29.5% to US$7.73Bn, compared to 2021. The increased spending was mainly due to higher imports of ‘Raw Materials/Intermediate Goods’, ‘Fuels and Lubricants’, and ‘Consumer Goods’. These rose by 24.4%, 53.7% and 21.8%, respectively, and contributed to the overall expenditure figure surpassing the 2019 pre-pandemic level total of US$6.4Bn.
  • The increased spending on ‘Raw Materials/Intermediate Goods’, ‘Fuels and Lubricants’, and ‘Consumer Goods’ can be partly attributed to elevated oil and gas prices in 2022 as Russia’s invasion of Ukraine put upward pressure on energy prices. Additionally, increased shipping costs in 2022 contributed to higher prices for other goods throughout the year.
  • Jamaica's primary trading partners in 2022 were the United States, China, Brazil, Trinidad and Tobago, and Japan. Import expenditure from these countries rose by 33.7% to US$4.97Bn, primarily due to increased fuel inflows from the United States and Trinidad and Tobago.
  • Export plays a critical role in supporting economic growth. Revenue from exports generates foreign exchange, that is used to build foreign reserves.  A healthy foreign reserve stock is crucial to Jamaica as it allows the country to assure international investors of the nation's ability to fend off external shocks to the system.

(Sources: STATIN and JIS News)