Higher Imports And Total Exports For The Period January – April 2023

  • For the period January to April 2023, Jamaica’s total spending on imports was valued at US$2,438.7Mn, while export earnings were valued at US$677.5Mn, as revealed by the Statistical Institute of Jamaica (STATIN).
  • For the period, the value of imports increased by 5.8% when compared to the same period in 2022. This increase was largely attributable to higher imports of “Raw Materials/Intermediate Goods”, “Consumer Goods” and “Capital Goods (excl. Motor Cars)”, which rose by 8.7%, 9.6% and 18.5%, respectively.
  • All sub-categories in the “Raw Materials/Intermediate Goods” category increased during the review period. Imports of ‘Industrial Supplies’ increased by 9.7% to US$410.9Mn. Imports of ‘Construction Materials’ were valued at US$200.6Mn, 7.7% above the US$186.2Mn recorded in the comparable 2022 period. This was due largely to higher imports of iron and steel as well as plastics in non-primary forms. Imports of ‘Food (incl. Beverages) Mainly for Industry’ grew by US$11.5Mn to US$83.9Mn.
  • All sub-categories increased except ‘Non-Durable Goods’, which declined by 0.3%. Spending on ‘Food (incl. Beverages) Mainly for Household Consumption’ was valued at US$373.6Mn, 11.7% above the US$334.5Mn spent in the corresponding 2022 period. Imports of ‘Semi-Durable Goods’ were valued at US$59.2Mn, an increase of 22.7% when compared to the US$48.3Mn spent in 2022. Expenditure on ‘Durable Goods’ increased to US$54.9Mn, due primarily to higher imports of furniture and miscellaneous manufactured articles.
  • Within the category “Capital goods (excl. Motor Cars)”, imports of ‘Capital Goods (except Transport Equipment)’ increased by 21.9% to US$187.0Mn, compared to US$153.4Mn from January to April 2022. Additionally, Expenditure on ‘Industrial Transport Equipment’ amounted to US$43.4Mn, 5.8% above the US$41.0Mn spent in the comparable 2022 period.
  • Domestic exports increased to US$513.0Mn for January to April 2023. Higher earnings from the Mining and Quarrying industries due to the resumption of operations at the Jamaica refinery, as well as the Agriculture industries, were primarily responsible for this increase. Domestic exports accounted for 75.5% of total exports.
  • The five main import partners for the period January to April 2023 were the United States of America (USA), China, Brazil, Japan and Trinidad and Tobago. Expenditure on imports from these countries increased by 8.4% when compared to the corresponding 2022 period. This increase was due largely to higher imports of fuel from the USA. The top five destinations for Jamaica’s exports were the USA, Puerto Rico, Latvia, the Russian Federation and the United Kingdom. Exports to these countries increased by 32.4% to US$502.6Mn.
  • The performance of this period brings Jamaica's trade deficit for the period to US$1,761.2Mn, a 1.7% improvement when compared to the same period of the previous year. This indicates the nation's resilience and adaptability in its trade dynamics amidst global economic shifts.

(Sources: STATIN)