Jamaica’s Export Earnings Increased By 29.0% (January-August 2023) 

• For the period January to August 2023, Jamaica’s total spending on imports was valued at US$5,078.8Mn, representing a 1.4% or US$74.5Mn decrease relative to last year, while earnings from total exports were valued at US$1,411.5Mn, 29.0% above export earnings in the corresponding 2022 period.
• The decline in imports was largely attributable to lower imports of “Raw Materials/Intermediate Goods” and “Fuels and Lubricants”, which declined by 0.6% and 19.6%, respectively.
• Meanwhile, increased exports of “Crude Materials (excl. Fuels)” drove the export gains. Domestic exports increased by 24.3% to US$1,075.1Mn compared to US$864.7Mn for the 2022 period, while re-exports increased by 46.7% to value US$336.3Mn. A country’s total exports consist of both domestic and foreign goods, with the foreign goods being referred to as re-exports. Re-exports involve the exportation of foreign goods in the same state as previously imported, while domestic exports represent goods produced within the country.
• The value of imports for January to August 2023 from Jamaica’s five main trading partners, the United States of America (USA), China, Brazil, Japan, and Colombia, was US$3,114.9Mn or 61.3% of total imports. This represents a 0.8% decline compared to the US$3,139.5Mn spent for the corresponding 2022 period due largely to lower imports of fuels from the USA.
• The top five destinations for Jamaica’s exports were the USA, Puerto Rico, Latvia, and the Russian Federation. Export revenues from these countries increased by 27.4% to US$977.0Mn.

(Source: STATIN)