Jamaica’s Trade Deficit Improves By 5.8% (January-November 2023)

• For the period January to November 2023, Jamaica’s total spending on imports was valued at US$6,982.0Mn, representing a 1.6% or US$113.5Mn decrease relative to last year, while earnings from total exports were valued at US$1,862.7Mn, 12.1% above export earnings in the corresponding 2022 period.
• Lower imports of “Raw Materials/Intermediate Goods” and “Fuels and Lubricants”, which declined by 5.0% and 13.9%, respectively, were the primary drivers of the reduction in imports.
• Meanwhile, an 86.5% increase in “Crude Materials (excl. Fuels) exports drove the export gains in overall exports from the island. Domestic exports increased by 12.0% to US$1,405.6Mn compared to US$1,254.9Mn for the 2022 period, while re-exports increased by 12.4% to value US$457.1Mn.
• 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.
• Jamaica’s overall trade deficit improved by 5.8% ($314.5Mn) compared to the corresponding period of the previous year, moving from $5,433.8Mn in 2022 to $5,119.3Mn.
• The value of imports for January to November 2023 from Jamaica’s five main trading partners, the United States of America (USA), China, Brazil, Japan, and Colombia, was US$4,282.1Mn or 61.3% of total imports. This represents a 1.3% decline compared to the US$4,339.1Mn spent for the corresponding 2022 period due largely to lower imports of “Mineral Fuels”.
• The top five destinations for Jamaica’s exports were the USA, Puerto Rico, Latvia, and the Russian Federation and Iceland. Export revenues from these countries increased by 10.9% to US$1,269.3Mn.

(Sources: STATIN and NCBCM Research)