Imports Up; Exports Down in January

• Jamaica’s total spending on imports for January 2024 was valued at US$689.5Mn, while total earnings from exports were valued at US$157.1Mn, according to the Statistical Institute of Jamaica (STATIN).
• During the period, import values rose by 16.4% to US$689.5 million, up from US$592.3 million in January 2023. This significant increase was mainly due to higher imports of "Fuels and Lubricants," "Capital Goods (excluding Motor Cars)," "Transport Equipment," and "Consumer Goods," which increased by 53.7%, 30.6%, 30.4%, and 0.8%, respectively.
• In the first month of 2024, total exports were 15.2% lower than the US$185.2 million earned in the corresponding period of 2023. This decline was mainly attributed to a 23.0% reduction in the value of "Mineral Fuels" exports.”
• Domestic exports for January 2024 fell by 11.1% to US$124.7Mn compared to US$140.3Mn for January 2023. There was also a decline in re-exports. which fell by 28.0 % to US$32.3Mn.
• Domestic exports refer to commodities that are grown, extracted, or manufactured in Jamaica, including goods of foreign origin that have been assembled or transformed locally. Conversely, re-exports refer to goods of foreign origin that have not undergone significant transformation while in Jamaica, typically moving out from customs storage or manufacturing warehouses.
• Jamaica’s top five main trading partners from largest to smallest were the United States of America (USA), Brazil, China, Colombia and Japan. Imports of goods from these countries accounted for 64.7% of total imports and valued at US$445.9Mn. This was 16.0% above the US$384.4Mn spent in January 2023. This increase was due largely to higher imports of mineral fuels from Brazil.
• The top five destinations for Jamaica’s exports were the USA, Iceland, the Russian Federation, Puerto Rico and, the United Kingdom. Revenue earned from exports t these countries decreased by 22.6% to US$113.4Mn due to lower alumina exports.
• Overall, this led to a 30.7% increase in the trade deficit, reaching US$532.4 million in January 2024 compared to January 2023.

(Source: STATIN)