Jamaica’s Trade Deficit Increase in April

Jamaica’s trade deficit rose from US$1.76Bn in the January to April 2023 period to US$1.80Bn during the same period in 2024. The outturn reflects a fall in exports coupled with a slight increase in imports.
From January to April 2024, Jamaica's import expenditure reached US$2.45Bn, a 0.5% increase over the same period in 2023. The rise was mainly attributed to a surge in the imports of "Fuels and Lubricants" and "Consumer Goods".
“Fuels and Lubricants” expenditure totalled US$662.9Mn, 4.2% above the US$636.40Mn spent in a similar period in 2023. Under this category, the main drivers were increases in the imports of ‘‘Other Fuels and Lubricants’ (+4.6%), and ‘Motor Spirits’ (+21.8%).
Imports of “Consumer Goods” totalled $643.0Mn, 5.5% above the US$609.50Mn recorded in the similar 2023 period, reflecting increases in all sub-categories.
Revenue from exports amounted to US$647.2Mn for the period, a 4.1% fall from the US$674.6Mn earned in January to April 2023. This was primarily due to a 52.0% decline in the re-export of “Mineral Fuels”.
From January to April 2024, Jamaica's primary import sources were the USA (38.6%), China (8.8), Brazil (4.4%), Japan (4.2%), and Trinidad and Tobago (3.1%). Import spending on goods from these nations dropped by 6.3% to US$1.45Mn, mainly due to a significant reduction in "Mineral Fuels" from the USA.
On the export side, the USA (41.7%), Iceland (10.2%), Russia (7.6%), Puerto Rico (5.5%), and Canada (4.8%) were the top five destinations. Export earnings to these countries rose by 2.6% to US$452.60Mn, chiefly because of an increase in alumina exports to Iceland.

(Source: STATIN)