Jamaica’s Trade Deficit Increase for the First 9 Months in 2024

• For the period January to September 2024, Jamaica’s spending on imports totalled US$5.52Bn, while the country earned approximately US$1.36Bn from exports, according to new data from the Statistical Institute of Jamaica (STATIN).
• This was a 4.2% reduction in import spending compared to the same period in 2023 when Jamaica spent US$5.76B and reflects a decline in imports of Raw Materials/Intermediate Goods and Fuels and Lubricants, which fell by 12.4%, and 6.3%, respectively.
• On the export side, Jamaica's earnings fell by 10.8% from last year, moving from US$1.52Bn to US$1.36Bn, due to a sharp drop in re-export of Mineral Fuels, which fell by 57.8%. Notwithstanding, domestic exports (goods made in Jamaica) totaled US$1.21Bn (+3.7% year on year) while earnings from re-exports declined to US$150.9Mn.
• The top five import markets during the period were the United States, China, Brazil, Japan, and Colombia. However, import spending from these countries fell by about 5.4% to $3.35Bn, primarily due to an 8.9% decrease in fuel (mineral) imports.
• On the other hand, Jamaica's biggest export markets included the United States, Russia, Iceland, the Netherlands, and Canada. Export revenue from these markets rose by 15.4% to US$967.1Mn, largely because of a significant increase in the value of crude materials being sold abroad, which went up by 67.6%.
• The net effect of a larger export side decline over the period was a deficit of roughly US$4.16Bn in the Merchandise Trade Balance segment of Jamaica’s current account (CA).

(Source: STATIN)