Jamaica’s Trade Deficit Decreases for 2024

Jamaica’s trade deficit at the end of 2024 decreased by 3.0% to US$5.42Bn when compared to US$5.59Bn in 2023 according to data from the Statistical Institute of Jamaica (STATIN). The decline was driven by lower import spending outweighing lower exports.
For the full year of 2024, Jamaica’s spending on imports totalled US$7.28Bn, down US$0.30Bn (4.0%), while the country earned approximately US$1.86Bn from exports, down US$0.13Bn (6.7%).
This 4.0% reduction in import spending was largely due to a decline in imports of Raw Materials/Intermediate Goods and Fuels and Lubricants, which declined by 10.6% and 6.9%, respectively. On the export side, the 6.7% decline reflected a 62.9% decrease in the value of re-exports¹, which was partly offset by an 11.0% increase in domestic exports.
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 4.0% to $4.45Bn, largely due to lower spending on imports of Mineral Fuels. On the other hand, Jamaica's biggest export markets included the United States, Russia, the Netherlands, Canada, and Iceland. Export revenue from these markets rose by 20.0% to US$1.39Bn, largely due to higher exports of Crude Materials.
Given the U.S. administration’s announcement of a minimum 10% tariff on all trading partners, this policy shift could lead to a decline in total domestic export revenues for Jamaica, with the U.S. being Jamaica's top trading partner, estimated to account for over 40% of total goods exports. This would create a higher trade deficit balance, reversing the decline witnessed in 2024.

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¹Re-exports apply to any goods that are brought into the country from abroad and then resent to another country.

(Sources: STATIN & NCBCM Research)