Jamaica’s Trade Deficit Increases for First Five Months of 2025

• Jamaica’s trade deficit widened by 7.5% to US$2.39Bn between January and May 2025, when compared to US$2.22Bn over the corresponding period in 2024, according to data from the Statistical Institute of Jamaica (STATIN). The increase reflects both higher import spending and a reduction in the value of exports.
• Between January and May 2025, Jamaica’s spending on imports totalled US$3.16Bn, up US$109.2Mn (3.6%), while the country earned approximately US$773Mn from exports, down US$57.7Mn (6.9%).
• Increased imports of Raw Material/Intermediate Goods, Consumer Goods, and Fuels & Lubricants, which rose by 7.3%, 7.1% and 8.3%, respectively, accounted for the higher import spend. The 6.9% decline in exports was due to a 26.8% fall in the value of Mineral Fuels.
• The top five import markets during the period were the United States of America (U.S.), China, Brazil, Nigeria and Japan. Expenditure on imports of goods from these countries increased by 9.8% to US$1.96Bn, largely due to a rise in the value of imports of Mineral Fuels and Chemicals. On the other hand, Jamaica's biggest export markets included the U.S., the Russian Federation, Iceland, Canada and the Netherlands. Export revenues from these countries decreased by 0.7% to US$558.5Mn, primarily due to a reduction in the value of exports of Mineral Fuels.
• With Jamaica’s exports down 6.9% the 10.0% tariff imposed by the U.S., which accounts for more than 40% of exports, could pose headwinds to its total domestic export revenues going forward. This would create a higher trade deficit balance, reversing the 3.0% trade deficit narrowing in 2024.

(Sources: STATIN & NCBCM Research)