Jamaica’s total spending on imports for January 2024 increased by 16.4% to US$689.5 million, while earnings from total exports were valued at US$157.1 million.

This is stated in the latest International Merchandise Trade Bulletin released on June 7 by the Statistical Institute of Jamaica (STATIN).

By comparison, the country spent US$592.3 million on imports in January 2023. STATIN said this increase was largely attributable to rises in imports of “Fuels and Lubricants,” “Capital Goods (excluding Motor Cars),” “Transport Equipment,” and “Consumer Goods,” which rose by 53.7%, 30.6%, 30.4%, and 0.8%, respectively.

Meanwhile, the total exports for the first month of 2024 were 15.2% below the US$185.2 million earned in the same period in 2023. This decline was primarily due to a 23.0% decrease in the value of exports of “Mineral Fuels.”

Domestic exports for January 2024 fell by 11.1% to US$124.7 million compared to US$140.3 million in January 2023. There was also a decline in re-exports, which fell by 28.0% to US$32.3 million.

Jamaica’s five main trading partners during the period were the United States of America (USA), Brazil, China, Colombia, and Japan. Expenditure on imports of goods from these countries accounted for 64.7% of total imports and was valued at US$445.9 million. This was 16.0% above the US$384.4 million spent in January 2023. This increase was largely due to higher imports of mineral fuels from Brazil, STATIN said.

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 to these countries decreased by 22.6% to US$113.4 million as a result of lower exports of alumina.