Export earnings down 5.4 per cent in Jan—May period says STATIN
Jamaica’s earnings from total exports declined by 5.4 per cent during the January-May period, falling from US$870.6 million to US$823.9 million, compared to the same period in 2023.
This decline was primarily due to a 57.7 per cent drop in the value of re-exports of “Mineral Fuels,” according to the Statistical Institute of Jamaica (STATIN) in its latest International Merchandise Trade Bulletin.
Despite the overall decline in export earnings during the five-month period, domestic exports rose by 10.7 per cent to US$715.1 million. This increase was attributed to a 2.3 per cent rise in exports from the manufacturing industry and a 26.8 per cent increase in exports from the mining and quarrying industry.
Earnings from domestic exports accounted for 86.8 per cent of total exports. Re-exports for the January to May 2024 period declined, generating US$108.8 million compared to US$224.8 million in 2023.
Meanwhile, Jamaica’s total spending on imports was valued at US$3,052.9 million from January to May 2024, a decline of 2.4 per cent compared to the US$3,128.8 million spent during the same period in 2023. This decrease was largely due to lower imports of “Raw Materials/Intermediate Goods” and “Fuels and Lubricants,” which fell by 13.5 per cent and 8.2 per cent, respectively.
During the period, Jamaica imported most of its goods from the United States, China, Japan, Brazil, and Trinidad and Tobago. Expenditure on imports from these countries fell by 10.4 per cent to US$1,793.2 million, down from US$2,001.2 million for the January to May 2023 period. This decrease was primarily driven by lower imports of “Mineral Fuels” from the USA and Brazil.
The top five destinations for Jamaica’s exports were the United States, Iceland, the Russian Federation, Canada, and the Netherlands. Revenues from exports to these countries rose by 26.6 per cent to US$562.2 million, largely due to higher exports of alumina to Iceland.