January 20, 2022
According to the Statistical Institute of Jamaica (STATIN), for the period January to September 2021, Jamaica’s total spending on imports and earnings from exports rose by 23.3 percent and 26.3 percent respectively, relative to the similar period in 2020.
Imports for the period amounted to US$4,250.3 million compared to US$3,448.4 million for January to September 2020. This rise was mainly attributable to higher imports of “Raw Materials/Intermediate Goods” (22.2%), “Consumer Goods” (9.5%), and “Fuels and Lubricants” (62.2%).
Earnings from total exports for the period were valued at US$1,150.2 million; 26.3 percent above the US$910.7 million earned in the similar 2020 period. The rise in exports was driven mainly by higher exports of “Mineral Fuels” which rose by 96.8 percent.
Domestic exports from the Manufacture industry rose by 32.1 percent. Earnings from the Mining and Quarrying and Agriculture industries also rose by 6.2 percent and 7.5 percent respectively.
MAIN TRADING PARTNERS
The five main import partners for the period were the United States of America (USA), China, Brazil, Japan and Nigeria; accounting for 62.4 percent of total imports. Total expenditure on imports from these countries was valued at US$2,652.4 million, a rise of 26.3 percent when compared to 2020. This was mainly due to rising imports of motor spirit from the USA and crude oil from Brazil.
The main exports markets for January to September 2021 were the USA, the Netherlands, Canada, the United Kingdom and Puerto Rico. Exports to these countries rose by 35.5 percent to US$846.4 million. This was due largely to rising exports of alumina to the Netherlands and bunker C fuel oil to the USA.
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