April 28, 2022
Jamaica earned just over US$1.4 billion from exports in 2021. Data from the Statistical Institute of Jamaica (STATIN) show that this was 15.2 percent higher than the 2020 outturn.
Director-General of STATIN Carol Coy, said the increase was largely spurred by higher exports of mineral fuels, up 75.5 percent.
She was speaking during STATIN’s digital quarterly media briefing on Thursday (April 21).
Ms. Coy informed that domestic export earnings climbed by 10 percent last year to US$1.28 billion.
This, she pointed out, was due to a rise in manufacturing and agriculture industry exports, which increased by 30.8 percent and 8.1 percent, respectively.
Ms. Coy noted that increased exports for manufacturing largely resulted from hikes in the outflows of ‘Other Manufactured Products’, up 49 percent, and ‘Food, Beverages and Tobacco’, up 14.5 percent.
“Over the past three years, the manufacturing industry’s share to total domestic exports moved from 30.8 percent in 2018 to 56.3 percent in 2021,” she told journalists.
The Director-General said increased exports of yams, fruits and beverages and coffee, were the main contributors to the rise in the agricultural industry’s outturn.
“Exports of yam were 4.4 percent above the US$35 million in 2020 while earnings from other fruits and beverage and coffee rose by 34.3 percent and 8.9 percent respectively,” she indicated.
Ms. Coy advised, however, that earnings from mining and quarrying totalled US$465.2 million, representing a 10.6 percent decline when compared to 2020, while adding that alumina and bauxite exports fell in 2021.
She said despite increased export earnings in 2021, revenue was 12.9 percent below the pre-COVID-19 pandemic level in 2019.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.