November 25, 2021
Based on the latest International Merchandise Trade (IMT) bulletin issued by the Statistical Institute of Jamaica (STATIN) Jamaica’s exports grew faster than imports during January-July 2021.
The IMT showed that spending on imports and earnings from exports increased during January-July 2021 relative to the similar period in 2020. Imports for the period amounted to US$3.23 billion, an increase of 19.7% when compared to US$2.70 billion in 2020.
This uptick was mainly attributable to higher imports of “Fuels and Lubricants” which climbed by 65.4% and “Raw Materials/Intermediate Goods” which rose by 18.8%. Total exports for the review period were valued at US$908.9 million, 24.2% more than the US$731.9 million earned in the similar period in 2020.
This was largely due to an increase in the value of exports from “Mineral Fuels” which increased by 94.1%. The top five import partners for the period were the United States of America (USA), Brazil, China, Japan and Colombia. These countries accounted for 64.6% of imports. Jamaica’s total expenditure on imports from these countries increased by 25.1%, compared to US$1.67 billion recorded for 2020. This was mainly due to increased imports of crude oil from Brazil.
The top five destinations for Jamaica’s exports were the USA, the Netherlands, Canada, the United Kingdom and Puerto Rico. Exports to these countries increased by 31.2% to US$664.6 million when compared to the same period in 2020.
This was due mainly to increased exports of Bunker C fuel oil to the USA. Key trading blocs Imports from the United States-Mexico-Canada Agreement (USMCA) – formerly NAFTA – were valued at US$1.43 billion, an increase of 21.8%. There was an 8.6% increase in expenditure on goods from Caricom to value US$160.0 million.
Imports from the European Union (less UK) during the review period were valued at US$188.6 million, a decline of 11.1% from the US$212.0 spent in the period January to July 2020. Exports to the USMCA increased to US$485.6 million, 14.4% above the US$424.6 million earned for January to July 2020.
Earnings from exports to the EU (less UK) amounted to US$141.3 million, US$82.2 million more when compared to similar 2021 period. This was due to increased shipments of alumina.
Exports to the Caricom region rose to US$57.5 million, an increase of 25.5% when compared to the US$45.8 million recorded for the comparable 2020 period.
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