Jamaica recorded a trade deficit of US$3.47 billion, up 45 per cent for the seven months from January to July 2022 over a similar period of 2021, according to the latest data from the Statistical Institute of Jamaica (STATIN).
Imports to Jamaica rose 33.6 per cent year on year totalling US$4.4 billion, an increase the STATIN largely attributed to higher imports of in the categories ‘fuels and lubricants’, ‘raw materials/intermediate goods’ and ‘consumer goods’, which rose by 55.4 per cent, 29.8 per cent and 31.0 per cent respectively.
On the export side, revenues were valued at US$939.7 million, an increase of 2.3 per cent compared to US$918.3 million earned from January to July 2021.
STATIN said the increase was due primarily to a 61.8 per cent growth in the value of exports of ‘mineral fuels’, which was influenced by the growth in re-exports which increased by US$59.4 million to US$172.7 million.
But the increase in sales was not enough to buffer lower earnings from the mining and quarrying industry.
Earnings from domestic exports declined by US$38.0 million to US$918.3 million.
For the nine months, Jamaica recorded a trade deficit of US$3.47 billion, up 45 per cent over a similar period in 2021.
During the current review period, Jamaica’s top five importing partners were the US, China, Trinidad and Tobago, Brazil and Japan.
Imports from these countries rose to US$2,887.8 million, 39.6 per cent above the US$2,068.8 million recorded in a similar 2021 period. This was due chiefly to higher imports of fuels from the USA and Trinidad and Tobago.
Jamaica’s top five exporting partners for the 2022 review period were the USA, Puerto Rico, Canada, the Russian Federation and the United Kingdom. Revenues from these countries increased by 32 per cent to US$752.0 million, mainly as a result of higher exports of fuels to the US.