Imports, exports increase for first six months … Caricom imports down 37.5%
Jamaica’s imports for January to June 2019 were valued at US$3,281.8 million, an increase of 13.3 per cent when compared to US$2,897.4 million which was spent for the similar period in 2018 according to the International Merchandise Trade (IMT) bulletin released recently (September 25) by the Statistical Institute of Jamaica (STATIN).
The June 2019 IMT Bulletin further outlined that revenue from exports amounted to US$883.4 million for the current review period, a 2.5 per cent increase when compared to the US$861.7 million earned in the similar period in 2018.
“Expenditure on imports from the United States of America (USA), Jamaica’s main trading partner, was valued at US$1,552.9 million. This is 19.2 per cent above the US$1,303.0 million recorded in the comparable 2018 period. Earnings from total exports to the USA amounted to US$317.6 million, an increase of 7.8 per cent”, the release stated.
The major commodities that contributed to the increase in imports were Machinery and Transport Equip, Food and Mineral Fuels, etcetera, it stated.
Expenditure on imports of Machinery & Transport Equip. was valued at US$768.2 million, Food was valued at US$514.0 million and Mineral Fuels, etcetera was valued at US$903.5 million.
Traditional domestic exports also saw a 1.1 per cent increase whilst there was a 6.3 per cent increase in non-traditional domestic exports.
CARICOM TRADE
Jamaica’s imports from the Caribbean Community (Caricom) were said to be valued at US$155.6 million at the end of the January to June 2019, representing a 37.5 per cent decline. The major commodity group that contributed to this decline was imports of Mineral Fuels, etcetera. This was valued at US$32.7 million or 75.7 per cent below the US$134.4 million in January to June 2018.
Meanwhile, total exports to Caricom were valued at US$42.1 million, 9.5 per cent above the US$38.4 million earned in the similar 2018 period. Re-exports for January to June 2019 were valued at US$6.3 million.
“Domestic exports earned US$35.8 million, an increase of 11.4 per cent when compared to the US$32.2 million earned in 2018. The major commodity group responsible for the increase was Food. Exports of Food were valued at US$17.3 million, an increase of 12.2 per cent when compared to the US$15.4 million earned for the January to June 2018”, the release read.
