Imports up 38.7 per cent Jan-Mar
INTERNATIONAL trade activities for the first three months of this year saw the country’s total imports increase by 38.7 per cent to total US$1.8 billion, while the value of exports declined to US$340.5 million.
According to the latest trade bulletin by the Statistical Institute of Jamaica (Statin), the increase in spending on imports between January to March “was due largely to higher imports of ‘fuels and lubricants’, ‘raw materials/intermediate goods’ and ‘consumer goods’ which rose by 48.2 per cent, 41.1 per cent and 42.1 per cent, respectively”. Imports during the same period last year were valued at US$1.3 billion.
The main trading partners over the period this year were the USA, China, Brazil, Trinidad and Tobago, and Colombia. Total expenditure on imports from these countries were valued at US$1.2 billion, significantly driven by higher imports of fuel from the USA and crude oil from Brazil.
Even as the country continues to push export among its strategies for growth, total export for the review period fell some 5.5 per cent below the US$360.3 million earned in the corresponding period of last year.
“Domestic exports accounted for 85.3 per cent of total exports and were valued at US$290.5 million, 5.8 per cent less than the corresponding 2021 period. This was due to the decline in the value of exports from the mining and quarrying industry, which decreased by 57.8 per cent to US$51.2 million,” Statin said.
The mining and quarrying sector, since a fire at the Jamalco alumina refinery in Clarendon last year, has had to deal with little to no production that has led to significant fallouts in revenues and other economic impacts. With restoration work now in the advanced phase at the refinery, the plant is expected to return to at least 50 per cent of its production capacity by the end of this year.
“The top five destinations for exports were the USA, Canada, Puerto Rico, the United Kingdom and Trinidad and Tobago. Exports to these countries increased by 18.3 per cent to US$282.2 million. This was attributed to higher exports of turbojet A1 fuel to the USA and alumina to Canada,” the trade bulletin also stated.
