Jamaica’s export earnings grew by a significant 12.1 per cent during the January-November period in 2023, according to the latest International Merchandise Trade Bulletin released on Friday by the Statistical Institute of Jamaica (STATIN).

According to the bulletin, Jamaica earned US$1.9 billion from exports during the period, a sum that was 12.1 per cent above the US$1.7 billion that was earned during the similar period in 2022.

STATIN is also reporting that the country spent US$7 billion on imports for January to November 2023; this was 1.6 per cent less than the comparable 11-month period in 2022 when the value of imports totalled US$7.1 billion.

The Institute shared that the increase in export earnings was due primarily to an 86.5 per cent increase in the exports of “Crude Materials (excl. Fuels)”.

It said domestic exports increased during the period by 12 per cent to US$1.4 billion when compared to US$1.3 billion for the 2022 period, while re-exports increased by 12.4 per cent to value US$457.1 million.

STATIN said the lower spend on imports was largely attributable to lower imports of “Raw Materials/Intermediate Goods” and “Fuels and Lubricants”, which declined by five per cent and 13.9 per cent, respectively.

Meanwhile, STATIN said Jamaica’s main trading partners for January to November 2023 were the United States of America (USA), China, Brazil, Japan and Colombia.

Expenditure on imports from these countries accounted for 61.3 per cent of total imports and was valued at US$4.3 billion. This was 1.3 per cent less than the US$4.3 billion spent in the 2022 period. The fall was due largely to lower imports of “Mineral Fuels”.

The top five destinations for Jamaica’s exports were the USA, Puerto Rico, Latvia, the Russian Federation and Iceland. Revenues from exports to these countries increased by 10.9 per cent to US$1.3 billion.