Jamaica’s spending on imports increased by 8.7 per cent to US$1.3 billion during the January- February 2024 period, while earnings from exports rose 3.3 per cent to US$335.1 million.

This was revealed by the Statistical Institute of Jamaica (STATIN), in its latest International Trade Merchandise Bulletin released on Friday.

STATIN said the increase in the value of imports for the period was primarily due to higher imports of “Fuels and Lubricants” (29.6%) and “Consumer Goods” (3.7%). Imports of “Fuels and Lubricants” were valued at US$402.9 million compared to US$310.9 million during the similar period in 2023. Imports of “Consumer Goods” amounted to US$315.4 million compared to US$304.0 million in the similar 2023 period.

The increase in total exports was due primarily to a 35.6 per cent increase in the value of “Crude Materials (excl Fuels)”. Exports of Crude Mineral (excl. fuels) was valued at US$97.2 million in January to February 2024 compared to US$71.6 million in the 2023 period.

During the review period, domestic exports increased to US$280.6 million compared to US$239.8 million for the 2023 period, while re-exports declined to US$54.5 million from US$84.7 million in 2023.

For the period, Jamaica imported mainly from the United States of America (USA), China, Brazil, Colombia and Nigeria. Expenditure on imports of goods from these countries amounted to US$780.9 million, 9.5 per cent above the US$713.2 million recorded in the corresponding 2023 period. This increase was due largely to higher imports of “Mineral Fuels”.

Jamaica’s top five export destinations were the USA, Iceland, the Russian Federation, Puerto Rico, and the Netherlands. Revenue from exports to these countries increased by 0.6 per cent to US$234.1 million.