KINGSTON, Jamaica – The Statistical Institute of Jamaica (STATIN) is reporting a sharp 10.8 per cent decline in export earnings for the January – September 2024 period.

Earnings during the period stood at US$1,360.5 million compared to the US$1,524.5 million earned in the similar 2023 period. STATIN said the fall-off in earnings was due primarily to a 57.8 per cent reduction in the value of re-exports which was valued at US$150.9 million during the review period. Domestic exports for January to September 2024 was valued at US$ 1,209.6 million, an increase of 3.7 per cent when compared to the same period in 2023.

Meanwhile, Jamaica’s total spend on imports in the nine-month period in 2024 was valued at US$5,520.6 million, a decline of 4.2 per cent when compared to the US$5,764.1 million that was spent in the comparable 2023 period.

STATIN said the decrease was attributable to lower imports of raw materials/intermediate goods and fuels and lubricant, which fell by 12.4 per cent, and 6.3 per cent, respectively.

In the meantime, Jamaica’s five main import trading partners for the period January to September 2024 were the United States of America (USA), China, Brazil, Japan and Colombia.

Expenditure on imports of goods from these countries fell by 5.4 per cent to US$3,353.3 million when compared to US$3,543.6 million recorded for the same period in 2023. This decrease was due largely to an 8.9 per cent fall-off in imports of mineral fuels.

The top five destinations for Jamaica’s exports were the USA, the Russian Federation, Iceland, the Netherlands and Canada. Export revenues from these countries rose by 15.4 per cent to US$967.1 million due to higher exports of crude materials. Exports of crude material increased in value by 67.6 per cent.