JAMAICA’S alumina exports increased by 25.9 per cent to US$447.3 million during the first nine months of 2024, helping to mitigate significant declines in other export categories.

This growth contributed to a 17 per cent rise in overall export revenue from the mining and quarrying sector, which reached US$500.7 million, according to data from the Statistical Institute of Jamaica.

Despite this positive performance in alumina exports, total domestic exports rose by only 3.7 per cent to US$1,209.6 million. Total exports, however, fell by 10.8 per cent to US$1,360.5 million due to a sharp 57.8 per cent contraction in re-exports, which were valued at US$150.9 million for the period.

The broader export landscape revealed significant weaknesses across key industries. Agricultural exports dropped by 15.6 per cent to US$58.3 million, driven by reduced shipments of staple products such as coffee, which declined by 32.1 per cent to US$13.3 million; yams, which fell by 15.1 per cent to US$26.8 million; and herbs and spices, which decreased by 20.8 per cent to US$4.2 million. Manufacturing exports also declined by 3.4 per cent to US$636.9 million, largely due to an 8 per cent reduction in refined petroleum product shipments, which totalled US$306.9 million, and weaker demand for processed foods.

On the import side, Jamaica’s total spending fell by 4.2 per cent to US$5,520.6 million, reflecting reduced imports of raw materials and intermediate goods (down 12.4 per cent) as well as fuels and lubricants (down 6.3 per cent). However, consumer goods imports edged up by 1.2 per cent to US$1,442.8 million, while spending on capital goods excluding motor cars, increased by 8.7 per cent to US$613.5 million.

Jamaica’s trade relationships with its major partners showed evolving dynamics during the review period. Imports from the United States, Jamaica’s largest trading partner, fell by 9.6 per cent to US$2,123.9 million due to reduced spending on mineral fuels and machinery and transport equipment. In contrast, imports from China rose by 12.5 per cent to US$510.8 million, reflecting stronger economic ties with the Asian economy.

Export markets presented a mixed picture as revenues from Jamaica’s top five destinations — the United States, Russian Federation, Iceland, Netherlands, and Canada — increased by 15.4 per cent to US$967.1 million due to higher shipments of crude materials, such as alumina.

Trade with regional blocs highlighted further challenges for Jamaica’s external sector strategy. Imports from Caricom countries fell by 11.9 per cent to US$305.8 million due primarily to lower spending on food and mineral fuels, while exports declined by 12.6 per cent to US$106.7 million as earnings from beverages and tobacco fell marginally and mineral fuel exports contracted sharply.