JAMAICA’S crude oil imports collapsed 93 per cent in January, exposing an unusual divergence in the country’s trade flows as investment-linked imports continued rising despite an apparent sharp contraction in petroleum purchasing activity.

Data released by the Statistical Institute of Jamaica (Statin) showed crude oil imports plunged to just US$1.9 million in January 2026, down sharply from US$27.3 million in the corresponding period last year.

The decline was the steepest movement recorded among all major import categories and helped drive a 30.7 per cent fall in Jamaica’s overall fuels and lubricants bill, which declined to US$107.4 million for the month.

The figures emerged as Jamaica’s total import bill fell 11.5 per cent year on year to US$573.1 million, while export earnings declined 14.4 per cent to US$114.8 million. Jamaica’s visible trade deficit narrowed to US$458.4 million from US$513.5 million a year earlier.

But beneath those headline numbers the petroleum data suggests a sharp shift in crude oil purchasing patterns.

Historical data published in the bulletin showed crude oil imports at US$105.3 million in January 2024 before falling to US$27.3 million in January 2025 and then plunging again to US$1.9 million this year — the lowest January level in at least five years.

The sharp decline came even as other parts of the economy showed signs of continued investment activity.

Imports of capital goods excluding motor cars rose 16 per cent to US$71.8 million, while transport equipment imports climbed 8.5 per cent to US$57.3 million.

That divergence — productive and equipment-related imports rising while crude oil imports fell to unusually low levels — may point to changes in Jamaica’s petroleum import and refining patterns, though monthly trade flows can also be influenced by shipment timing, refinery scheduling, and inventory cycles.

Statin did not provide an explanation for the crude oil decline in the bulletin.

The report also revealed a major shift in Jamaica’s export geography.

Russia became Jamaica’s second-largest export destination during the month, with exports to the Russian Federation rising to US$30.3 million from US$18.1 million a year earlier. Russia was also among Jamaica’s top export destinations in January 2025, though the latest figures showed a sharp increase in trade flows.

At the same time, refined petroleum products remained Jamaica’s single-largest manufactured export category at US$32.1 million.

The bulletin did not provide a commodity-by-destination breakdown, meaning it was unclear which products drove the increase in exports to Russia.

Still, the combination of collapsing crude imports and elevated refined petroleum exports is likely to raise questions about how Jamaica’s petroleum trade flows are evolving amid continued geopolitical sensitivity surrounding global energy markets.

Outside of petroleum, the data showed weakness across several traditional export sectors.

Mining and quarrying exports fell 38.4 per cent to US$34.4 million, largely due to a 37.7 per cent decline in alumina exports which dropped to US$30.3 million from US$48.7 million a year earlier.

Agricultural exports also weakened sharply, with yam exports declining 68 per cent to US$1.3 million, while coffee exports fell 29.9 per cent to US$1 million.

Meanwhile, imports from the European Union rose 11.5 per cent to US$51.1 million, driven largely by machinery and transport equipment purchases.

The United States remained Jamaica’s largest trading partner, accounting for US$247 million in imports and US$51.6 million in exports during the month.