Statin reports decline in imports and exports January to FebruaryWednesday, June 16, 2021
The Statistical Institute of Jamaica (Statin) has reported a decline in the country's total import and export activities during the January to February review period of this year.
According to the latest figures presented by the entity, total imports during the period went down by some 12.6 per cent to total US$825 million when compared to the US$944.8 last year. The figures further indicated that earnings from total exports also fell by three per cent amounting to US$229 million or some US$7 million less than that earned for the similar period in 2020.
The decline in import, Statin said, was largely attributed to “lower imports of “consumer goods” and “fuels and lubricants” which fell by 18.7 per cent and 9.4 per cent, respectively while a reduction in the value of exports of “mineral fuels” by 20.5 per cent was what primarily led to its decline.
Statin further noted that among the main trading partners from which Jamaica imported, approximately US$551.8 million worth of goods were from the United States, Brazil, China, Colombia and Japan.
“These were the top five import partners and accounted for 66.9 per cent of the imports for January to February 2021. Imports from these five countries, however, declined by 13.8 per cent when compared to US$639.8 million for January to January to February 2020. This was due largely to the reduction in imports of crude oil from Brazil,” a bulletin earlier this week stated.
“The top five destinations for Jamaica's exports were the USA, the Netherlands, Canada, Puerto Rico and the United Kingdom. Exports to these countries declined by 2.4 per cent to US$179.6 million,” it added.
In terms of the trading activities with key trade blocs, the country's total expenditure on imports and earnings from exports with these partners both declined, reflecting estimated values of US$468.2 million and US$176.2 million, respectively.
“Imports from the United States-Mexico-Canada Agreement (USMCA), formerly NFTA, were valued at US$383.2 million, the European Union (less the UK) were valued at US$46.5 million, and Caricom, US$38.5 million. Exports to the USMCA fell to US$128.1 million. Exports to the EU, however, rose to US$34.7 million due to increased shipments of alumina, while exports to Caricom rose to US$13.8 million,” Statin said.
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