Jamaica’s earnings from total exports was valued at US$879.5 million for January to May 2023, while spending on imports was US$3.1 billion.
The information was released on Tuesday by the Statistical Institute of Jamaica (STATIN) which revealed that the value of total exports increased by 36.6 per cent when compared to the $644.1 million earned in the corresponding 2022 period.
Increases in the exports of “Mineral Fuels, etcetera” and “Crude Materials (excluding Fuels)” of 17.8 per cent and 151.5 per cent, respectively, were the primary contributors to the overall increase in the value of total exports, STATIN said.
Domestic exports increased during the period and were valued at US$654.7 million or 22.5 per cent above the value recorded in 2022. Additionally, re-exports increased by 104.9 per cent to value US$224.8 million, the agency stated.
It said the increase in domestic exports for the 2023 review period was due to higher exports from the Mining and Quarrying industry. Earnings from domestic exports accounted for 74.4 per cent of total exports.
In the meantime, STATIN noted that the value of imports increased by 3.8 per cent when compared to the US$3 billion spent during the corresponding period in 2022.
This increase was largely attributable to higher imports of “Raw Materials/Intermediate Goods” (9.1 per cent), “Consumer Goods” (10 per cent) “Transport Equipment” (40 per cent) and “Capital Goods (excluding Motor Cars)” (19.6 per cent).