Export earnings up 24.6 per cent January-May — Statin
Programme to increase public spending effectivenessSunday, September 19, 2021
Export earnings for the period January to May 2021 grew by 24.6 per cent when compared to the same period last year, according to the latest data from the Statistical Institute of Jamaica (Statin).
“Total exports for the review period were valued at US$655.1 million — 24.6 per cent above the US$525.7 million earned in the similar 2020 period,” Statin said in a news bulletin this week.
The top five destinations for exports were the United States, the Netherlands, Canada, Puerto Rico, and the United Kingdom.
“Exports to these countries increased by 34.4 per cent to US$491.8 million when compared to the same period in 2020. This was due mainly to increased exports of alumina to the Netherlands,” Statin noted.
Exports to the EU (less UK) and the Caricom region also recorded increases to value US$107.0 million and US$36.5 million, respectively.
In 2020 the country's top 10 major trading partners were the United States, Canada, the Netherlands, Iceland, the Russian Federation, the United Kingdom, China, Guyana, the Cayman Islands, and Ghana. Total exports to these markets were valued at US$1.068 billion when compared to US$1.381 billion in exports to the top 10 destinations in 2019.
The island's largest trading partner, the United States, having an estimated 38 per cent of total exports, accounted for US$568.45 million in 2020. Between January to April of this year, total exports were valued at US$501.5 million, 15.8 per cent above the US$433.2 million earned in same period of the previous year.
Imports during the January to May period also increased by some 12 per cent to total US$2,249.3 million relative to the prior year's period. An upward movement which the data processing entity said was attributable to higher imports of “fuels and lubricants” (42.7 per cent) and “raw materials/intermediate goods” (13.8 per cent).
“The top five import partners for the period were the United States, Brazil, China, Japan, and Colombia. These countries accounted for 65.4 per cent of imports. Jamaica's total expenditure on imports from these countries increased by 15.4 per cent, compared to US$1,273.8 million recorded for 2020. This was mainly due to increased imports from USA,” Statin's data also indicated.