Export revenues decline for JanuarySunday, May 03, 2020
The Statistical Institute of Jamaica (STATIN) reported that for the month of January, revenues from exports amounted to US$102.7 million or 27.8 per cent lower than the US$142.3 million earned in the similar period last year.
According to the International Merchandise Trade (IMT) bulletin released last Thursday by the data processing entity, the country's imports for the period valued at US$514.4 million also decreased by 14.7 per cent when compared to US$603.1 million spent in the same period of the previous year.
“Expenditure on imports from the United States of America (USA), Jamaica's main trading partner, was valued at US$172.1 million. This is 33.0 per cent below the US$256.7 million recorded in the period January 2019. Earnings from total exports to the USA amounted to US$57.0 million, an increase of 7.7 per cent when compared to the US$52.9 million earned during January 2019,” the bulletin said.
For imports, the major commodities that accounted for the decline were “machinery and transport equip”, “mineral fuels etcetera” and “chemicals”.
Machinery and transport equip which were valued at US$118.1 million recorded a decrease of 32.1 per cent; mineral fuels, etcetera a decrease of 9.6 per cent at a value of US$140.1 million; and chemicals dropped by 19.7 per cent below the US$58.8 million spent in 2019.
Meanwhile, for exports there was a 59.2 per cent decrease in traditional domestic exports compared to the US$88.1 million exported last year. Traditional domestic exports accounted for 36.2 per cent of total domestic exports. There was, however a 24.7 per cent increase in non–traditional domestic exports.
Jamaica's imports from Caricom were valued at US$22.7 million at the end of the January – 43.7 per cent below the US$40.3 million recorded in the comparable period.
“The major commodity group that contributed to this decline were imports of 'mineral fuels, etcetera' and 'chemicals'.”
“Total exports to Caricom were valued at US$5.3 million, 3.7 per cent above the US$5.5 million earned in the similar January 2019 period. Re-exports for January decreased to value US$0.6 million, moving down by 22.5 per cent from the US$0.8 million recorded in similar period,” the release further stated.
Domestic exports for the period earned US$4.7 million, a decrease of 0.6 per cent when compared to the US$4.8 million earned in 2019.
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