Jamaica's import spend declines, export also down for January to April 2020Sunday, August 02, 2020
Jamaica's imports for January to April 2020 were valued at US$1,680.6 million, a 23.1 per cent decline when compared to the US$2,186.7 million spent for the same period in 2019.
The figures regarding the decline in imports, among others, were released earlier this week by the Statistical Institute of Jamaica (STATIN), thorough its International Merchandise Trade (IMT) Bulletin.
Revenue from exports amounted to US$425.1 million for the current review period, 24.1 per cent lower than the US$560.3 million earned in the similar period in 2019.
Expenditure on imports from the United States of America (USA) - Jamaica's main trading partner was valued at US$637.7 million. This is 40.2 per cent below the US$1,067.1 million recorded for the period January to April 2019.
Earnings from total exports to the USA amounted to US$215.8 million, an increase of 6.7 per cent when compared to the US$202.3 million earned in 2019.
TRADITIONAL DOMESTIC EXPORTS DECREASED 44.7 per cent
Earnings from traditional domestic exports for January to April 2020 were valued at US$187.2 million, a decrease of 44.7 per cent when compared to US$338.6 million exported in 2019.
Traditional domestic exports accounted for 45.4 per cent of total domestic export earnings.
NON–TRADITIONAL DOMESTIC EXPORTS DECREASED 12.0 per cent
Non–traditional domestic exports earned US$224.8 million, an increase of 12.0 per cent. The categories responsible for this increase were beverages & tobacco (excluding rum), other non-traditional domestic exports and food.
Jamaica's imports from Caricom were valued at US$89.3 million, 17.1 per cent below the US$107.7 million spent in January to April 2019.
Mineral fuels, etcetera and chemicals were the main commodity groups responsible for this decrease.
Total exports to Caricom were valued at US$25.9 million, 2.6 per cent below the US$26.6 million earned in the similar January to April 2019 period.
Domestic exports earned US$21.9 million, a decline of 1.5 per cent, when compared to the US$22.2 million earned in the similar period last year. Exports of food were valued at US$9.8 million, a fall of 9.3 per cent when compared to the US$10.8 million earned for January to April 2019.
“Beverages & tobacco” earned US$5.3 million, down from the US$6.1 million earned in 2019. Re-exports for January to April 2020 were valued at US$4.0 million.