Jamaica's imports and exports decline from January – August 2020Sunday, November 29, 2020
There was a decline in Jamaica's imports and exports for January to August 2020 when compared to the similar period in 2019 as released today by the Statistical Institute of Jamaica (STATIN).
Expenditure on imports for January to August 2020 amounted to US$3,024.0 million, a decline of 30.5 per cent when compared to the same period in 2019.
This decline was largely attributable to lower imports of 'Other Fuel and Lubricants' and 'Industrial Supplies', which fell by 67.7 per cent and 22.4 per cent, respectively.
Total exports were valued at US$817.4 million. Relative to the corresponding January to August 2019 period, earnings from total exports declined by 28.0 per cent.
The decline in domestic exports was mainly influenced by a reduction of 50.8 per cent in the exports of alumina, which fell by 50.8 per cent or US$287.1 million.
During the review period, Jamaica imported US$1,877.6 million worth of goods from the USA, China, Brazil, Japan, and Trinidad and Tobago. This accounted for 62.1 per cent of the imports between January and August 2020.
Imports from these five countries declined during the period, due largely to the reduction in imports from the USA. Expenditure on imports from the USA was 42.6 per cent below what was recorded for the period January to August 2019. The top five destinations for Jamaica's exports were the USA, Canada, Netherlands, Russia and Iceland.
Exports to these countries declined by 78.3 per cent to US$640.0 million, largely due to the decline in the exports of alumina.
Regional trade also fell during the review period, with imports falling to US$165.6 million and exports to US$52.7 million. Trade with the Caricom region accounted for 5.5 per cent of imports and 6.4 per cent of exports during the review period.
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