Jamaica’s trade deficit worsened by three per cent to US$2.73 billion ($235 billion) over nine-months ending September 2010 due to rising oil prices and the local recession.

At the same time, the trade deficit with Caricom (Caribbean Community)was reduced by 2.6 per cent to US$472.8 million over the review period due to a reduction in imports and a slight increase in exports.

Total exports were down 0.6 per cent to US$988 million whilst total imports were up 0.8 per cent to US$3.7 billion over the review period compared with similar period in 2009.

Mineral fuel imports comprised one-third of total imports at US$1.13 billion or 7.8 per cent more year on year.

“The growth in imports during the nine-months period was largely attributed to the increased expenditure on mineral fuels and so on,” according to latest data from the Statistical Institute of Jamaica (Statin) issued in a press release yesterday. “As prices continue(d) to rise in 2010.”

Total imports and total exports are still half pre-recessionary levels which hit US$6.8 billion in imports and US$2.2 billion in exports between January to September 2008 period.

Imports of raw material/intermediate goods and consumer goods (excluding motor cars) were the major categories imported accounting for 57.5 per cent and 31.8 per cent respectively of the total imports (inclusive of single entity free zone). In the comparable period of 2009 the share of total imports was 57.3 per cent and 31.4 per cent respectively. Raw material/intermediate goods grew by 1.3 per cent to US$2.1 billion mainly due to the increase in crude oil and parts and accessories of capital goods. Passenger motor cars increased by 10.2 per cent to US$74.1 million in the 2010 review period.

Earnings from domestic exports were valued at US$926.2 million while re-exports were worth US$61.6 million.