The Statistical Institute of Jamaica (STATIN) is reporting that Jamaica’s export earnings rose 22 per cent from January to September 2023 to US$1,552.6 million, up from US$1,272.5 million during the corresponding period in 2022.
“The growth in total exports was driven mainly by higher exports of “Crude Materials (excl. Fuels)” which was valued at US$470.1 million; up from US$188.2 million in 2022.
“There was an increase in domestic exports of 22.5 per cent to US$1,195.0 million compared to US$975.8 million for January-September 2022. Re-exports also increased to value US$357.6 million, an increase of 20.5 per cent relative to the comparable 2022 period,” STATIN said in a statement.
The Institute said Jamaica’s main trading partners for the reporting period were the United States of America (USA), China, Brazil, Japan and Colombia. Expenditure on imports from these countries amounted to US$3,714.8 million, an increase of 5.1 per cent. This increase was due largely to higher imports of mineral fuels from the USA.
The top destinations for Jamaica’s exports were the US, Puerto Rico, Latvia, the Russian Federation and Iceland. Export revenues from these countries increased by 23.0 per cent to US$1,065.8 million due to higher exports of alumina.
Meanwhile, imports for January to September 2023 increased by 2.4 per cent.
For the period, the value of imports was US$5,935.3 million compared to the US$5,793.4 million spent in the similar 2022 period.
“This increase was largely attributable to higher imports of “Raw Materials/Intermediate Goods”, “Consumer Goods”, “Capital Goods (excl. Motor Cars)” and “Transport Equipment”, which rose by 7 per cent, 7.3 per cent and 32.2 per cent, respectively,” STATIN said.