Jamaica’s import bill continues to outpace exports

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December 1, 2024

Jamaica’s import bill continues to significantly outpace its export bill as seen by the latest Consumer Price Bulletin (CPI) released on Friday by the Statistical Institute of Jamaica (STATIN).

For the period January to July 2024, Jamaica’s total spending on imports was valued at US$4,352.0 million, while earnings from total exports were valued at US$1,090.6 million.

The value of imports was 2.0 per cent below the US$4,440.2 million spent for the January to July 2023 period. STATIN said the decline was largely attributable to lower imports of Fuels and Lubricant and Raw Materials/Intermediate Goods, which fell by 4.2 per cent, and 12.1 per cent, respectively.

Earnings from total exports declined by 9.8 per cent over the January to July 2024 review period moving to US$1,090.6 million from US$1,208.6 million earned in the similar 2023 period. This was due primarily to a 67.4 per cent fall in the value of re-exports of “Mineral Fuels”. Domestic exports, however, increased by 5.8 per cent to US$ 961.9 million, while earnings from re-exports declined to US$128.7 million for the January to July 2024 period.

Jamaica’s five main trading import partners for the period January to July 2024 were the United States of America (USA), China, Brazil, Japan and Trinidad and Tobago. Expenditure on imports of goods from these countries fell by 3.3 per cent to US$2,643.0 million when compared to US$2,734.2 million recorded for the period in 2023. This decrease was largely due to a 7.3 per cent decrease in imports of “Mineral Fuels”.

The top five destinations for Jamaica’s exports were the USA, Iceland, the Russia Federation, Netherlands and Canada. Export revenues from these countries rose by 17.8 per cent to US$765.1 million due to higher earnings on exports of “Crude Materials”. Exports of “Crude Material” increased in value by 67.2 per cent.

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Jamaica’s import bill continues to outpace exports

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