Export earnings down 8.4% in first six months of 2024 — STATIN

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KINGSTON, Jamaica — Jamaica’s total exports for the January-June period this year fell 8.4 per cent to US$944.8 million from the US$1,030.9 million earned in the similar 2023 period.

This downward movement was due primarily to a 64.8 per cent fall in the value of re-exports of mineral fuels according to the Statistical Institute of Jamaica (STATIN).

STATIN noted that earnings from re-exports declined to US$114.7 million for the January to June 2024 period. It said domestic exports during the review period increased by 9.4 per cent to US$830.1 million due to a 2.0 per cent rise in exports from the manufacturing industry.

“Earnings from domestic exports accounted for 87.9 per cent of total export,” STATIN said in its latest International Merchandise Trade Statistics Bulletin.

Meanwhile, for the first six months of 2024, Jamaica’s total spending on imports was valued at US$3,687.4 million. The value of imports over the period declined by 1.5 per cent when compared to the US$3,744.4 million spent from January to June 2023.

“This decrease was largely attributable to lower imports of raw materials/intermediate goods and fuels and lubricants which fell by 13.9 per cent and 1.6 per cent, respectively.

Jamaica’s main trading partners for the period January to June 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 6.3 per cent to US$2,195.1 million when compared to US$2,341.8 million recorded for the similar 2023 period. This decrease was due largely to a 19.0 per cent decrease in imports of mineral fuels from the USA and Trinidad and Tobago.

And the top five destinations for Jamaica’s exports were the USA, Iceland, the Russian Federation, the Netherlands and Canada. Revenues from exports to these countries rose by 23.7 per cent to US$657.0 million. This was due to higher expenditure on exports of crude materials, which increased in value by 76.3 per cent.

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Export earnings down 8.4% in first six months of 2024 — STATIN

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