However, exports outpaces imports

Total spending on imports and earnings from exports increased during January-July 2021 relative to the similar period in 2020, as released by the Statistical Institute of Jamaica (STATIN).

STATIN’s just-released International Merchandise Trade Bulletin, which outlines additional information on Jamaica’s international trade activities, shows that imports for the period amounted to US$3.23 billion, an increase of 19.7 per cent when compared to US$2.70 billion in 2020. This upward movement was mainly attributable to higher imports of ‘Fuels and Lubricants’ which went up by 65.4 per cent and ‘Raw Materials/ Intermediate Goods’ which increased by 18.8 per cent.

The latest bulletin for July shows total exports for the period valuing US$908.9 million, 24.2 per cent above the US$731.9 million earned in the similar 2020 period. This was largely due to an increase in the value of exports from ‘Mineral Fuels’ which increased by 94.1 per cent.

MAIN TRADING PARTNERS

The top five import partners for the period were the United States, Brazil, China, Japan and Colombia. These countries accounted for 64.6 per cent of imports.

Jamaica’s total expenditure on imports from these countries increased by 25.1 per cent, compared to US$1,672.3 million recorded for 2020. This was mainly due to increased imports of crude oil from Brazil.

The top five destinations for Jamaica’s exports were the USA, The Netherlands, Canada, the United Kingdom and Puerto Rico. Exports to these countries increased by 31.2 per cent to US$664.6 million when compared to the same period in 2020.

This was due mainly to increased exports of Bunker C fuel oil to the USA.

KEY TRADING BLOCS

Imports from the United States-Mexico-Canada Agreement (USMCA) – formerly NAFTA were valued at US$1,436.3 million, an increase of 21.8 per cent. There was an 8.6 per cent increase in expenditure on goods from CARICOM to value US$160.0 million.

Imports from the European Union – (less UK), were valued at US$188.6 million, 11.1 per cent below the US$212.0 spent in the period January to July 2020. Exports to the USMCA increased to US$485.6 million, 14.4 per cent above the US$424.6 million earned for January to July 2020.

Earnings from exports to the EU (less UK) amounted to US$141.3 million, US$82.2 million more when compared to similar 2021 period. This was due to increased shipments of alumina. Exports to the CARICOM Region rose to US$57.5 million, an increase of 25.5 per cent when compared to the US$45.8 million recorded for the comparable 2020 period.