KINGSTON, Jamaica – The Statistical Institute of Jamaica (STATIN) has reported a significant 10.8% decline in export earnings for the January to September 2024 period.
Earnings for the period totaled US$1,360.5 million, down from US$1,524.5 million during the same period in 2023. STATIN attributed the decrease primarily to a 57.8% drop in re-export values, which stood at US$150.9 million. However, domestic exports for the January to September 2024 period saw an increase of 3.7%, reaching US$1,209.6 million compared to the previous year
Jamaica’s total import expenditure for the January to September 2024 period amounted to US$5,520.6 million, reflecting a 4.2% decrease compared to the US$5,764.1 million spent during the same period in 2023. STATIN attributed the decline to lower imports of raw materials and intermediate goods, which fell by 12.4%, as well as a 6.3% drop in the import of fuels and lubricants. During this period, Jamaica’s top five import trading partners were the United States, China, Brazil, Japan, and Colombia
Expenditure on imports of goods from Jamaica’s top trading partners dropped by 5.4%, totaling US$3,353.3 million compared to US$3,543.6 million during the same period in 2023. This decline was mainly driven by an 8.9% decrease in imports of mineral fuels.
Meanwhile, Jamaica’s top five export destinations— the USA, the Russian Federation, Iceland, the Netherlands, and Canada—saw a 15.4% increase in export revenues, reaching US$967.1 million. This growth was largely due to a 67.6% rise in the value of crude materials exports
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