Imports and exports decline for the first five months

IMPORT and export values ​​declined during the first five months of this year due to lower trade in some key commodities.

Trade data released by the Statistical Institute of Jamaica (Statin) for the period January to May showed that total imports from the country were valued at $3.05 billion, down 2.4% from the $3.13 billion recorded during the same period in 2023, mainly due to lower imports of raw materials/semi-finished products and fuels and lubricants, which decreased by 13.5%, respectively. and 8.2 percent

In turn, export revenues, which decreased by 5.4 percent, amounted to USD 823.9 million, which was mainly due to a decline of 57.7 percent. value of re-exports of mineral fuels. The value of domestic exports increased by 10.7%, after an increase in exports of the processing industry by 2.3%, which was accompanied by an increase in exports of the mining and quarries industry by 26.8%.

“Earnings from domestic exports accounted for 86.8 percent of total exports,” Statin said.

In a breakdown of the latest data on international trade in goods, noticeable declines in subcategories of the main divisions were responsible for declines in imports over a five-month period due to restrictions on purchases of certain goods.

In the raw materials/semi-finished products division, which declined by more than 13 percent to a total of USD 856.6 million, declines in the value of deliveries to industry and construction and reduced spending on food products contributed to the deterioration observed across imports.

The value of industrial supplies decreased by 15.8%. to USD 441.1 million, mainly as a result of lower imports of animal feed (excluding unmilled cereals) and machinery, apparatus and electrical equipment. Similarly, there was a decline in imports of construction materials, which was by 20.3%. smaller than a year ago, was largely due to limited imports of iron and steel for construction and products made of non-metallic minerals.

“Spending on food (including beverages), mainly for industry, fell by 18.4 percent to $78.8 million, primarily due to lower imports of grains and processed grains and organic chemicals,” Statin data revealed.

However, the downturn in the core business was slowed down by an increase in spending on capital goods parts and accessories (excluding transportation equipment), which increased by 18.3% to a total of $128.9 million.

In the “fuels and lubricants” section, which recorded a decrease of 8.2 percent, reduced imports of other fuels and lubricants decreased by 9.6 percent; motor gasoline fell by 3 percent and crude oil fell by 10.1 percent – all compared to the comparable period. This resulted in further declines in this category.

However, “total spending on consumer goods, capital goods (excluding cars)” and “transportation equipment” increased and were valued at $808.7 million, $354.7 million and $255.4 million, respectively,” the bulletin further noted commercial.

Although the United States, China, Japan, Brazil and Trinidad and Tobago were among the most important import partners during this period, total imports from these countries, valued at USD 1,793.2 million, also reflected a decline of 10.4% as a result of the decline in import of mineral fuels from the USA and Brazil.