Jamaica records significant increase in revenue from export trade
Jamaica received an estimated US$325.4 million in export earnings for the first two months of the year, representing a 54.6 per cent increase on the US$210.4 million earned for January and February last year.
The Statistical Institute of Jamaica (STATIN) said that the growth was primarily due to a 133.1 per cent increase in the export of ‘crude materials”, excluding fuels.
It said domestic exports increased by 35 per cent to US$240.6 million, compared to US$178.2 million in 2022. This out-turn was primarily spurred by higher earnings from the manufacturing and mining, and quarrying industries.
Domestic exports accounted for 74 per cent of Jamaica’s total outflows.
Re-exports in January and February 2023 were valued at US$84.7 million, up from US$32.2 million recorded in the corresponding period in 2022.
STATIN said that the top-five destinations for Jamaica’s exports were the United States, Puerto Rico, the Russian Federation, Latvia and the United Kingdom.
It said that outflows to these countries increased by 75.3 per cent to US$256.1 million.
Meanwhile, Jamaica’s expenditure for January and February 2023 increased by 12.9 per cent to US$1.19 billion.
This increase was largely attributable to higher imports of “raw materials/intermediate goods’, ‘fuels and lubricants’ and ‘consumer goods’, which rose by 3.2 per cent, 20.3 per cent and 13.3 per cent, respectively.
The five central countries accounting for Jamaica’s imports for the review period were the US, China, Japan, Colombia and Turkey.
Expenditure on inflows from these countries totalled US$773.6 million, a 16.5 per cent increase relative to the corresponding period in 2022.
STATIN said the growth was largely due to higher fuel imports from the US.
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