Jamaica’s earnings from exports fell 10.8 per cent in Jan-Sept 2024- STATIN

KINGSTON, Jamaica – The Statistical Institute of Jamaica (STATIN) is reporting a pointy 10.8 per cent decline in export earnings for the January – September 2024 interval.

Earnings in the course of the interval stood at US$1,360.5 million in comparison with the US$1,524.5 million earned in the same 2023 interval. STATIN mentioned the fall-off in earnings was due primarily to a 57.8 per cent discount within the worth of re-exports which was valued at US$150.9 million in the course of the evaluate interval. Home exports for January to September 2024 was valued at US$ 1,209.6 million, a rise of three.7 per cent when in comparison with the identical interval in 2023.

In the meantime, Jamaica’s whole spend on imports within the nine-month interval in 2024 was valued at US$5,520.6 million, a decline of 4.2 per cent when in comparison with the US$5,764.1 million that was spent within the comparable 2023 interval.

STATIN mentioned the lower was attributable to decrease imports of uncooked supplies/intermediate items and fuels and lubricant, which fell by 12.4 per cent, and 6.3 per cent, respectively.

Within the meantime, Jamaica’s 5 foremost import buying and selling companions for the interval January to September 2024 have been america of America (USA), China, Brazil, Japan and Colombia.

Expenditure on imports of products from these international locations fell by 5.4 per cent to US$3,353.3 million when in comparison with US$3,543.6 million recorded for a similar interval in 2023. This lower was due largely to an 8.9 per cent fall-off in imports of mineral fuels.

The highest 5 locations for Jamaica’s exports have been the USA, the Russian Federation, Iceland, the Netherlands and Canada. Export revenues from these international locations rose by 15.4 per cent to US$967.1 million as a consequence of larger exports of crude supplies. Exports of crude materials elevated in worth by 67.6 per cent.