Decline in import expenditure from January to June | Business

  • Oct, Thu, 2024
  • ICTS


Jamaica’s import expenditure for the first six months of 2024, between January and June, totalled US$3.68 billion.

This represents a 1.5 per cent decline over the US$3.74-billion spend for the corresponding period in 2023.

The Statistical Institute of Jamaica (STATIN) indicated in a bulletin on Wednesday (October 30) that the decrease was largely attributable to lower imports of ‘Raw Materials/Intermediate Goods’ and ‘Fuels and Lubricants’, which fell by 13.9 and 1.6 per cent, respectively.

The five main countries from which Jamaica imported goods were the United States of America (USA), the People’s Republic of China, Brazil, Japan, and Trinidad and Tobago.

STATIN reported that expenditure on imports from these countries fell by 6.3 per cent to US$2.19 billion during the review period, relative to US$2.34 billion recorded for the same period in 2023.

The decrease largely resulted from a 19 per cent decline in ‘Mineral Fuels’ imports from the USA and Trinidad and Tobago.

Meanwhile, Jamaica’s export earnings decreased by 8.4 per cent over the review period to US$944.8 million, down from US$1.03 billion recorded between January and June 2023.

The falloff, according to STATIN, was primarily due to a 64.8 per cent decline in the value of re-exports of ‘Mineral Fuels’. Earnings from re-exports dropped to US$114.7 million between January and June 2024.

Domestic exports, however, rose by 9.4 per cent to US$830.1 million, consequent on a two-percentage point spike in outflows from the manufacturing industry. Domestic export earnings accounted for 87.9 per cent of total exports.

Jamaica’s top-five export trading partners were the USA, Iceland, the Russian Federation, Netherlands and Canada.

STATIN reported that earnings generated from exports to these countries climbed by 23.7 per cent to US$657 million.

The Institute attributed this to higher expenditure on exports of ‘Crude Materials’, which rose in value by 76.3 per cent.

– JIS News

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