By Douglas McIntosh
KINGSTON, Jamaica, (JIS) – Jamaica generated US$325.4 million in export earnings for the first two months of the year. The sum represents a 54.6 percent increase on the US$210.4 million earned for January and February 2022.
The Statistical Institute of Jamaica (STATIN), in a statement on Monday (June 26), indicated that the growth was primarily due to a 133.1 percent increase in the export of ‘Crude Materials’ (excluding Fuels).
Domestic exports increased by 35 percent to US$240.6 million, compared to US$178.2 million in 2022, the Institute said.
This out-turn was primarily spurred by higher earnings from the Manufacture and Mining and Quarrying industries. Domestic exports accounted for 74 percent of Jamaica’s total outflows.
Re-exports in January and February 2023 were valued US$84.7 million, up from US$32.2 million recorded in the corresponding period in 2022.
The top-five destinations for Jamaica’s exports were the United States of America (USA), Puerto Rico, the Russian Federation, Latvia and the United Kingdom.
STATIN indicated that outflows to these countries increased by 75.3 percent to US$256.1 million.
Meanwhile, Jamaica’s expenditure for January and February 2023 increased by 12.9 percent 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 percent, 20.3 percent and 13.3 percent respectively.
The five main countries accounting for Jamaica’s imports for the review period were the USA, China, Japan, Colombia and Turkey.
Expenditure on inflows from these countries totalled US$773.6 million, a 16.5 percent increase relative to the corresponding period in 2022.
STATIN said the growth was largely due to higher fuel imports from the USA.