Big gains in Jamaica’s trade balance

Jamaica’s imported US$405 million less goods last year than it did in 2015 and exported US$60 million less for the same period leading to the trade deficit for 2016 falling by US$345 million to end at US$3.56 billion, data from Statistical Institute of Jamaica reported.
The trade deficit has declined each since it hit US$4.8 billion in 2011 and is now lower than the US$3.99 billion in 2010. Exports that reached US$1.73 billion in 2012 is now at its lowest since 2010 when it ended at US$1.34 billion.
Imports were valued at US$4.75 billion, down from US$5.16 billion for 2015. Total exports for 2016 reached US$1.2 billion, a fall from US$1.25 billion for the 2015.
Imports of Mineral Fuels, fell 20.6 percent or US$242 million to US$935 million, due to lower imports of Petroleum Oils, Bunker C grade fuel oil, Automotive Diesel Oil, gasoline, Propane and Butane. Imports of Manufactured Goods fell by US$76 million to US$571 million in 2016.
Traditional Domestic Exports were valued at US$627 million, when compared to US$765.0 million recorded in 2015, an 8.1 per cent or US$138 million fall, due to declines in Mining and Quarrying and Manufacture. Non–Traditional Domestic Exports for 2016 grew US$28 million to US$464 million.