Imports & exports down to June

Jamaica continues to see gains from the fall in the price of petroleum on the world market but the country is not yet seeing the improvement in exports that is expected from the economic measures being pursued by the country. Thanks to a sharp drop in the country’s oil bill the trade deficit drop sharply by 11 percent in the first six months of this year.The merchandise trade deficit for January to June 2015 stood at US$1.9 billion, a fall of 10.9 percent compared to US$2.13 billion recorded in 2014. Imports decreased by 11 percent or US$316 million to US$2.55 billion. Total exports fell 11.4 percent or US$85 million to US$655 million compared to the similar 2014 period.
Traditional domestic exports during the 2015 review period grew 3.6 percent over 2014 to US$407 million, while Non-Traditional exports earned declined by a large 29.4 percent or US$92 million to US$220 million in 2015.
The reduction in imports “was as a result of significantly lower imports of crude oil and processed fuels, primarily Bunker C grade fuel oil, gasoline, Automotive Diesel Oil, Propane and Butane”, the Statistical Institute of Jamaica said.
Excluding motor cars there was an increase in Consumer Goods of 8.7 percent or US$67 million to US$839 million during January to June 2015 compared to the same period in 2014. Expenditure on Capital Goods accounted for US$273 million of imports, up from US$256 million in 2014.