balance of trade

Import of buses for JUTC added to the Jamaica’s imports to May.

Jamaica imported 13.2 percent or US$316 million less for the year to May this year, than for the 2014 period but suffered a US$81 million fall in exports for the same period. The savings in imports amounts to $758 million in annualized savings.
The shifts in exports and imports resulted in the merchandise trade deficit falling sharply by 13.4 percent to US$1.52 billion. The deficit was US$1.76 billion in the similar 2014 period. Imports for the current 2015 period amounts to US$2.09 billion, while earnings from exports amounted to US$565 million, a fall of 12.5 percent from the previous 2014 period.
Imports for the year to May were down sharply for many of the category of goods imported. Imports of Raw Materials and Intermediate Goods amounted to US$1.124 billion, a decline of US$354 million, down 24 percent. Consumer Goods rose by 5.9 percent or US$38 million to US$684 million, Imports of Food and Beverages fell by 1 percent to US$275 million. Capital Goods excluding Motor Cars accounted for US$216 million of imports, up from US$214 million in the comparable 2014 period. ‘Other Industrial Transport Equipment’ increased by 2.4

Mining sector exports rose a bit

percent or US$7.7 million due to higher imports of buses for the transport sector and ‘Machinery and Equipment’ decreased to a value of US$113 million. Passenger Motor Cars fell by US$2.4 million or 3.5 percent to US$64 million.
Major Traditional Domestic Exports were flat at US$350 million, compared to the same period in 2014. “Mining and Quarrying” grew by 4.7 percent or US$12.9 million to US$288 million during January to May 2015. ‘Bauxite’ rose by US$5.3 million or 10 percent to US$58.3 million. Agriculture earned US$9 million, compared to US$10 million earned in the January to May 2014 period.
Non-Traditional Domestic Exports earned US$193 million, 27.7 percent or US$74 million less than the similar period in 2014. All the sub-groups registered declines.

Trade deficit improvement loses steam in June

September 30, 2014 by IC Insider.com

Jamaica’s trade deficit declined marginally during the first six months of 2014 ending at US$2.18 billion, compared to US$2.19 billion in the 2013 period, a decline of 0.3 percent, the Statistical Institute of Jamaica reported, today.
For the period up to May the trade deficit was US$125 million. Trade balance in June effectively wiped out the small positive gains to May.
For the six months period Jamaica imported goods valued at US$2.9 billion, a decrease of US$133 million or 4.4 percent compared to the same period in 2013. Total exports for the six months to June 2014, fell by US$125 million to US$729 million, down from US$854 million in the 2013 period.
The decline in imports was due mainly to a reduction in Mineral Fuels, Chemicals, Beverages & Tobacco, Animal & Vegetable Oils Fats.Imports of “Raw Materials and Intermediate Goods” decreased during the 2014 review period, and were valued at US$1.77 billion, compared to US$1.97 billion in the 2013 period, a 9.8 percent decrease.
Crude Oil imports amounted to US$413 million, moving down from US$451 million in the similar period of 2013, a decrease of 8.4 percent. Imports of Capital Goods (Excl. Motor Cars) increase from US$243 million in the 2013 period to US$264 million in the current year to June.