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.