Jamaica’s recorded an 8 percent improvement in its trade deficit in 2016 up to November with imports declining to US$3.2 billion compared to the US$3.48 billion 2015.
Export earnings for the similar period declined at a slower pace than imports by US$69 million to US$1.09 billion.
Total imports amounted to US$4.28 billion, 7.5 percent less than the US$4.63 billion in 2015.
Fuel, Manufactured Goods, Chemicals and Food were mainly responsible for this fall in spending for the 2016 review period.
Traditional Domestic Exports, valued at US$575 million, fell 18.7 per cent below the US$707 million recorded for January to November 2015 but Non–Traditional Domestic Exports for the 2016 period performed better than the traditional exports with growth of 2.4 percent to US$414 million.
Jamaica’s Trade balance improves
Major gains in Jamaica’s Caricom trade
Jamaica’s trade deficit with CARICOM dropped sharply or 29.7 percent to end at US$123 million at the end of the year to April 2016, for a fall of US$52 million, from US$174.5 million for the similar period in 2015.
Jamaica’s imports from CARICOM declined by 25.3 percent to US$148 million, from US$198 million for January to April 2015. Mineral Fuels fell 36.5 percent to US$72 million from US$113 million, Chemicals declined by 29.2 percent to US$8 million and Food amounted to US$46 million, a fall of US$3.5 million or 7 percent. Beverages & Tobacco imports declined by 26.2 percent to US$7.7 million and Manufactured Goods rose 14.5 percent to US$7.5 million.
Exports to the region increased by 18.3 percent or US$2 million, to US$25 million. Re-exports climbed 53.4 percent were to US$5.6 million. Domestic exports were valued at US$19.7 million, 1.2 percent less than the US$20 million recorded for January to April 2015. Lower exports of Manufactured Goods were the main contributor to this decline, due mainly to lower exports of cement related products.
Huge change in Jamaica’s CARICOM non-fuel trade
While imports from CARICOM for the first quarter of 2014 rose over the similar period in 2013, the figures mask the huge progress Jamaica made in in the non-fuel trade balance with Caricom partners. The value of nonfuel imports from CARICOM fell in the first three months of 2014 while exports jumped, albeit from a low level. Imports fell to US$64 million from US$73 million in the comparable 2013 period and exports jumped 63 percent or $11 million to US$29 million, a $20 million improvement in the trade balance excluding fuel. Manufactured Goods valued at US$13.6 million was the major contributor to this increase in exports. Food valued at US$7.6 million, Beverages & Tobacco at US$2.2 million and Miscellaneous Manufactured Articles at US$1.8 million constituted the major commodity groups exported to CARICOM, the report from the Statistical institute of Jamaica stated.
Notwithstanding the improvement in the non-fuel imports, total mported items from Caricom rose to US$207 million for the quarter, US$44 million more than the US$163 million recorded for 2013.
Imports of Mineral Fuels, increased during the current 2014 period to US$143 million increasing by US$53 million moving from US$90 million.
Imports drop, exports drop
Devaluation of the local currency since the start of 2013 that should be helping move exports upwards had no visible impact on overall exports of goods in the first quarter of this year compared with 2013, it however, could be impacting imports somewhat as imports have fallen partially as a result. Jamaica imported US$1.412 billion </a>of goods down from US$1.647 billion imported in the January to March quarter last year, representing a reduction of US$235 million or 14.3 percent.
Exports on the other hand came in at US$358 million, down from US$469 million in the 2013 quarter. The decrease in exports was US$111 million or 23.6 percent and is due mainly to a fall in Alumina exports which fell from US$236 million in the comparable 2013 period to US$105 million this year. The merchandise trade deficit for the quarter ended at US$1.054 billion compared to US$1.178 billion in the similar quarter of 2013. The information was released by the Statistical Institute of Jamaica today.
Imports| Non-fuel imports during March 2014 quarter declined by US$176 million or 16 percent versus 2013 ending at US$907 million, down from US1.08 billion in the 2013 period. Mineral Fuels, declined by US$59 million or 10.5 percent. Imports of Raw Materials/Intermediate Goods decreased from US$1.11 billion in the 2013 review period to US$863 million in the 2014 review period.
Traditional exports fell by US$37 million to US$168 million in the 2014, down from US$205 million in the 2013 period, a decrease of or 18 percent of this Agricultural commodities fell by US$2.5 million or 35.0 percent and were valued at US$4.6 million. The decline in earnings from “Coffee” exports which fell to US$3 million was the main contributor to this decrease.
Mining and Quarrying was valued at US$135 million, a decrease of 20.1 percent, moving from US$169 million in the 2013 review period.. “Manufacture” recorded a 2 percent decline and was valued at US$28 million compared to the US$28.5 million recorded for the similar January to march 2013 period. Non-traditional domestic exports during January to March 2014 were valued at US$177 million.
