Jamaica’s Non–Traditional Domestic Exports jumped sharply in the March 2017 quarter to almost equal Traditional Domestic Exports with just US$9 million separating the two.
The non-traditional exports was one of the bright spots in the country’s external trade performance which saw the trade deficit widening in the quarter as oil imports almost doubled in the quarter growing by 81 percent.
Non–Traditional Domestic Exports earned US$146 million, a stunning 42 percent or US$43 million increase over the similar 2016 period, this compares with Traditional Domestic Exports during the first quarter which were valued at US$155 million, a mere increase of US$7.7 million or 5.2 per cent over the first quarter of 2016.
The merchandise trade deficit worsened to US$996 million compared to US$795 million in the similar quarter of 2016, the Statistical Institute of Jamaica reported.
The second half of 2017 should see an improvement in traditional exports as the Alpart alumina plant is now back in production.
Big gains in Jamaica’s trade balance
April 4, 2017 by
Imports of fuel fell in 2016
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.
Jamaica’s Non-Traditional exports grew 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.