Declining sectors obscure export headway

Jamaicans have been talking about increased exports for a very long time; at best, the results have been mixed, with sharp declines in most traditional export products and new ones taking their places.

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The mining sector comprising mostly bauxite and alumina, generated US$514 million or 36 percent less than the US$803 million in 2019, but that was just 4 percent lower than the amount earned in 2017. The closure of the alumina plant in Alpart towards the end of 2019 was the main contributor to the decline.
The country seems to be making some headway in increasing export earnings, with exports excluding sugar, coffee, scrap metals, mining and mineral exports, rising an attractive 61 percent since 2017.
The bright spots for exports are rums, up 38 percent in 4 years, yams, ackee, the three Bs – bread, biscuits, buns and cakes, sauces, beverages, chemicals and other domestic exports.

Coming tomorrow – Rum exports

Jamaica’s 2020 trade gap narrowed sharply

Jamaica spent US$1.7 billion less on imports in 2020 than in 2019 but still imported a staggering US$4.71 billion in goods during the year, at the same time, the country’s exports fell $427 million or 26.4 percent to $1.22 billion, a release by the Statistical Institute of Jamaica (STATIN) shows.

Oil drilling offshore

Mining exports fell by $288 million for the year, accounting for almost all of $293 million in the decline in traditional exports. Total Non-Traditional exports fell 9.3 percent or by $59 million to $568 million as the category Mineral Fuels etcetera fell by 26 percent or $77 million to $220 million from $297 million in 2019. This category involves mostly the sale of fuel to aircrafts and ships leaving Jamaica and exports of lubricants.
Interestingly, both imports and exports declined by 26.4 percent for the year as imports fell by 26.4 percent from US$6.4 billion in 2019. STATIN states that the decline in imports was largely due to lower imports of ‘Fuel and Lubricants’ and ‘Raw Materials and Intermediate Goods’, which fell by 48.8 percent and 17.1 percent, respectively.
“The decline in total exports was mainly influenced by a reduction in the export of Alumina which fell by 39.8 per cent and “Mineral Fuels” by 36.1 percent,” the release stated.

Consolidated Bakeries Miss Birdie Easter bun.

While the data shows some disappointing areas other than mining and Mineral Fuels, etcetera, there are a number of bright spots on the non-traditional front. Food exports climbed 12 or by $22 million to $207 million, with yams increasing by 24 percent and adding $7 million to end at $37 million. The category of Breads, Biscuits, Buns, Cakes etc., grew 13.8 percent to $25 million while sauces climbed a strong 24 percent to $30 million. Other Food Exports grew by 23 percent to $33 million and other domestic exports jumped 151 percent to $9 million.

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