Jamaica imported goods valued at US$2.69 billion during the January to May 2013 period, while imports for the similar period in 2012 was US$2,735 billion, a decrease of US$42 million. Exports for the January to May 2013 period amounted to US$714.0 million, when compared to the US$720.0 million recorded in the comparable 2012 period a fall of US$6.0 million narrowing the trade deficit by US$36.1 million.
Imports | The value of imports for commodity groups, showed a general downward trend. The primary commodity group imported during the period was “Mineral Fuels, etcetera” which amounted to US$960.8 million and accounted for 35.7 per cent of total imports. Relative to the US$1,143.5 million imported for the January to May 2012 period, the value of “Mineral fuels, etcetera” decreased by US$182.7 million or 16.0 per cent. This decline was as a result of reduction of items such as ‘Coal, Coke and Briquettes’ and Gas, natural and manufactured. “Machinery and Transport Equipment” valued at US$374.6 million, declined marginally from US$378.6 million in the similar 2012 period. “Manufactured Goods” valued at US$230.6 million, fell by US$30.3 Million or 11.6 per cent.
Traditional Domestic Exports | During the five months of 2013, the contribution of major traditional domestic exports to the value of domestic exports decreased from 54.9 per cent in the 2012 review period to 50.9 per cent in the similar period in 2013. Traditional exports amounted to US$347.5 million in the period, down US$35.4 million from US$382.8 million in the 2012 period. The decline is in the “Mining and Quarrying” and “Manufacture” groups.
Non-traditional exports increased during the January to May 2013 period by US$20.7 million or 6.6 per cent to US$335.2 million.
Imports from CARICOM for the first five months of 2013 accounted for 13.5 per cent of total imports and was valued at US$362.3 million representing a decrease of US$91.8 million or 20.2 per cent when compared to the US$454.1 million recorded for the 2012. The value of the Non-fuel imports from CARICOM amounted to US$125.8 million, up from US$115.1 in the comparable 2012 period.
“Mineral Fuels, etcetera” decreased during the 2013 review period, by US$102.6 million or 30.0 per cent and was valued at US$236.5 million. Other notable commodity groups imported from the region included “Food”, valued at US$76 million, “Beverages and Tobacco” US$17.2 million, “Chemicals”, US$11.4 million, and “Manufactured Goods”, US$9.9 million.
The United States of America (USA) remained Jamaica’s main trading partner during the January to May 2013, with US$923.9 million or 34.3 per cent of imports originating from that country. Total exports to the United States amounted to US$368.2 million or 51.6 per cent. Jamaica incurred a trade deficit with the United States of US$555.7 million, down from US$667.3 million in the similar 2012 period.
Total exports to CARICOM for the January to May 2013 period was valued at US$26.7 million, representing a decline of US$2.2 million or 7.8 per cent. Domestic exports to CARICOM decreased to US$22.2 million and accounted for 3.3 per cent of the country’s domestic exports. Re-export for the period increased and was valued at US$4.5 million, in the current review period.
For the first five months of 2013 Jamaica incurred a trade deficit with her CARICOM partners of US$335.6 million when compared to the US$425.2 million recorded for the January to May 2012 period. The trade gap narrowed by US$89.6 million or 21.1 per cent.
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[…] 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 […]