Imports and exports for Jamaica grew in the month of January compared to the same month last year.
Jamaica’s imports for January 2019 was valued at US$603.3 million, an increase of 26.1 per cent when compared to US$478.6 million which was recorded for the similar period in 2018.
This is according to the International Merchandise Trade (IMT) Bulletin released Tuesday, April 16, by the Statistical Institute of Jamaica (STATIN).
The January 2019 IMT Bulletin further outlined that revenue from exports amounted to US$153.0 million for the current review period, 10.3 per cent higher than the US$138.8 million earned in the similar period in 2018.
Expenditure on imports from the United States of America (USA) – Jamaica’s main trading partner – were valued at US$256.3 million, this is 25.4 per cent above the US$204.3 million recorded in the comparable 2018 period. Earnings from total exports to the USA amounted to US$54.8 million, 24.2 per cent more when compared to January 2018.
The major commodities that contributed to this increase were “Machinery and Transport Equip” “Mineral Fuels” and “Chemicals”. Expenditure on imports of “Machinery & Transport Equip.” was valued at US$174.2 million an increase of 44.7 per cent. This increase was due primarily to higher imports of ‘Power – Generating Machinery and Equipment, ‘Road Vehicles’ and ‘Electrical Machinery, ‘Apparatus and Appliances.
Imports of “Mineral Fuel, etcetera” amounted to US$154.9 million when compared to the US$118.5 million spent for 2018. Higher imports of ‘Crude Oil and Partly Refined petroleum, including Topped Crudes were primarily responsible for the increase.