Jamaica’s trade deficit at the end of August 2018 increased although exports increased. The deficit stood at US$2.89 Billion or US$2,888.5 million.
This is an increase of 8.2 per cent when compared to US$2,669.6 million which was recorded for the similar period in 2017 according to the International Merchandise Trade (IMT) Bulletin.
The latest bulletin was released Friday, November 9, by the Statistical Institute of Jamaica (STATIN).
The August 2018 IMT Bulletin further outlined that expenditure on imports amounted to just under US4 Billion (US$3,999.5 million) for the current review period, 12.6 per cent higher than the US$3,552.1 million spent over the similar period in 2017.
Revenue from total exports was valued at US$1,111.0 million, an increase of 25.9 per cent when compared to the US$882.5 million which was recorded for the similar 2017 period.
Expenditure on imports from the United States of America (USA) – Jamaica’s main trading partner – was valued at US$1,815.1 million for the current 2018 review period an increase of 16.0 per cent. Earnings from total exports to the USA amounted to US$384.5 million, an increase of 10.9 per cent.
The major commodities that contributed to the increase in imports were “Mineral Fuels, etcetera” up by 20 percent; “Machinery and Transport Equip”, “Chemicals”, “Manufactured Goods” and Food”.
By: Franklin McKnight