Jamaica Spent Less on Imports in 2024

KINGSTON, Jamaica – The Statistical Institute of Jamaica (STATIN) says the country spent an estimated US$5,520.6 million importing goods and services during the period January to September last year, while earnings from total exports were valued at US$1,360.5 million.

shipgoodsIt said that the value of imports declined by 4.2 percent over the nine-month period when compared to US$5,764.1 million spent in the comparable 2023 period.

STATIN said that this decrease was attributable to lower imports of raw materials and intermediate goods and fuels and lubricant, which fell by 12.4 percent, and 6.3 percent, respectively

According to STATIN, total exports for January – September 2024 was 10.8 percent below the US$1,524.5 million earned in the similar 2023 period. It said this was due primarily to a 57.8 percent reduction in the value of re-exports which was valued at US$150.9 million during the review period.

Domestic exports for the same period last year was valued at US$1,209.6 million, an increase of 3.7 percent when compared to the same period in 2023.

The top five destinations for Jamaica’s exports were the United States, the Russian Federation, Iceland, the Netherlands and Canada.

STATIN said export revenues from these countries rose by 15.4 percent to US$967.1 million due to higher exports of “crude materials”. Exports of “crude material” increased in value by 67.6 percent.