Jamaica’s trade deficit declines 3.0 percentage points in 2024, says STATIN

Director General, Statistical Institute of Jamaica (STATIN), Carol Coy. Photo: JIS

KINGSTON, Jamaica— Jamaica’s trade deficit at the end of 2024 decreased by 3.0 percentage points to US$5,420.8 million, when compared to US$5,590.3 million in 2023.

This is according to the Statistical Institute of Jamaica (STATIN) in its latest International Trade Merchandise Bulletin released on Friday.

STATIN said total spending on imports for the year was valued at US$7,288.0 million, while earnings from total exports was valued at US$1,867.2 million.

“The value of imports over the 12-month period declined by 4.0 per cent when compared to the US$7,592.0 million in 2023. This was largely due to a decline in imports of ‘raw materials/intermediate goods’ and ‘fuels and lubricant’ which declined by 10.6 per cent and 6.9 per cent, respectively,” said STATIN.

Revenue from total exports for January to December 2024 decreased in value by 6.7 per cent when compared to the US$2,001.8 million earned in the 2023 period. This decline was attributable to a 62.9 per cent fall in the value of re-exports. Conversely, domestic exports increased by 11.0 per cent compared to the same period in 2023.

Jamaica’s five main trading partners during the January to December 2024 period were the United States of America (USA), China, Brazil, Japan and Colombia. Expenditure on imports of goods from these countries fell by 4.0 per cent to US$4,445.2 million. This decrease was due largely due to lower spending on imports of mineral fuels.

The top five destinations for Jamaica’s exports were the USA, the Russian Federation, the Netherlands, Canada and Iceland. Export revenues from these countries rose by 20.0 per cent to US$1,390.4 million. This increase was due to higher exports of crude materials.

STATIN highlighted that the value of imports under the United States-Mexico-Canada Agreement (USMCA) declined by 7.9 per cent to US$3,106.1 million. Imports from CARICOM countries also fell by 5.1 per cent to US$413.0 million.

In contrast, expenditure on imports from the European Union increased by 0.2 per cent to US$590.4 million.

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