US$655.1 Million In Export Earnings Between January And May

Jamaica generated export earnings of US$655.1 million between January and May 2021, representing a 24.6 percent increase over the US$525.7 million for the corresponding period last year.

The information is contained in a statement from the Statistical Institute of Jamaica (STATIN) on Tuesday (September 14).

The entity indicated that the top-five destinations for Jamaican exports, during the review period were: the United States of America (USA), Canada, United Kingdom (UK), Puerto Rico, and the Netherlands. 

Cumulative shipments to these countries increased by 34.4 percent to US$491.8 million, relative to 2020. This was largely attributed to increase in the exportation of alumina to the Netherlands. 

Meanwhile, imports for the period rose by 12 percent to US$2.25 billion (US$2,249.3 million).

STATIN indicated that this was mainly attributable to higher imports of fuels and lubricants, up 42.7 percent, and raw materials/intermediate goods, up 13.8 percent. 

Jamaica’s top-five import partners for the period were the USA, Brazil, China, Japan, and Colombia, which together accounted for 65.4 percent of inflows. 

The country’s total expenditure on imports from these countries increased by 15.4 percent, compared to US$1.27 billion (US$1,273.8 million) for 2020.

Meanwhile, total expenditure on imports and earnings from exports to key trading blocs between January and May 2021 increased to US$1.24 billion (US$1,241.1 million) and US$496.5 million, respectively. 

Imports from the United States-Mexico-Canada Agreement (USMCA) – formerly North American Free Trade Agreement (NAFTA) – rounded out at US$999 million. 

Expenditure on goods from the European Union (EU), excluding the UK, and CARICOM, totaled US$128.9 million and US$113.1 million, respectively. 

Exports to the EU and CARICOM rose to US$107 million and US$36.5 million, respectively.

Source — JIS

Readers Bureau, Contributor

Edited by Jesus Chan

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