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NEWS RELEASE
EXTERNAL TRADE BULLETIN
January
2012
May 4,
2012
Total Expenditure on imports during the month of January 2012 were valued at US$501.2 million
compared to US$504.8 million in January 2011. The value of imports therefore
fell by 0.7 per cent or US$3.6 million. Total exports in January 2012 grew by
17.8 per cent or US$21.9 million to US$144.8 Million.
As a result the trade deficit for January
2012 narrowed by US$25.5 million or 6.7 per cent to US$356.4 million when compared to US$381.9 million in
the corresponding 2011 period.
The United States of America remained Jamaica’s main trading partner. Imports from that country were valued at US$138.9
million representing 27.7 per cent of
Jamaica’s total import bill. Exports earnings
from the United States of America amounted to US$65.1 million. This represented 45.0 per cent of
total earnings from exports. At the end of January 2012,
Jamaica’s trade deficit with the
United States of America was US$73.8 million,
moving from US$115.7 million in January 2011.
Of the US$501.2 million imported during January 2012 the Jamaica Free Zone accounted for US$2.0
million. The value of imports rose by US$3.5 million or 0.7 per cent when
compared to the similar 2011 period. The major commodities imported were
“Mineral Fuels, etcetera”, “Machinery & Transport Equipment”, “Food” and
“Chemicals”. “Mineral Fuels, etcetera” accounted for 42.2 per cent of imports
and was valued at US$211.4 million in the current review period.
Expenditure on “Machinery and Transport
Equipment” was the next major commodity imported, with spending rising by
US$12.6 million or 19.0 per cent to US$79.1 million due to higher importation of
Minibuses (non-governmental). “Food” although falling by 0.1 per cent, accounted
for 12.3 per cent of the import bill. Imports of “Chemicals” rose by
1.0 per cent or US$0.6 million to US$55.9 million in January 2012 as a result of
higher imports of caustic soda. “Manufactured Goods” also increased and was
valued at US$49.7 million up from US$45.1 million in the similar 2011 period, an
increase of US$4.6 million or 10.2 per cent.
Traditional Domestic Exports –
Jamaica earned US$80.9 million from traditional exports in
January 2012, an increase of US$13.4 million or 19.8 per cent due to increased
earnings in all the commodity groups “ Mining and Quarrying”, “Manufacture” and
“Agriculture” .“Mining and Quarrying” grew by 1.6 per cent or US$0.9 million to US$57.4 million
in the 2012 review period despite lower earnings from Alumina. “Bauxite”
earnings increased by 15.6 per cent or US$1.6 million to US$11.5 million.
“Manufacture” accounted for US$22.5
million; an increase of US$12.0 million or 114.4 per cent earnings from “Sugar”
was the main contributor to the overall increase and accounted for US$18.7
million during the 2012 review period, up from US$5.9 million recorded for the
similar 2011 period. “Agriculture”
rose by approximately US$0.5 million to earn US$1.0 million due largely to
higher exports of “Coffee”, “Cocoa and “Citrus”, “Coffee” recorded US$0.4
million, while “Cocoa” recorded US$0.3 million and
“Citrus” US$0.2 million.
Non-Traditional Domestic Exports in
January 2012
rose by 21.7 per cent or US$10.6 million
to US$59.6 million.
In January 2012 Jamaica imported US$69.8 million worth of goods from CARICOM a decrease of 39.2 per cent
or US$45.0 million when compared to the 2011 period. This was due mainly to the
decline in expenditure on “Mineral Fuels, etcetera” which decreased by 48.2 per
cent or US$46.9 million to US$50.4 million. There were also decreases in
“Beverages & Tobacco” as well as “Miscellaneous Manufactured Articles” in the
2011 review period. These were valued at US$2.6 million and US$0.5 million
respectively. Despite the overall decrease in imports from CARICOM, “Food”
recorded an increase of US$1.4 million or 14.2 per cent moving from US$9.9
million in 2011 to US$11.3 million in the current review period. “Chemicals” “Machinery
and Transport Equipment” and “Animal & Vegetable Oils & Fats” also recorded
increases.
Total exports to the region fell by US$1.3 million or 21.5
per cent to US$ 4.6 million during January 2012 period. Of this amount domestic
exports accounted for US$3.8 million, down from US$5.0 million in
January 2011. The major groups exported
were “Food” valued at US$2.0 million, “Chemicals” US$0.8 million, “Beverages and
Tobacco” was valued at US$0.6 million. Re-exports
rose by 1.9 per cent to US$0.9 million.
The trade deficit with CARICOM during January 2012 contracted to US65.1
million, moving from US$108.9 million in the comparable period.
The January 2012 External Trade Bulletin outlines additional
information and may be obtained at
our Distribution Office, 7 Cecelio Avenue Kingston
10.
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