By Javaughn Keyes
Jamaica's trade deficit increased for the first three months of 2024.
That was detailed in the latest International Merchandise Trade data, released by the Statistical Institute of Jamaica (STATIN).
For the period January to April, the country's trade deficit was US$1.8 billion.
The difference between the sum earned from exports and what was spent on imports increased, compared to the US$1.76 billion for the same period in 2023.
STATIN says the value of imports for the period, increased by 0.5 per cent, amounting to $2.45 billion.
That's compared to the $2.44 billion spent to bring goods into the country for January to April 2023.
The national statistics agency says this increase was due mainly to a 4.2 per cent rise the value of Fuels and Lubricants imports.
There was also a 5.5 per cent rise in Consumer Goods imports.
Meanwhile, revenues from total exports fell by 4.1 per cent, valued US$647.2 million for January to April 2024. For the same period last year, Jamaica earned US$674.6 million.
The drop in export earnings was largely due to a 52 per cent decrease in the re-exports of Mineral Fuels.
STATIN says total re-exports for January to April were valued at US$89.9 million, compared to US$164.6 million during the comparable period in 2023.
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