Jamaica's trade deficit for the January to March quarter this year grew to US$1.41 billion. This, as imports rose by 1.6% to US$1.89 billion, while exports fell by nearly two per cent, down to US$485.2 million, during the first quarter of this year.
That's a wider gap, compared to the same period last year, when the deficit stood at US$1.37 billion.
The Statistical Institute of Jamaica says the increase was mainly driven by a 6.4 per cent rise in the importation of raw materials and intermediate goods, along with a 9.8 per cent jump in consumer goods.
Trading partners
STATIN also noted that the United States, China, Brazil, Nigeria, and Japan were Jamaica's main trading partners in the first quarter of the year.
Imports from these countries climbed by 9.4 per cent, reaching US$1.2 billion, driven mainly by higher imports of manufactured goods and fuels.
As for exports, the top five destinations were the United States, the Russian Federation, Iceland, Canada, and The Netherlands.
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