By Javaughn Keyes
Jamaica's trade deficit stood at US$2.25 billion for the first five months of the year.
The Statistical Institute of Jamaica (STATIN) says the difference between what was spent on imports and the sum earned from exports as at May this year, was marginally lower than 2022.
Last year as at May, Jamaica's trade deficit was US$2.37 billion.
Total spending on imports for January to May this year was valued at US$3.13 billion.
This represents a 3.8 per cent increase in the cost for goods coming into the country when compared with the US$3.01 billion spent for the similar period in 2022.
STATIN says the increase was due to higher costs for the import of "Raw Materials/Intermediate Goods", "Consumer Goods", "Transport Equipment" and "Capital Goods (excluding Motor Cars)".
Meanwhile, Jamaica earned US$879.5 million from exports for January to May.
This was a 36.6 per cent improvement above the US$644 million earned for the corresponding five month period in 2022.
STATIN says the increase in export earnings was due to more money earned from "Mineral Fuels" and "Crude Materials (excluding Fuels)".
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