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Jamaica's trade deficit increased to US$532 million at the end of January

Jamaica's trade deficit increased at the end of January.
 
The Statistical Institute of Jamaica (STATIN) says the difference between what was spent on imports and the sum earned on exports was valued at US$532.4 million.
 
That's up from the 407 million US dollar deficit recorded for the same period in 2023.
 
For the month of January, total spending on imports was valued at US$689.5 million.
 
That's 16.4 per cent higher than the US$592.3 million spend to bring in goods in January 2023.
 
STATIN says this increase was largely attributable to the 53 per cent higher value of imports in "Fuels and Lubricants".
 
"Capital Goods (excluding Motor Cars)" went up by 30.6 per cent, while imports in the "Transport Equipment" group went up by 30.4 per cent.
 
STATIN says the value of total exports dropped by 15.2 per cent, amounting to US$157.1 million.
 
For the first month in 2023, Jamaica earned US$185.2 million from exports.
 
This was driven by a 23 per cent decrease in the value of exports of "Mineral Fuels".


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