KINGSTON, Jamaica — Jamaica’s total exports for the January-June period of this year fell 8.4% to US$944.8 million compared to US$1,030.9 million earned in the similar period in 2023.

This downward move was driven by a 64.8 per cent decline in the value of mineral fuels re-exports, according to the Statistical Institute of Jamaica (STATIN).

STATIN noted that earnings from re-exports fell to 114.7 million US dollars in the January-June 2024 period. It was stated that during the review period, domestic exports increased by 9.4 percent and reached 830.1 million US dollars due to the 2.0 percent increase in manufacturing industry exports.

“Earnings from domestic exports accounted for 87.9 percent of total exports,” STATIN said in its latest International Merchandise Trade Statistics Bulletin.

Meanwhile, Jamaica’s total import expenditure in the first six months of 2024 was worth US$3,687.4 million. The value of imports during the period decreased by 1.5 percent compared to the $3,744.4 million spent between January and June 2023.

“This decline was largely due to the decline in imports of raw materials/intermediate goods and fuels and lubricants, which fell by 13.9 percent and 1.6 percent respectively.

Jamaica’s main trading partners from January to June 2024 were the United States (US), China, Brazil, Japan and Trinidad and Tobago. Expenditures on imports of goods from these countries decreased by 6.3 percent to 2,195.1 million US dollars, compared to 2,341.8 million US dollars recorded in the similar period of 2023. This decline was largely driven by a 19.0 percent decline in mineral fuel imports from the United States and Trinidad and Tobago.

The top five countries in Jamaica’s exports were the USA, Iceland, Russian Federation, Netherlands and Canada. Revenues from exports to these countries increased by 23.7 percent to 657.0 million US dollars. This was due to higher spending on raw material exports, whose value increased by 76.3 percent.