US$789.2 Million In Export Earnings for January to June

  • Jamaica generated US$789.2Mn in export earnings during the first half of 2021, between January and June. The out-turn represents a 28.3% increase over the corresponding period last year, the Statistical Institute of Jamaica (STATIN) reported. 
  • Director General, Carol Coy, said this was largely due to an increase in the value of exports from the manufacturing, and mining and quarrying industries, which rose by 25.0% and 9.7%, respectively. Meanwhile, expenditure on imports rose by 15.2% to US$2.7Bn during the period, largely due to higher imports of fuel and lubricants (+46.1%) and raw material/intermediate goods (+18.8%). 
  • Despite the increase in import and exports, Jamaica recorded a decline in goods traded relative to the pre-coronavirus (COVID-19) pandemic periods of 2019 and 2018, due to contractions in the local and global economies. 
  • Measures implemented to restrict movement and contain COVID-19 transmission, including the closure of borders and factories globally, led to lower production levels and demand for some products. She pointed out that as a result, the value declined significantly in 2020, and despite increasing in 2021, the value of imports and exports has not yet returned to their pre-pandemic levels. 
  • Export earnings for the 2021 review period were 14.6% and 16.1%, below the out-turns for 2019 and 2018, respectively. The value of imports for the 2021 review period was also 17.9% lower than in 2019 and 7.9% less than 2018.

(Source: JIS News)