Jamaica’s Trade Deficit Continues to Widen

• Jamaica’s trade deficit widened by 5.4% to US$4.38Bn between January and September 2025, when compared to US$4.15Bn over the corresponding period in 2024, according to data from the Statistical Institute of Jamaica (STATIN). The increase reflects both higher import spending and a reduction in the value of exports.
• Between January and September 2025, Jamaica’s spending on imports totalled US$5.72Bn, up US$197Mn (3.6%), while the country earned approximately US$1.34Bn from exports, down US$27.9Mn (2.04%).
• Increased imports of Raw Material/Intermediate Goods and Consumer Goods, which rose by 13.3% and 10.0%, respectively, accounted for the higher import spend. The decline in exports was due to a 10.7% fall in the value of Mineral Fuels.
• The top five import markets during the period were the United States of America (U.S.), China, Brazil, Japan, and Nigeria. Expenditure on imports of goods from these countries increased by 6.8% to US$3.54Bn, largely due to a rise in the value of imports of Chemicals. On the other hand, Jamaica's biggest export markets included the U.S., the Russian Federation, Iceland, the Netherlands and Canada. Export revenues from these countries decreased by 3.0% to US$946.7Mn, primarily due to a reduction in the value of exports of Crude Materials.
• With Jamaica’s exports down 2.04%, the 10.0% tariff imposed by the U.S., whose market accounts for more than 40% of exports, will likely continue to pose headwinds to its total domestic export revenues going forward. This would create a higher trade deficit balance, reversing the 3.0% trade deficit narrowing in 2024.

(Source: STATIN)