Jamaica’s Export Earnings Soar in Q1 2023, Fuelled by Rising Mineral Fuels Exports
Jamaica’s export earnings for the first quarter of the thrilling 2023 calendar year, spanning January to March, reached an impressive US$527.3 million.
The Statistical Institute of Jamaica (STATIN) revealed that this figure surpassed the corresponding period in 2022 by an outstanding 54.7 per cent, which was a significant increase from the US$340.9 million generated last year.
The remarkable performance was further highlighted by a striking US$201.9 million surplus compared to the earnings for January and February 2023, which stood at US$325.4 million.
STATIN attributed this impressive growth to a substantial 63.9 per cent surge in ‘Mineral Fuels’ exports, driving the overall increase in outflows.
In more detail, the export landscape witnessed a total of US$91.7 million in re-exports. Domestic exports were the major contributor, accounting for 73.1 per cent of total outflows and experiencing an extraordinary 32.6 per cent rise, reaching US$385.5 million between January and March. Comparatively, during the same period last year, domestic exports were at US$290.7 million, highlighting the substantial progress made.
The top five destinations for Jamaican exports comprised the United States of America (USA), United Kingdom, Puerto Rico, Latvia, and Russian Federation. Excitingly, the value of exports to these countries soared by a staggering 70 per cent, resulting in a substantial US$399.2 million in earnings.
Meanwhile, on the imports front, Jamaica’s expenditure between January and March amounted to just over US$1.9 billion. This showcased a commendable 6.2 per cent increase from the corresponding period in 2022, with a remarkable US$708.7 million difference from the expenditure in January and February this year.
The impressive rise in import expenditure during the review period was primarily driven by higher imports of ‘Raw Materials/Intermediate Goods’, ‘Consumer Goods’, and Capital Goods’, which experienced growth rates of 6.2 per cent, 10.9 per cent, and 14.9 per cent, respectively.
The top five countries from which Jamaica largely imported included the USA, People’s Republic of China, Brazil, Japan, and Trinidad and Tobago. During the review period, Jamaica’s spend on imports from these nations totaled just over US$1.22 billion, showcasing an exciting 5.8 per cent increase from 2022. This boost was predominantly attributed to higher imports of fuel from the USA.
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