KINGSTON, Jamaica, CMC—Jamaica recorded an 8.6 percent decline in export earnings from January to November 2024, according to the Statistical Institute of Jamaica (STATIN) in its latest international trade merchandise bulletin, released on Wednesday.
The decline is measured against the US$1,862.8 million the country earned during the comparable period in 2023.
“This decline was primarily due to a 63.2 percent decrease in the value of re-exports, which was valued at US$168.0 million during the review period,” said STATIN.
On the other hand, domestic exports increased by 9.2 percent to US$1,534.5 million due to a 30.5 percent rise in exports from the mining and quarrying industry.
“The main contributor to this increase was a 41.2 percent rise in alumina earnings, which moved to US$607.2 million from US$430.1 million in 2023,” STATIN said.
Meanwhile, the value of imports declined by 4.0 percent during the 11 months compared to the US$6,982.0 million spent in the comparable period in 2023.
“This decrease was attributable to lower imports of raw materials/intermediate goods and fuels and lubricant, which fell by 10.5 percent and 7.9 percent, respectively,” the institute noted.
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