Imports of raw materials, food and beverages fall- STATIN


 

Jamaica Money Daily. In 2024, Hurricane Beryl disrupted demand in several sectors. The Statistical Institute of Jamaica reports, meanwhile, that up to September imports fell in many categories excepting a few including cars.

The value of imports for January to September 2024 decreased by 4.2 per cent, driven primarily by lower spending on raw materials/intermediate goods and fuels and lubricants.

Expenditure on raw materials/Intermediate goods totaled US$1,522.3 million, which was 12.4 per cent lower than the US$1,737.8 million recorded for the corresponding 2023 period.

The value of imports of ‘industrial supplies’ declined by 12.4 per cent to US$783.6 million. This was due mainly to reduced imports of non - metallic mineral manufactures and inorganic chemicals.

Imports of ‘construction materials’ amounted to US$358.8 million, a decline of 18.2 per cent compared to US$438.8 million in the same period of 2023. This decline was largely attributed to lower imports of iron and steel and non-metallic manufactures.

Spending on imports of ‘food (including beverages) mainly for industry’ fell to US$147.1 million, a decrease of 14.5 per cent.

This was primarily due to lower imports of cereal and cereal preparations as well as sugars, sugar preparations and honey.

STATIN reported that expenditure on ‘parts and accessories of capital goods (except transport equipment.)’, however, showed no net changes and was valued at US$232.7 million.

The value of imports of fuels and lubricants declined by 6.3 per cent to US$1,498.8 million compared to the US$1,599.7 million spent in the similar period of 2023.

Imports of ‘other fuels and lubricants’ declined to US$780.5 million from US$844.4 million recorded in January to September 2023.

Spending on imports of ‘motor spirit’ fell to US$324.8 million compared to US$350.2 million recorded in the same period in 2023.

Expenditure on ‘crude oil’ was 2.8 per cent below the US$405.0 million spent in the corresponding period of 2023.

Meanwhile, total spending increased for consumer goods (US$1,442.8M), capital goods (excluding motor cars) (US$613.5M) and transport equipment (US$442.2M). These increases represented 1.2 per cent, 8.7 per cent, and 1.7 per cent, respectively.

Caribbean Money Daily

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