Imports under trade agreements erratic for Jamaica in 2024

  


Caribbean Money Daily


The Statistical Institute of Jamaica (STATIN reports that trade with the United States, Mexico, Canda under the agreement with those nations (USMCA) fell up to September 2024 but still remained ahead of expenditure with the European Union and CARICOM.

Meanwhile, EU imports rose while that with CARICOM declined.  

Expenditure on imports from the USMCA bloc for the January to September 2024 review period totaled US$2,350.2 million, reflecting an 8.5 per cent decline from the US$2,567.2 million spent for the corresponding period in 2023. This decrease was mainly driven by reduced imports of “Mineral Fuels”, “Food” and “Machinery and Transport Equipment”.

Mineral Fuels: Imports were valued at US$802.4 million, down from the US$891.4 million recorded in 2023. For food: Imports amounted to US$471.5 million, a decline from the US$503.5 million recorded for the comparable 2023 period.

For Machinery and Transport Equipment: Imports fell by 6.9 per cent to US$381.6 million. Total exports to the region were valued at US$627.8 million, 2.3 per cent lower than the US$642.7 million for the similar 2023 period.

This decrease was due mainly to lower exports of “Mineral Fuels” and “Food”, which fell by 11.9 per cent and 8.1 per cent, respectively.

EU Trade

The value of imported goods from the European Union (EU) for the period January to September 2024 increased to US$440.2 million, 0.4 per cent higher than the US$438.2 million spent for the comparable 2023 period . This growth was primarily driven by increased imports of “Machinery and Transport Equipment” and “Food”. Spending on “Machinery and Transport Equipment” amounted to US$156.1 million, an increase of 2.3 per cent compared to the US$152.6 million spent in 2023.

Imports of “Food” were valued at US$102.5 million, 15.0 per cent above the US$89.1 million for the similar period in 2023. Earnings from total exports to the EU amounted to US$125.4 million, US$55.3 million below the US$180.7 million earned for January to September 2023.

This reduction was due mainly to a 33.2 per cent decline in the exports of “Crude Materials (excluding Fuels)”.

Trade with Caricom

Imports from CARICOM were valued at US$305.8 million, down from the US$347.1 million spent for the similar period in 2023. This decrease was due primarily to lower imports of “Food” and “Mineral Fuels”.

The value of imports of “Food” fell by 0.4 per cent to US$138.9 million. Spending on “Mineral Fuels” fell to US$52.6 million compared to the US$95.1 million spent for the similar period in 2023.

Total exports to the CARICOM region for the period were valued at US$106.7 million, a decrease of 12.6 per cent compared to the US$122.1 million earned in the corresponding 2023 period. The decline was attributed primarily to lower exports of “Beverages & Tobacco” and “Mineral Fuels”.

Exports of “Beverages & Tobacco” were valued at US$21.2 million, a decline of 1.3 per cent compared to the US$21.5 million earned in the similar 2023 period. Earnings from the exports of “Mineral Fuels” amounted to US$10.9 million, 72.4 per cent below the US$39.5 million earned in the similar 2023 period.

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