Indicators are trending Green, our Trade Deficit is down 8%!! Jamaicas trade deficit down by 8% Wednesday, August 13, 2014 A view of the trans-shipment port in Kingston. JAMAICAS trade deficit declined by eight per cent during the first four months of 2014. Exports were less during the period but imports fell more dramatically, mainly due to a lower oil bill. At US$650 million ($73.4 billion), mineral fuels accounted for 35 per cent of all imports from January to April 2014. But it was still US$90 million less than year-earlier levels. Overall, imports was down by US$200 million for the review period. Importers brought in US$240 million less raw material and intermediate goods, which in part reflected lower consumption of ethanol products. On the other hand, consumer goods climbed from US$480 million in the comparative period last year to US$518 million during the first four months of 2014. The cost of imported food was the largest contributor to that category. Imports of capital goods also rose; particularly, machinery and equipment, valued at US$21 million, which was brought into the island during the four-month period, compared to US$16.5 million spent during the corresponding period in 2013. Traditional exports fell marginally — from US$276 million to US$268 million. Coffee and bauxite earnings declined by US$1.5 million and US$500,000, respectively. However, alumina exports rose by US$2.6 million. Non-traditional exports fell by US$66 million. Overall, the total deficit on external trade fell from US$1.46 billion during the first four months of 2013 to US$1.34 billion during the review period. However, Jamaicas trade deficit with Caricom increased by US$34 million, or by 15.2 per cent to US$258 million. Jamaicas exports to the regional bloc increased by 69 per cent to US$38 million. But imports from the region jumped by 20 per cent, or nearly US$50 million, primarily reflecting higher oil imports from Trinidad.
Posted on: Sun, 17 Aug 2014 01:27:45 +0000
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