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Article Published: Sunday, June 6th, 2010
Although the value of goods and services imported by the country fell by US$92.8 million or 19.0 per cent to US$400.9 million during the month of January this year, when compared with that recorded in January of last year, the value of oil imported jumped by US$27.7 million or 21.6 per cent to US$155.8 million when compared with the $128.2 million spent on the commodity in January of 2009.
Data released by the Statistical Institute of Jamaica (Statin) further revealed that oil imports accounted for 39.0 per cent of total imports in January of this year. The same data also indicated that the value of machinery and transport equipment declined by US$45.3 million or 48.1 per cent to US$48.8 million, when compared with January of 2009.
Meanwhile, imports of raw materials and intermediate goods, which accounted for 59.7 per cent of total imports amounted to US$238.2 million; consumer goods, US$ 127.1 million; capital goods, excluding motors cars, US$26.9 million and passenger motor cars US$7.1 million.
Some 35.2 per cent or some US$141.2 million of these goods were imported from the United States (US), the country’s major trading partner, while US$60.4 million or 51.7 per cent of total exports were sent to that country, which is widely regarded as the locomotive of the international economy. Jamaica’s trade deficit with that country fell to US$80.7 million in January of this year, compared with the US$131.6 million recorded during previous year.
Turning to the export side of the equation, Statin pointed out that total exports climbed by US$7.6 million or 7.0 per cent to US$117.0 million during the period under review, leading a fall in the trade deficit to US$283.9 million in January of this year, compared with the US$384.4 million recorded during the same period of 2009.
Domestic exports climbed to US$106.9 million, with some US$14.2 million of this amount coming from the free zones. Exports of crude materials, the prime commodity group exported, fell by US$10 million to US$46.0 million during the period under review because of the fallout in the bauxite alumina sector.
Traditional domestic exports fell by US$7.0 million to US$50.5 million during the month under review, while agricultural exports accounted for a paltry US$1.5 million, accounting for only 3.0 per cent of total exports during the review period. There was however an increase in non-traditional exports, jumping by US$10.1 million to US$56.3 million, while other exports such as beverages and tobacco fell to US$4.0 million.
Other non-traditional exports also jumped US$22.7 million to US$40.6 million, driven by mineral fuels such as ethanol. The country imported US$48 million in goods to the Caricom region in January, while exporting only US$4.0 million from that region.
Domestic exports to region however fell to US$3.6 million or 3.4 per cent of the total value of goods exported during the period under review. The value of goods imported and re-exported to the region during the first month of this year, when compared with the same period of the previous year, pushing the deficit with Caricom down to US$44.3 million, a decline of US$5.3 million or 10.6 per cent, when compared with the US$44.3 million recorded in January of 2009.
http://www.sunheraldja.com/2010/06/i...-oil-climbing/
Although the value of goods and services imported by the country fell by US$92.8 million or 19.0 per cent to US$400.9 million during the month of January this year, when compared with that recorded in January of last year, the value of oil imported jumped by US$27.7 million or 21.6 per cent to US$155.8 million when compared with the $128.2 million spent on the commodity in January of 2009.
Data released by the Statistical Institute of Jamaica (Statin) further revealed that oil imports accounted for 39.0 per cent of total imports in January of this year. The same data also indicated that the value of machinery and transport equipment declined by US$45.3 million or 48.1 per cent to US$48.8 million, when compared with January of 2009.
Meanwhile, imports of raw materials and intermediate goods, which accounted for 59.7 per cent of total imports amounted to US$238.2 million; consumer goods, US$ 127.1 million; capital goods, excluding motors cars, US$26.9 million and passenger motor cars US$7.1 million.
Some 35.2 per cent or some US$141.2 million of these goods were imported from the United States (US), the country’s major trading partner, while US$60.4 million or 51.7 per cent of total exports were sent to that country, which is widely regarded as the locomotive of the international economy. Jamaica’s trade deficit with that country fell to US$80.7 million in January of this year, compared with the US$131.6 million recorded during previous year.
Turning to the export side of the equation, Statin pointed out that total exports climbed by US$7.6 million or 7.0 per cent to US$117.0 million during the period under review, leading a fall in the trade deficit to US$283.9 million in January of this year, compared with the US$384.4 million recorded during the same period of 2009.
Domestic exports climbed to US$106.9 million, with some US$14.2 million of this amount coming from the free zones. Exports of crude materials, the prime commodity group exported, fell by US$10 million to US$46.0 million during the period under review because of the fallout in the bauxite alumina sector.
Traditional domestic exports fell by US$7.0 million to US$50.5 million during the month under review, while agricultural exports accounted for a paltry US$1.5 million, accounting for only 3.0 per cent of total exports during the review period. There was however an increase in non-traditional exports, jumping by US$10.1 million to US$56.3 million, while other exports such as beverages and tobacco fell to US$4.0 million.
Other non-traditional exports also jumped US$22.7 million to US$40.6 million, driven by mineral fuels such as ethanol. The country imported US$48 million in goods to the Caricom region in January, while exporting only US$4.0 million from that region.
Domestic exports to region however fell to US$3.6 million or 3.4 per cent of the total value of goods exported during the period under review. The value of goods imported and re-exported to the region during the first month of this year, when compared with the same period of the previous year, pushing the deficit with Caricom down to US$44.3 million, a decline of US$5.3 million or 10.6 per cent, when compared with the US$44.3 million recorded in January of 2009.
http://www.sunheraldja.com/2010/06/i...-oil-climbing/
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