Jamaica’s trade deficit shrank by three percent at the end of 2024.
That’s according to the latest data provided by the Statistical Institute of Jamaica, STATIN.
STATIN says Jamaica’s trade deficit closed the year at five billion, US $428.8 million.
This marks an improvement from the previous year’s figure of US $5,599.3 million.
The country’s total import bill for the year was valued at US $7,288 million.
This represents a four percent decline compared to the US $7,592 million recorded in 2023.
The decrease was largely driven by reduced spending on Raw Materials-Intermediate Goods and Fuels and Lubricant.
This fell by 10.6 percent and 6.9 percent, respectively.
Meanwhile, Jamaica earned US $1,867.2 million from total exports in 2024.
This marks a 6.7 percent decrease when compared to the US $2,1.8 million earned in the previous year.
The decline in total exports was primarily attributed to a sharp drop of 62.9 percent in the value of re-exports.
In contrast, domestic exports showed positive growth, increasing by eleven per cent over the same period in 2023.
English (US) ·