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Financial News

Apr 2014 Financial News

Caricom trade widens Jamaica's deficit

Apr 02, 2014

JAMAICA'S trade imbalance with its Caricom partners deteriorated further in 2013.

It helped widen the coutnry's trade deficit by US$56 million, or 1.2 per cent last year.

Imports from the Caricom region grew to US$950 million, up from US$840 million the year before, mainly due to increased fuel imports from Trinidad and Tobago, while food imports from the regional bloc also climbed 10 per cent to US$162 million.

On the other hand, exports to Caricom fell by US$16 million to US$67 million in 2013, even though Trinidad and Tobago took over as the leading purchaser of Jamaica's goods from Barbados last year.

The twin island republic imported US$16 million worth of goods from Jamaica compared to Barbados' US$9 million.

Exports to Caricom is largely made up of food, valued at US$33 million, followed by beverages, at US$11 million, and chemicals, at US$7 million.

Overall, Jamaica's imports from the world fell from US$6.3 billion in 2012 to US$6.2 billion last year, while total export earnings dropped to US$1.6 billion, declining by US$168 million over the year.

Jamaica's biggest import last year was by far on mineral fuels, rising by 1.5 per cent to US$2.3 billion, which represented 36 per cent of the country's total imports in 2013. Food imports rose by 1.5 per cent to US$962 million.

Export earnings from traditional agricultural goods and mining and quarrying grew last year, but not by enough to offset a US$50 million, or 32 per cent reduction in receipts from manufacture due to declines in export of sugar, rum and coffee products.

Non-traditional exports also fell by US$147 million to US$700 million, largely due to beverages and other non-traditional domestic exports


Source:
Jamaica Observer
Wednesday April 2, 2014

http://www.jamaicaobserver.com/business/Caricom-trade-widens-Jamaica-s-deficit_16387022