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Jamaica Reduces Imports In 2020

Statistical Institute of Jamaica (STATIN) Director General, Carol Coy, speaks during STATIN’s digital quarterly briefing, yesterday (April 15). Photo credit: Yhomo Hutchinson/JIS.

Jamaica Reduces Imports In 2020

KINGSTON, Jamaica (Friday, April 16, 2021) — Jamaica’s expenditure on imports, during the 2020 calendar year, fell by 26.4 percent to US$4.76 billion, relative to the previous year, disclosed Director General of the Statistical Institute of Jamaica (STATIN), Carol Coy, during the entity’s digital quarterly briefing on yesterday.

Coy said the decline was largely attributed to lower imports of fuel and lubricants and raw materials/intermediate goods, which fell by 48.8 and 17.1 per cent, respectively.

Additionally, she said imports of consumer goods, during 2020, declined by 14.2 percent, over 2019.

Meanwhile exports for 2020 amounted to some US$1.2 billion, a 26.4 percent decline, when compared with 2019.

“The decline in total exports was mainly influenced by a reduction in the exports of alumina, which fell by 39.8 percent, and mineral fuels, which fell by 36.1 percent,” the Director General stated.

Coy also advised that the rate of inflation (consumer price index) rose by 1.1 percent in March.

“The increase was impacted by a 4.6 percent increase in the index for the housing, water, electricity, gas and other fuels’ division. The index for the heaviest weighted division – food and non-alcoholic beverages – rose by 0.2 percent, while the index for the transport division increased by 0.5 percent,” she further indicated.

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