Jamaica's Trade with the World
RANKING OF COUNTRIES BY LEVEL OF IMPORTS AND EXPORTS 2004 TO 2006
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Source: Statistical Institute of Jamaica
The value of total imports from the top ten countries rose from US$3 billion in 2004 to US$4.5 billion in 2006, an increase of 50 per cent. Domestic exports to the top ten countries increased from US$1.2 billion in 2004 to US$1.8 billion in 2006, an increase also of 50 per cent. However, this meant that the trade deficit with these countries increased from US$1.8 billion in 2004 to US$2.7 billion in 2006, an increase of 50 per cent.
The USA remains Jamaica's major trading partner, accounting for almost 50 per cent of Jamaica's imports and 32 per cent of Jamaica's domestic exports in 2006.
The value of imports from Trinidad and Tobago and Venezuela were the second and third largest, respectively, reflecting the increasing cost of oil and petroleum products.
The value of exports to Canada and China were the second and third largest, respectively, reflecting the dominance of the primary commodities of bauxite and alumina in Jamaica's exports.
Alumina accounts for 55 per cent of total domestic exports, bauxite accounts for 6 per cent, petroleum products exported by Petrojam account for 14 per cent of exports, agricultural products account for 13 per cent, alcoholic beverages and bulk rum account for 7 per cent, waste and scrap account for 5 per cent. Value added products account for a negligible proportion of total exports.
Trade position for 2007
Jamaica's imports of merchandise during the 2007 calendar year amounted to US$6,459.3 million. This represented an increase of US$808.8 million or 14.3 per cent over the amount recorded for the comparable 2006 period. Total exports were valued at US$2,169.1 million, increasing by US$185.2 million or 9.3 per cent. The negative trade balance at the end of the year was US$4,290.2 million, as the trade gap grew by US$623.7 million or 17 per cent when compared to the US$3,666.5 million recorded for the previous year.
US'000
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2006 |
2007 |
% change |
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Imports |
Exports |
Imports |
Exports |
Imports |
Exports |
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Total |
5,650,427 |
1,983,902 |
6,459,269 |
2,169,052 |
14% |
9% |
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Food |
616,796 |
236,487 |
730,660 |
241,714 |
19% |
2% |
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Beverages and Tobacco |
68,383 |
90,235 |
93,163 |
96,821 |
36% |
7% |
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Crude Materials |
82,446 |
1,259,948 |
67,564 |
1,383,775 |
(18)% |
10% |
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Mineral Fuels |
1,758,460 |
267,614 |
2,013,027 |
326,606 |
15% |
22% |
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Animal & Vegetable Fats |
25,200 |
40 |
31,634 |
87 |
26% |
118% |
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Chemicals |
680,422 |
73,992 |
831,204 |
51,777 |
22% |
(30)% |
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Manufactured Goods |
696,072 |
14,111 |
753,363 |
18,031 |
8% |
28% |
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Machinery & Equipment |
1,130,058 |
22,179 |
1,252,368 |
33,543 |
11% |
51% |
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Misc. Manufactures |
510,821 |
19,296 |
591,206 |
16,698 |
16% |
(14)% |
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Other |
81,768 |
0 |
95,080 |
0 |
16% |
- |
Source: Statistical Institute of Jamaica