Hot on the heels of a new tax package, new data in from STATIN shows that Jamaica’s import bill for October was the largest so far for 2012, an increase of 43% over September! The total bill for October’s imports was US$726.7 Million! The main culprit of course was the import of mineral fuels.
If the statistics reveal that Jamaica continued to import at October’s pace for November and December, the imports of mineral fuels for the final three months of 2012 would be equivalent to 87% of the mineral fuel imports for the first six months of 2012. Unfortunately, the current pace of imports puts Jamaica almost exactly in line with 2011.
To compound matters, exports were just about average for the month, coming in at US$148.6 Million, a paltry increase of 16%. At the current rate of exports per month, there is faint hope that total exports for the year will surpass what Jamaica did in 2011.
After looking at the individual pictures, we are forced to look at the overall depressing trade imbalance for the nation through October 2012. For the month the imbalance was a 2012 record of US$578 Million a massive increase of 52% over September’s imbalance. The total imbalance for 2012 year to date is US$4.18 Billion. It is unfortunate, however that in 2011 Jamaica had a trade imbalance of US$4.99 Billion. diGJamaica projects a trade imbalance of just over US$5.02 Billion for 2012 once all the data is tabulated.