November’s trade data is in! The trade imbalance only grew by another US$442Million, totalling US$4.63Billion to November 2012.
The good news, however, is that Jamaica imported less goods by 20%, totalling US$580Million! That makes total imports for January to November aggregate to US$6.15Billion. The bad news is that this may not necessarily be so as STATIN has revised all of its monthly trade figures. Unfortunately, diGJamaica does not have access to monthly revised figures going back to January.
As per diGJamaica Research, October was a record month for importing in 2012 – more than US$726Million for the month. As per STATIN, October was a mere US$502Million. DiGJamaica would like to commend STATIN for taking the progressive step of making the last two months data available.
As researchers, we would love to see more in order to revise our own data as well. Until then, we will have to continue with our own version of STATIN’s data as it still correlates to the total for the year to date (and has done so consistently).
With that caveat out of the way, what’s positive in the widening trade balance? Although exports decreased in November by 7% to US$138Million, JIS reports that exports for the January to November period, totalling US$1.52Billion have increased by almost US$35Million or just over 2% over 2011.
DiGJamaica will be able to compare data from 2008 to 2012 for you after December data comes out for a more comprehensive picture of the nation’s exports.
Some questions about exports if anyone would like to answer…
1) What is an example of Mineral Fuels, etcetera? Jamaica seems to export quite a bit of it.
2) Jamaica exports more Chemicals than Beverages? Has that been so since 2008?
diGJamaica Research can answer the second question when the December data comes out on March 28.
From the charts above, did you realize that the amount of Food we Import totals 57% of all Jamaica’s Exports for the period January to November?