The latest figures from the bauxite-alumina industry reveal that in November 2013 crude bauxite production fell by 21% to 332,487 MT while alumina production increased by 4% to 168,747 MT when compared to 162,787MT in October 2013.
Production of crude bauxite for November 2013 reflects a 16% decline over same period in 2012. Alumina production for November 2013 grew by 13% when compared to 149,212 in November 2012.
Based on diGJamaica’s calculation using the latest available data from Statistical Institute of Jamaica (STATIN), 0.3% (July 2013) of the Jamaican population is employed in the Mining & Quarrying industry.
The bauxite-alumina industry is especially important, as this sector is ranked the 3rd highest foreign exchange earner. The trade of the vital resource accounts for more than 50% of the country’s export.
Under the four-year Extended Fund Facility with the International Monetary Fund (IMF) the GOJ has committed to the reduction of the debt-to-gdp ratio by 2020 which is currently approximately 140% of GDP.
The foreign exchange earned by the bauxite-alumina industry is a key component in the realization of this target and also improving the deficit in the balance of payments’ current account.