The latest figures from the bauxite-alumina industry reveal that in October 2013 crude bauxite production went up by 8% to 420, 868 MT while alumina production fell by 2% to 162, 787 MT when compared with figures from September 2013.
Production of crude bauxite for October 2013 reflects a 25% increase over October 2012 and despite the month-over-month decline for alumina production it represents a 26% increase over the corresponding period in 2012.
The bauxite-alumina industry contributes significantly to the Jamaican economy, apart from the provision of jobs, the sector is ranked as our third 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.