diGgers the month of June is being celebrated as National Exporters’ Month by The Jamaica Exporters Association. This year’s celebration is under the theme “Exports is Everybody’s Business“. The aim of National Exporters’ Month is to acknowledge the important contribution of the export sector to the country’s economic development.
The celebration comes at an ideal time, as now more than ever with our ‘slippery dollar‘ it is extremely vital for focus to be placed on ways to improve Jamaica’s Balance of Trade. Jamaica is plagued by a worsening Balance of Payments deficit, as over the years we continue to import more than we export.
In 2012, the deficit on the Goods sub-account (Current Account) improved from US$4,257.6 in 2011 to US$4,158.0 million, this was as a result of the increase in value of exports by US$81.9 million and further strengthened by a reduction in expenditure on imports of US$17.6 million.
Essentially, for those who care little about the numbers what it boils down to, is with a depreciated dollar, it will cost more to import goods and services. Financial experts are all in agreement that foremost, in order for the country’s Balance of Payments to improve and if there is to be any hope of a stable currency, we need to import less and implement strategies in the economy to produce more and increase our exports to earn foreign exchange.