Jamaica January trade gap eases to US$458.3 million as imports and exports fall

Jamaica's goods trade gap was smaller in January this year, with the country spending less on imports while also earning less from exports.

The latest data put the month's import bill at US$573.1 million, compared with export receipts of US$114.8 million.

That left the country with an estimated trade deficit of US$458.3 million.

Imports were down 11.5 per cent when measured against January last year. The fall was driven mainly by reduced purchases of raw materials and intermediate goods, consumer goods, and fuels and lubricants.

Fuels and lubricants recorded the sharpest contraction, sliding 30.7 per cent.

Export earnings also weakened, falling 14.4 per cent, mainly because of a steep reduction in revenue from crude materials, excluding fuels.