Home' Trinidad and Tobago Guardian : June 6th 2013 Contents JUNE 2013 • WEEK ONE www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG7
Exports by Caricom countries to Jamaica
declined by 49 per cent between 2008 and
2012, according to Guardian analysis of data
issued by the Statistical Institute of Jamaica.
The data indicate Caricom exports, which
are dominated by goods from T&T, declined
from US$1.682 billion in 2008 to US$858.6
million in 2012 and that the percentage of
Jamaica s imports from the Caricom region
declined from 19.6 per cent of the north
Caribbean country s total imports in 2008 to
13 per cent in 2012.
In the period between 2008 and 2012,
Jamaica s total imports declined by 22 per cent
from US$8.548 billion in 2008 to US$6,594.9
million in 2012, as the country struggled with
a depreciating currency, high inflation and
increased unemployment all of which have
reduced aggregate demand in Jamaica.
In terms of year-on-year comparisons, the
value of Caricom exports to Jamaica declined
by US$131 million between 2011 and 2012,
falling to US$858.6 million last year from
US$989.3 million in 2011.
According to the Statistical Institute of
Jamaica: "The decline in expenditure was due
mainly to lower imports of mineral fuels,
etcetera as the country bought less from the
region in 2012," with Jamaica s spending on
oil and lubrication products from Caricom
declining by nearly 20 to US$583.9 million in
2012 from US$727.4 million in 2011.
Between 2008 and 2012 Jamaica s imports
of mineral fuels etc from Caricom plummeted
by over 58 per cent, falling from $1.42 billion
in 2008 to US$583.9 million. In 2008, 84.5
per cent of Jamaica s imports from Caricom
came from the mineral fuels etc category,
but this declined to 68 per cent in 2012.
The statistical department reported that
Jamaica s trade deficit with Caricom at the
end of 2012 was US$775.3 million, which was
a 15.4 per cent decline from US$916.0 million
in 2011, largely due to the significantly lower
expenditure on "mineral fuel, etc".
While Jamaica s imports from Caricom
(mostly T&T) were declining, its total exports
to the region jumped by 22.5 per cent or by
US$15.3 million to US$83.2 million in 2012
during the review period.
"Barbados replaced Trinidad and Tobago
as the leading purchaser of Jamaica s goods.
Earnings amounted to US$22.0 million up
from US$8.2 million, as a result of an excep-
tional shipment of Bunker C grade fuel oil.
Goods exported to Trinidad and Tobago were
valued at US$14.1 million, Guyana (US$8.3
million), St. Lucia (US$5.4 million), Antigua
and Barbuda (US$5.2 million) and Suriname
Further decline in 2013
During the first two months of 2013, Cari-
com s exports to Jamaica experienced a further
decline of 29.5 per cent, amounting to US$97.8
million worth of goods for January and Feb-
ruary this year, down by US$41.0 million from
US$138.8 in 2012.
According to the Statistical Institute of
Jamaica: "Expenditure on mineral fuels,
etcetera fell by US$49.9 million or 51.0 per
cent to US$47.9 million. Food grew by US$6.9
million to US$29.92 million. Beverages &
tobacco were valued at US$6.2 million, up
from US$6.1 million in the comparable 2012
Jamaica s total exports to the region fell by
US$0.7 million or 6.5 per cent to US$10.3 mil-
lion during the 2013 review period. Domestic
exports accounted for US$8.8 million, down
from US$9.2 million in the comparable 2012
period. Re-exports fell to US$1.5 million. The
major groups of domestic exports were food,
valued at US$5.2 million, and beverages &
tobacco worth US$1.7 million. These two sub-
categories increased by 9.0 per cent and 27.4
per cent respectively.
Jamaica s trade deficit with CARICOM dur-
ing February 2013 fell by US$40.3 million, to
US$87.6 million. This was due to decrease
importation of mineral fuels, etcetera during
the current review period.
Lok Jack responds
Speaking on Tuesday night, new Manufac-
turers Association president Nicholas Lok Jack
said the view that the economic relationship
between T&T and Jamaica is mainly a trading
relationship is incorrect. "Trade is one thing
but what many people miss is the large amount
of investments that T&T companies have made
in Jamaica over the last two decades with
companies such as Bermudez, TCL, Guardian
Holdings and SM Jaleel," said Lok Jack.
J'ca imports from Caricom declining
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