Jamaica's trade deficit improves – survey
Statistics published in the just-released 2016 Social and Economic Survey show that Jamaica's trade deficit improved in 2016 as the country continues to import less.
The survey says spending on imports last year declined 7.9 per cent to US$4.75 billion.
It says the improvement in the trade deficit was driven mainly by a decline in oil imports as well as manufactured goods and other articles and chemicals.
The PIOJ survey says the country was able to record an improvement in the trade deficit even though exports declined over the period.
It says earnings from exports fell 4.8 per cent to US$1.19 billion in 2016.
This is compared to the US$1.25 billion earned in 2015.
The 2016 Social and Economic Survey says the reduction in earnings resulted from a decline in crude material, mineral fuels and food.
However, the reduction in imports was more than the amount recorded for exports, hence the improvement in the trade deficit.