Jamaica’s trade deficit widens
New data from the Statistical Institute of Jamaica (STATIN), has shown that Jamaica’s trade deficit continues to widen.
This means that the country continues to import more than it is exporting.
According to the Jamaica Information Service (JIS), from January to August last year, Jamaica spent three times more on imports than it earned through exports.
Quoting data from STATIN, the JIS said Jamaica’s total expenditure on imports was valued at US$4.3 billion for the eight-month period.
However, only US$ 1.1 billion was earned through exports.
This is a difference of US$3.2 billion or almost US$1 billion more than the deficit which was recorded from January to August, 2010.
For the first eight months of 2010, the trade deficit was US$2.5 billion.