Business
Jamaica: Trade deficit continues to widen
Wednesday, January 11, 2012
New data from the Statistical Institute of Jamaica (STATIN), indicates that Jamaica’s trade deficit continues to widen. The country continues to import more that it exports.
According to the Jamaica Information Service (JIS), from January to August last year, Jamaica spent three times more on imports than it earn 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; the trade deficit was US$2.5 billion in this period.