Tweet
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> <span style="text-decoration: underline"><span style="font-weight: bold"><span style="font-size: 11pt">Ja's trade deficit climbs on higher oil</span></span></span>
Wednesday, January 13, 2010
Jamaica's merchandise trade deficit climbed again last September on rising oil prices and lack of export growth.
At US$361 million the deficit was the highest it has been since October 2008.
Lower oil prices primarily kept Jamaica's monthly trade deficit below US$300 million since the start of the year and, on lower demand for petroleum based products with the closure of three alumina plants, the deficit reached as low as US$177 million during the month of May.
But in the May, the average price of oil stood at US$57 a barrel. By September it reached US$67 on average.
For the nine months to September 2009, Jamaica's imported goods valued at US$3.7 billion compared to US$6.8 billion recorded for the comparative 2008 period.
Total exports also declined and was valued at US$994.2 million, down from US$2.2 billion in the January to September 2008 period. This represented a decline of US$1.2 billion or 55.4 per cent, due largely to reduced activity in the Mining and Quarrying Industry.
The trade balance was a negative US$2.7 billion, as the value of imports continued to out strip exports during the review period. This represented a decline in the trade deficit of US$1.8 billion 39.7 per cent.
All major commodity groupings recorded declines relative to their 2008 values.
"Mineral fuels, etcetera" remained the largest commodity group imported and was valued at US$1,1 billion. Compared to the US$3 billion recorded in the similar 2008 period, there was a declined of US$1.9 billion or 64.5 per cent resulting from comparatively lower global fuel prices.
</div></div>
Rest of cut&paste job here
Wednesday, January 13, 2010
Jamaica's merchandise trade deficit climbed again last September on rising oil prices and lack of export growth.
At US$361 million the deficit was the highest it has been since October 2008.
Lower oil prices primarily kept Jamaica's monthly trade deficit below US$300 million since the start of the year and, on lower demand for petroleum based products with the closure of three alumina plants, the deficit reached as low as US$177 million during the month of May.
But in the May, the average price of oil stood at US$57 a barrel. By September it reached US$67 on average.
For the nine months to September 2009, Jamaica's imported goods valued at US$3.7 billion compared to US$6.8 billion recorded for the comparative 2008 period.
Total exports also declined and was valued at US$994.2 million, down from US$2.2 billion in the January to September 2008 period. This represented a decline of US$1.2 billion or 55.4 per cent, due largely to reduced activity in the Mining and Quarrying Industry.
The trade balance was a negative US$2.7 billion, as the value of imports continued to out strip exports during the review period. This represented a decline in the trade deficit of US$1.8 billion 39.7 per cent.
All major commodity groupings recorded declines relative to their 2008 values.
"Mineral fuels, etcetera" remained the largest commodity group imported and was valued at US$1,1 billion. Compared to the US$3 billion recorded in the similar 2008 period, there was a declined of US$1.9 billion or 64.5 per cent resulting from comparatively lower global fuel prices.
</div></div>
Rest of cut&paste job here
Comment