JAMAICA’S trade deficit touched a record US$5.4 billion over the first 11 months of 2022 as the Russia-Ukraine war, which sent oil and gas prices spiralling last year, pushed up the cost of fuel imports into the country to almost double that from the prior year.

The Statistical Institute of Jamaica (Statin) in its latest release on the country’s external trade position show total imports reached US$7.1 billion over the 11 months, January to November 2022, up 31 per cent. The value of exports rose as well, going up 23 per cent to US$1.6 billion, as fuel shipped to other countries was valued twice as much as the year before.

Fuel imports into Jamaica over the January to November period of 2022 were valued at US$2.2 billion. That was up 60 per cent from the US$1.4 billion in fuels imported over the same period of 2021. Fuel accounts for just over 30 per cent of all imports into Jamaica.

https://www.jamaicaobserver.com/business/us2-b-fuel-bill-stokes-record-trade-deficit/