According to the data published by the Statistical Institute of Jamaica-STATIN in its Producer Price Index Report, bauxite production in May declined in Jamaica as a result of the Jamaican dollar losing value to the US currency.
The Producer Price Index measures the average change in selling prices received by domestic producers of goods and services.
{alcircleadd}
According to STATIN report, the Mining and Quarrying declined 1.8 per cent mainly due to the currency slide.
The devaluation of currency also resulted in a negative movement of 1.9 per cent in the Bauxite Mining and Alumina Processing group.
STATIN, on the other hand, reported Other Mining and Quarrying activities recorded a positive movement of 0.9 per cent for the same period, while manufacturing rose 1.7 per cent in May.
The trade deficit in Jamaica at the end of April stood at US$1.4 billion, 20.7 per cent more than that of US$1.1 billion recorded during the contemporary period last year, observed by STATIN report.
Meanwhile, the April International Merchandise Trade Bulletin further outlined that expenditure on imports amounted to US$1.9 billion for the review period, 20.9 per cent higher over the corresponding period in 2017.
Revenue from total exports was up 21.6 per cent when compared to the US$448.8 million last year.
Expenditure on imports from the US also increased 13.5 per cent in May than that of US$833.5 million for the January-April period.
Responses
