Jamaica’s export of Alumina during 2018-19 unveils growth; 11.64% dip projected for 2020

The Jamaican economy is hugely dependent on services, which accounts for more than 70% of GDP. The country derives most of its foreign exchange from tourism, remittances, and bauxite/alumina. The FocusEconomics panellists see the economy contracting 6.4% in 2020, before growing 3.3% in 2021, which is up 0.2% points from last month's projection.

The Bauxite rich Caribbean nation’s export of alumina during 2018-19 stood at 42,95,384 tonnes and revenue earnings accounted towards the export remained to $1.194 billion. The export for 2020 is expected to reach at 19,45,386 tonnes and earnings to stand at $566.60 million. Now, when the export volume and earnings for 2020 gets assorted with the existing two years, it unveils 62,40,770 tonnes and $1.761 billion respectively.

Jamaica’s export of alumina in 2018 was recorded at 20,93,593 tonnes and earnings stood at $550.81, whereas, in 2019 the export demonstrated growth by 5.16%, as the export rose to 22,01,791 and earnings also shot up to $643.97 million.

The export for 2020 has been analysed with de-growth by 11.64%, as the export volume to drop and remain at 19,45,386 tonnes and earnings to fall at $566.60.

Jamaica’s major trading destinations for the export of alumina are China, Ghana, Iceland, Netherlands, Russia, USA, France, Norway, etc.