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Amberal37
01-13-2010, 03:33 PM
<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.

&quot;Mineral fuels, etcetera&quot; 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.

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Rest of cut&amp;paste job here (http://www.jamaicaobserver.com/news/trade-deficit_7322772)

Amberal37
01-13-2010, 03:51 PM
another headline relying on the reader not to read (or understand the content).

Reality - even by the convoluted figures presented - is that the gap between imports and exports has narrowed - even with the higher oil prices, there is an improvement.

What was PAID IN to Jamaica has gone down to US$994.2m (where the year before it was US$2.2bn).

But when compared this to the amount that Jamaica has PAID OUT for goods of US$3.7bn (and it was 6,8bn the year before)

<span style="font-weight: bold">The overall change is that they are paying out US$1.9bn less.</span>

It might well be in the article somewhere - but the headline and quagmire tells another story doesn't it.

Yes, peeps - I know that the country is in mess, but there some tiny fragments to cling to.

Dr.Dudd
01-13-2010, 06:15 PM
No error at all. They are comparing month,not year.