Jamaica is open to foreign trade, which represents 90% of its GDP (World Bank, latest data available). The country is a member of Caricom and WTO. Current negotiations and commercial issues affecting Jamaica include greater Caribbean integration, post-Cotonou negotiations, and Jamaican relations with the U.S.. In 2022, the country’s main exports were petroleum oils (37.6%), petroleum gas (16.5%), artificial corundum (13.1%), aluminum ores and concentrates (4%), and undenatured ethyl alcohol (3.3%); whereas imports were led by petroleum o (24.3%), petroleum gas and other gaseous hydrocarbons (6.2%), motor cars (3.9%), and medicaments (2.2% - data Comtrade).
Jamaica’s main export partners are the United States (60.7%), Russia (5.2%), United Kingdom (4.1%), Canada (4.0%), and Iceland (2.3%); while its main imports partners are the United States (41.7%), China (7.4%), Brazil (6.8%), Trinidad and Tobago (5.7%), and Japan (3.1% - data Comtrade 2022). Jamaica and other countries participating in the CARICOM Single Market and Economy (CSME) have harmonized their import tariffs applied to third countries. Nevertheless, import duties on some agricultural products and certain consumer goods remain high to protect local producers. Some tax exemptions have also been eliminated, and the country benefits from certain assets, such as its marine harbors, seaports, high-quality transportation infrastructure, and uncomplicated custom regulations.
The foreign trade balance is structurally negative. According to WTO, in 2022, the country’s exports of goods were valued at USD 1.9 billion (+28.3% year-on-year) while imports stood at USD 7.7 billion (+29.4% y-o-y). With regard to services, exports amounted to USD 4.5 billion (+54.8% y-o-y), with imports totaling USD 3.2 billion (+2.3% y-o-y), making Jamaica a net service exporter. As per data from the Statistical Institute of Jamaica (STATIN), the country spent USD 6,982.0 million on imports for January to November 2023, while earnings from total exports were valued at USD 1,862.7 million. During the eleven-month period, imports declined by 1.6% compared to the corresponding 2022 period, primarily due to reduced imports of "raw materials/intermediate goods" and "fuels and lubricants," which decreased by 5.0% and 13.9%, respectively. Revenue from total exports for January to November 2023 increased by 12.1% compared to the similar 2022 period, driven by an 86.5% rise in the exports of "crude materials (excl. fuels)". Domestic exports rose by 12.0% to USD 1,405.6 million, compared to USD 1,254.9 million in the 2022 period, while re-exports increased by 12.4% to USD 457.1 million.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 6,389 | 4,765 | 5,971 | 7,731 | 7,858 |
Exports of Goods (million USD) | 1,651 | 1,251 | 1,481 | 1,901 | 2,107 |
Imports of Services (million USD) | 2,624 | 1,714 | 3,143 | 3,217 | 0 |
Exports of Services (million USD) | 4,378 | 1,999 | 2,920 | 4,522 | 0 |
Imports of Goods and Services (Annual % Change) | 4 | -27 | 12 | 12 | n/a |
Exports of Goods and Services (Annual % Change) | 4 | -30 | 26 | 15 | n/a |
Trade Balance (million USD) | -4,031 | -2,949 | -2,782 | -4,608 | n/a |
Foreign Trade (in % of GDP) | 90 | 66 | 73 | 73 | n/a |
Imports of Goods and Services (in % of GDP) | 52 | 42 | 46 | 45 | n/a |
Exports of Goods and Services (in % of GDP) | 38 | 24 | 28 | 28 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
United States | 50.5% |
Russia | 6.9% |
Latvia | 6.5% |
Iceland | 4.7% |
United Kingdom | 3.4% |
See More Countries | 27.9% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 41.3% |
China | 8.0% |
Brazil | 4.8% |
Japan | 3.8% |
Colombia | 3.7% |
See More Countries | 38.3% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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4.5 bn USD of services exported in 2022 | |
---|---|
80.08% | |
Personal travelPersonal travel | 80.08% |
OtherOther | 13.17% |
6.81% | |
6.75% | |
2.82% | |
2.32% | |
0.69% | |
0.36% | |
0.11% | |
0.05% |
3.2 bn USD of services imported in 2022 | |
---|---|
47.66% | |
28.88% | |
9.16% | |
Personal travelPersonal travel | 7.61% |
OtherOther | 43.18% |
Business travelBusiness travel | 1.55% |
4.81% | |
2.50% | |
1.91% | |
1.58% | |
1.31% | |
1.17% | |
1.01% |
Source: United Nations Statistics Division, Latest Available Data
Member of Free Trade area of America
Member of Free Trade area of America
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Latest Update: May 2024