Jamaica: Trade Profile

Foreign Trade in Figures

Jamaica is open to foreign trade, which represents 90% of its GDP (World Bank, 2019). 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. The average applied tariff is around 10.8%. Jamaica mainly exports corundum and aluminium (36.1% - as Jamaica accounts for 10% of the world’s production of bauxite and 8% of the world’s production of aluminium), petroleum oils (19.4%) and aluminium ores (7.3%); whereas imports are led by petroleum oils (15.6%), cars (5.6%) and medicaments (3.4% - Comtrade).

The country’s main export partners are the United States (46.6%), Canada (9.7%), the Netherlands (8.1%), Iceland (6.9%) and Russia (5.5%); while its main imports partners are the United States (39.7%), China (8.3%), Brazil (6.5%), Japan (4.4%), and Colombia (2.9% - Comtrade). Jamaica was one of nine Caribbean countries that signed an agreement with the U.K. to maintain commercial relations after Brexit. The country has liberalized its trade to boost its economy. 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 in order to protect local producers. Some tax exemptions have also been eliminated and the country benefits from certain assets, such as its marine harbours, seaports and high-quality transportation infrastructure, as well as uncomplicated custom regulations.

The foreign trade balance is structurally negative; however, the current account deficit had been gradually improving in recent years, especially due to the contraction of imports. According to WTO, in 2020 the country’s foreign trade was severely affected by the consequences of the COVID-19 pandemic: exports of goods were valued at USD 1.2 billion (-25.2% year-on-year) while imports stood at USD 4.7 billion (-25.6% y-o-y). With regard to services, exports amounted to USD 2.1 billion (-50.9% y-o-y), while imports totalled USD 1.6 billion (-34.6% y-o-y), making Jamaica a net service exporter. Data from the World Bank show that in 2020 the country’s trade balance was negative by 14.1% of GDP. According to preliminary figures from the National Institute of Statistics, Jamaica’s total spending on imports and earnings from exports for the period January to November 2021 increased by 25.2% and 20.2%, respectively: the former stood at almost USD 5.4 billion, the latter reached USD 1.3 billion. In the same period, the main export partners were the U.S., the Netherlands, Canada, the United Kingdom and the Russian Federation; whereas imports came chiefly from the U.S., Brazil, China, Japan and Turkey.

Main Partner Countries

Source: Comtrade, Latest Available Data

Main Products

Source: Comtrade, Latest Available Data

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Main Services

Source: United Nations Statistics Division, Latest Available Data

List of tariffs and local taxes that apply to your product on our service Customs duties

Trade Compliance

International Conventions

Member of World Trade Organisation

International Economic Cooperation

Member of Caribbean Community (CARICOM)

Member of Free Trade area of America

Useful Resources

Jamaica Customs

National Organisation of Intellectual Property

The Jamaica Intellectual Property Office (JIPO).

 

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Latest Update: September 2022