Exporting to Jamaica

With a population of 2.9 million people (IMF, 2019), Jamaica is one of the largest, most populated countries in the English speaking Caribbean. In the year to the end of June 2019, the total UK exports to Jamaica amounted to £114 million, an increase of 21.3% compared to the same period the previous year (ONS, 2019).

Growth in imports

Jamaica has consistently imported more goods and services every year since 2014, and with 6% growth predicted for 2019, this trend is set to continue (IMF, 2019). In the year ended June 2019, the top goods exported to Jamaica from the UK were beverages, vegetables and fruit, sugar, chemicals and other foods (ONS, 2019). In terms of services, the top services imported by Jamaica from the world were transport, business services, travel, insurance and pension services and construction (ITC Trade Map, 2019). Therefore, if you operate in any of these industries, Jamaica could be a good market for you.

Economic expansion

Jamaica’s economy grew by 1.6% in 2018, and this upward trend is predicted to continue at a similar rate over the next 5 years (IMF, 2019). With unemployment also falling from 14.2% in 2016 to 9.1% in 2018 and inflation down from 8.3% to 3.7% over the same period (IMF, 2019), these factors should increase spending power among Jamaican consumers, which UK exporters could benefit from.

Ease of doing business

71st

out of 190 countries (World Bank, 2018)

Currency

Jamaican dollar

Business languages

English

GDP per capita

$5,406

UK is $42,558 (IMF, 2018)

Economic growth

1.6%

(IMF, 2018)

Time zone

GMT - 5

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.