Exporting to Jamaica
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.
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.