Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 8/6/2019

  • The United States remains Jamaica’s main trading partner, accounting for 40 percent of the nation’s total trade.  Jamaica's other major trading partners include  China, Colombia, Canada, Trinidad and Tobago, Japan, and Norway.

  • Jamaica is attractive to U.S. exporters due to its: (1) geographic proximity and access to shipping lanes; (2) relatively large English-speaking market; (3) strong commercial and cultural affinity to North America; (4) improving business climate as reflected in the World Bank 2013 to 2019 Doing Business Reports; and, (5) stable democracy.

  • Jamaica has demonstrated bipartisan commitment to macroeconomic discipline since engaging in International Monetary Fund (IMF) guided economic reforms starting in 2013, in an effort to reduce its unsustainable debt. 

  • Through the IMF programs, Jamaica restructured its domestic debt and undertook an ambitious legislative agenda to enact significant structural reforms.  These included the elimination of sector-specific tax incentives and waivers, and improving the business climate.  Through December 2018, Jamaica successfully passed all IMF program reviews and ranked 75 in the World Bank’s Doing Business report in 2019, topping other Caribbean countries in the rankings.

  • The economy expanded by almost two percent in 2018 after growing by less than one percent per annum during the last four decades.   

  • In addition, the country’s macro-economic indicators have improved since 2013: inflation has averaged less than 2.4 percent; the Net International Reserves  climbed to US$3.0 billion at end 2018, up from US$1 billion at end December 2013; and, the current account deficit improved from over 10 percent of GDP at March 2013 to around three percent at the end of 2018.

  • Bilateral relations between Jamaica and the United States are strong. 

 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.