• Jaimaica

    Jamaica

    Development challenges

    Jamaica's economy relies on alumina, tourism and remittances. As most countries in the Caribbean region, it was severely affected by the global financial crisis. The island, with a population of 2,8 millions and a GDP of USD 24,6 billion , suffered a recession from 2008 to 2010. The economy is progressively recovering, supported by higher demand of its commodities. In 2011 the GDP grew 1,5% and is expected to keep growing in 2012 . Jamaica has a GDP per capita of US$9,000 and presents a high level of Human Development, ranked 79th out of 187 countries in the UN Human Development Index. The country faces a number of development challenges:

    • Narrow production base and diseconomies of scale
    • Vulnerability to external shocks and natural disasters
    • Large informal economy and unemployment
    • High levels of crime and inequality, with 16,5% of the population below the poverty line a Gini Index of 45
    • High levels of public debt (close to 125% of its GDP by 2011 and debt service constitutes 60% of public revenues)

    Key trade issues

    • Improve trade related infrastructure
    • Further economic and commercial regional integration within CARICOM
    • As a CARIFORUM member, further implementation of the Economic Partnership Agreement between this regional group and the EU
    • As part of CARICOM, finalize negotiations for a Free Trade Agreement (FTA) with Canada
    • Underdeveloped quality management infrastructure, especially in the agri- processing sector

    Government priorities
    Vision 2030 Jamaica is the government´s development plan and identifies the country´s main strategic goals

    • Strengthen the education and social protection systems
    • Promote good governance and strengthen public security
    • Improve the business environment, develop infrastructure and promote the ICT sector
    • Sustainable management and use of environment and natural resources,

     

     

    Trade and Tariff Graphs

    Graphs of the country’s export markets, its export performance in a key sector and tariffs exporters of a sample product face.
    Trademap sample Trademap sample: The map uses color codes to illustrate the relative size of different markets in the overall exports of the country shown in pink.
    Trademap sample Trademap sample: The vertical axis shows import values by key importing countries, while the horizontal axis shows export values by the country for the same sector. I.e. the country has gained market share in the case of an importing country at the bottom right of chart and lost market share for countries top left. The size of circles is proportional to market size.
    Market access map sample Market access map sample: The world map shows trade values and tariff levels for a key export product by importing countries. Color codes indicate protection levels. Red circles denote trade volumes.

    Trade and Investment Data

    Detailed data on the country’s export performance, key imports and foreign investment, grouped by product and service categories (HS and BOP).

    Trade Information Sources

    A listing of country specific print and online publications on trade related topics. Includes information from both ITC and external sources.

    Trade Contacts

    The most important trade contacts, including importers’ and exporters’ associations, trade support institutions, trade promotion organizations and institutions providing business development assistance.