OVERVIEW
Jamaica is an island country located in the Caribbean Sea, known for its athletes, like Usain Bolt, reggae music, its stunning beaches and a vibrant culture that blends African, European and indigenous elements.
Its capital, Kingston, is the cultural and economic heart of the island, but also it’s the home of a lively arts and music scene, reflecting the country’s dynamic spirit and global impact.
In 2023, Jamaica ranked
- 124th in terms of GDP, currently valued as $19.4B, out of 195 economies in the world;
- 144th in terms of total exports out of 226 countries;
- 105th in terms of GDP per capita, valued with current US$, out of 196 economies in the world.
ECONOMIC COMPLEXITY RANKING
EXPORT
In 2023 it was estimated that the principal products that were exported from Jamaica were
- Aluminium Oxide - $517M;
- Refined Petroleum - $314M;
- Petroleum Gas - $240M;
- Hard Liquor - $102M;
- Other Processed Fruits and Nuts - $73.8M.
On the other hand, the commonest destinations for Jamaica exports were
- United States - $709M;
- Russia - $138M;
- Latvia - $131M;
- Iceland - $127M;
- United Kingdom - $93.9M.
IMPORT
In 2023 the most imported products from other countries to Jamaica were
- Refined Petroleum - $1.04B;
- Petroleum Gas - $520M;
- Cars - $414M;
- Crude Petroleum - $390M;
- Packaged Medicaments - $168M.
These goods were mainly produced by
- United States - $3.11B;
- China - $852M;
- Brazil - $315M;
- Colombia - $293M;
- Japan - $293M.
YEARLY TRADE
During the last five reported years, the exports of Jamaica have increased by an amount of -$327M from $2.27B in 2018 to $1.94B in 2023.
The most recent exports are led by
- Aluminium Oxide - $505M;
- Refined Petroleum - $384M;
- Petroleum Gas - $240M;
- Hard Liquor - $97.9M;
- Aluminium Ore - $67.6M.
They were exported primarily to
- United States - $796M;
- Russia - $138M;
- Latvia - $131M;
- Iceland - $116M;
- United Kingdom - $90.6M.
CONCLUSIONS
In 2023, Jamaica continued to grow as a culturally influential market in Central America. The country’s strategic location and improving business climate attracted new investments and, despite challenges, it showed steady progress and optimism, offering vibrant opportunities for innovation and sustainable development.
Source: https://oec.world/en
