That calculated dollar amount reflects a -7.6% reduction from $1.25 billion five years earlier in 2020.
Year over year, revenues from Jamaican export sales slipped by -24.1% compared to $1.52 billion for 2023.
Based on average exchange rates, the Jamaican dollar depreciated by -15.6% against the US dollar since 2020 and fell by -1.4% from 2023 to 2024. Jamaica’s weaker local currency made Jamaican exports paid for in stronger US dollars relatively less expensive for international buyers starting with American currency.
The top 5 goods by value exported from Jamaica in 2024 were aluminum oxides or hydroxides, alcoholic beverages including spirits and liqueurs, processed petroleum oils, a subgroup of yams, sweet potatoes and artichokes, then aluminum ores and concentrates. Combined, Jamaica’s quintet of most valuable exported products accounted for over half (55.6%) of the Caribbean island’s overall export tally.
Jamaica’s Major Trading Partners
The latest available country-specific data from 2023 shows that 90% of products exported from Jamaica was bought by importers in: United States of America (47.2% of the Jamaican total), Russia (9.1%), Latvia (8.6%), Iceland (6.2%), United Kingdom (4%), Netherlands (3.7%), Canada (2.9%), Cayman Islands (2%), Trinidad/Tobago (1.9%), Ghana (1.7%), Barbados (1.5%) and Guyana (1.2%).
From a continental perspective, 50.2% of Jamaica’s exports by value was delivered to buyers in North American countries while 33.3% was sold to importers in Europe. Jamaica shipped another 11.3% worth of goods to Latin America excluding Mexico but including the Caribbean.
Smaller percentages went to customers in Asia (3.1%), Africa (1.7%), and Oceania (0.4%) mostly New Zealand and Australia.
Given Jamaica’s population of 2.75 million people, its total $1.16 billion in 2024 exports translates to roughly $420 for every resident in the West Indian Island. That dollar amount lags the average $550 per capita one year earlier during 2023.
Jamaica’s Top 10 Exports
The following export product groups at the 2-digit Harmonized Tariff System (HTS) code level represent the highest dollar value in Jamaican global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Jamaica.
- Inorganic chemicals: US$399.3 million (34.6% of total exports)
- Beverages, spirits, vinegar: $170.5 million (14.8%)
- Mineral fuels including oil: $60.7 million (5.3%)
- Miscellaneous food preparations: $59.9 million (5.2%)
- Vegetables: $59.3 million (5.1%)
- Ores, slag, ash: $53.7 million (4.6%)
- Ships, boats: $48.2 million (4.2%)
- Cereal/milk preparations: $34.1 million (2.9%)
- Coffee, tea, spices: $33.4 million (2.9%)
- Vegetable/fruit/nut preparations: $30.5 million (2.6%)
Jamaica’s top 10 export categories accounted for 82.2% of the overall value of its global shipments.
Miscellaneous food preparations represent the fastest grower among the top 10 export categories, up by 19.7% from 2023 to 2024.
In second place for improving export sales were vegetables via an 18.7% advance.
Jamaica’s shipments of cereal or milk preparations posted the third-fastest gain in value, up by 6.3%.
The leading decliner among Jamaica’s top 10 export categories was mineral fuels including oil, recording a -86.2% year-over-year drop.
At the more granular four-digit Harmonized Tariff System (HTS) code level, Jamaica’s most valuable exported products were aluminum oxides or hydroxides (34.5% of the Jamaican total), alcoholic beverages including spirits and liqueurs (6.3%), processed petroleum oils (5.2%), a subgroup of yams, sweet potatoes and artichokes (4.9%), aluminum ores and concentrates (4.6%), cruise or cargo ships and barges (3.4%), sauces, mixed condiments and seasonings (3%), bread, biscuits, cakes and pastries (2.8%), miscellaneous fermented beverages (2.55%), then malt beer (2.49%).
Products Generating Jamaica’s Largest Trade Surpluses
The following types of Jamaican product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Inorganic chemicals: US$304.2 million (Down by -23.4% since 2023)
- Ores, slag, ash: $53.6 million (Down by -21.1%)
- Vegetables: $28 million (Up by 21.8%)
- Coffee, tea, spices: $24.9 million (Down by -4.6%)
- Ships, boats: $15 million (Reversing a -$15.5 million deficit)
- Copper: $6.6 million (Reversing a -$6.3 million deficit)
- Woodpulp: $1.2 million (Up by 51.8%)
- Cotton: $595,000 (Reversing a -$2.6 million deficit)
- Lead: $223,000 (Reversing a -$109,000 deficit)
- Gums, resins, other vegetable saps: $70,000 (Reversing a -$635,000 deficit)
Jamaica generated highly positive net exports in the international trade of aluminum oxides and hydroxides. In turn, these cashflows indicate Jamaica’s strong competitive advantages under the inorganic chemicals product category.
Products Generating Jamaica’s Worst Trade Deficits
Jamaica incurred an overall -US$5.44 billion trade deficit for 2024, reducing by -10.4% from the -$6.1 billion in red ink one year earlier in 2023.
Below are exports from Jamaica that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Jamaica’s goods trail Jamaican importer spending on foreign products.
- Mineral fuels including oil: -US$1.3 billion (Down by -21.6% since 2023)
- Vehicles: -$623.2 million (Up by 0.6%)
- Machinery including computers: -$521 million (Down by -10.9%)
- Electrical machinery, equipment: -$349.7 million (Down by -8%)
- Plastics, plastic articles: -$270.3 million (Up by 0.9%)
- Cereals: -$174.7 million (Down by -21.7%)
- Pharmaceuticals: -$162.6 million (Down by -16.4%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$139.7 million (Up by 9%)
- Articles of iron or steel: -$126.6 million (Down by -5.8%)
- Paper, paper items: -$125.4 million (Down by -11.9%)
Jamaica incurred highly negative net exports and therefore deep international trade deficits under the mineral fuels including oil category. Historically, notable deficits were for both refined and crude petroleum oils and petroleum gases.
Jamaican Export Companies
No Jamaican-based corporation ranks among the Forbes Global 2000.
Wikipedia does list exports-related companies from Jamaica. Selected examples are shown below.
- Alpart (aluminum)
- Desnoes & Geddes (brewery)
- J. Wray and Nephew Ltd (alcoholic beverages)
- Petroleum Corporation of Jamaica (oil, gas)
- Port Authority of Jamaica (ports/shipping)
In macroeconomic terms, Jamaica’s total exported goods represent 3.5% of its overall Gross Domestic Product for 2024 ($33.1 billion valued in Purchasing Power Parity US dollars). That 3.5% for exports to overall GDP in PPP for 2023 compares to 4.3% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Jamaica’s total economic performance, albeit based on a relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Jamaica’s jobless rate averaged 4.175% for 2024, down from 4.4% one year earlier according to International Monetary Fund metrics.
Jamaica’s capital city is Kingston.
See also Bermuda’s Top 10 Exports, Cuba’s Top 10 Exports, Dominican Republic’s Top 10 Exports, Wine Exports by Country and Beer Exports by Country
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 7, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 7, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 7, 2025
International Trade Centre, Trade Map. Accessed on May 7, 2025
Investopedia, Net Exports Definition. Accessed on May 7, 2025
The World Bank, Official Exchange Rate (LCU per US$, period average) – Jamaica. Accessed on May 7, 2025
Wikipedia, Gross domestic product. Accessed on May 7, 2025
Wikipedia, Jamaica. Accessed on May 7, 2025
Wikipedia, List of Companies of Jamaica. Accessed on May 7, 2025
Wikipedia, Purchasing power parity. Accessed on May 7, 2025