That dollar amount reflects a -7.8% drop from $1.65 billion five years earlier in 2019.
Year over year, revenues from Jamaican export sales retreated by -20% compared to $1.9 billion for 2022.
Based on average exchange rates, the Jamaican dollar depreciated by -15.6% against the US dollar since 2019 and fell by -2.2% from 2022 to 2023. Jamaica’s weaker local currency made Jamaican exports paid for in stronger US dollars relatively less expensive for international buyers.
The top 5 goods by value exported from Jamaica in 2023 were aluminum oxides or hydroxides, processed petroleum oils, alcoholic beverages including spirits and liqueurs, aluminum ores and concentrates, then a subgroup of yams, sweet potatoes and artichokes. Combined, Jamaica’s quintet of most valuable exported products accounted for nearly two-thirds (72.5%) of the Caribbean island’s overall export tally.
Jamaica’s Major Trading Partners
The latest available country-specific data 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 $1.52 billion in 2023 exports translates to roughly $550 for every resident in the West Indian Island. That dollar amount exceeds the average $310 per capita one year earlier during 2022.
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 2023. Also shown is the percentage share each export category represents in terms of overall exports from Jamaica.
- Inorganic chemicals: US$482.6 million (31.7% of total exports)
- Mineral fuels including oil: $438.3 million (28.8%)
- Beverages, spirits, vinegar: $168.3 million (11.1%)
- Ores, slag, ash: $68 million (4.5%)
- Miscellaneous food preparations: $50 million (3.3%)
- Vegetables: $50 million (3.3%)
- Vegetable/fruit/nut preparations: $42.3 million (2.8%)
- Coffee, tea, spices: $36.9 million (2.4%)
- Cereal/milk preparations: $32 million (2.1%)
- Salt, sulphur, stone, cement: $24.1 million (1.6%)
Jamaica’s top 10 export categories accounted for 91.5% of the overall value of its global shipments.
Salt, sulphur, stone and cement was the fastest grower among the top 10 export categories, up by 118.5% from 2022 to 2023.
In second place for improving export sales was inorganic chemicals: via a 92.1%gain led by ???.
Jamaica’s shipments of miscellaneous food preparations: posted the third-fastest gain in value up by 13.1%.
The leading decliner among Jamaica’s top 10 export categories was mineral fuels including oil: thanks to a -57.5% drop year over year
At the more granular four-digit Harmonized Tariff System (HTS) code level, Jamaica’s most valuable exported products were aluminum oxides or hydroxides (31.7% of the Jamaican total), processed petroleum oils (28.7%), alcoholic beverages including spirits and liqueurs (4.6%), aluminum ores and concentrates (4.5%), a subgroup of yams, sweet potatoes and artichokes (3.1%), sauces, mixed condiments and seasonings (2.4%), flavored wines including vermouth (2.3%), non-alcoholic drinks (also 2.3%) excluding water, juices or milk, bread, biscuits, cakes and pastries (1.9%), then coffee (1.8%).
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$397.3 million (Up by 158.9% since 2022)
- Ores, slag, ash: $68 million (Down by -9.6%)
- Coffee, tea, spices: $26.1 million (Up by 26.1%)
- Vegetables: $23 million (Down by -1.7%)
- Vegetable plaiting materials: $850,000 (Up by 12.1%)
- Woodpulp: $814,000 (Up by 92%)
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$6.1 billion trade deficit for 2023, expanding by 4.1% from the -$5.8 billion in red ink one year earlier in 2022.
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$1.6 billion (Up by 18.8% since 2022)
- Vehicles: -$619.5 million (Up by 28.9%)
- Machinery including computers: -$584.5 million (Up by 21.5%)
- Electrical machinery, equipment: -$380.2 million (Up by 13.1%)
- Plastics, plastic articles: -$268 million (Down by -4.3%)
- Cereals: -$223.2 million (Down by -15.5%)
- Pharmaceuticals: -$194.6 million (Up by 3.2%)
- Miscellaneous food preparations: -$155.7 million (Down by -7.9%)
- Iron, steel: -$147.2 million (Down by -13.7%)
- Paper, paper items: -$142.3 million (Down by -9%)
Jamaica incurred highly negative net exports and therefore deep international trade deficits under the mineral fuels including oil category. Notable deficits are 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 4.3% of its overall Gross Domestic Product for 2023 ($35.7 billion valued in Purchasing Power Parity US dollars). That 4.3% for exports to overall GDP in PPP for 2022 compares to 2.5% for 2022. Those percentages suggest a relatively increasing reliance on products sold on international markets for Jamaica’s total economic performance, albeit based on a relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Jamaica’s jobless rate averaged 4.4% for 2023, up from 2.743% one year earlier according to International Monetary Fund metrics.
Jamaica’s capital city is Kingston.
See also Bermuda’s Top 10 Exports, Cuba’s Top 10 Exports, Dominican Republic’s Top 10 Exports, Wine Exports by Country and Beer Exports by Country
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on August 6, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 6, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 6, 2024
International Trade Centre, Trade Map. Accessed on August 6, 2024
Investopedia, Net Exports Definition. Accessed on August 6, 2024
The World Bank, Official Exchange Rate (LCU per US$, period average) – Jamaica. Accessed on August 6, 2024
Wikipedia, Gross domestic product. Accessed on August 6, 2024
Wikipedia, Jamaica. Accessed on August 6, 2024
Wikipedia, List of Companies of Jamaica. Accessed on August 6, 2024
Wikipedia, Purchasing power parity. Accessed on August 6, 2024