Flag Jamaica

Econ Complexity (2018): -0.25, Rank 79 of 137

Product Exports (2018): $1.25B, Rank 143 of 222

Exports Per Capita (2018): $425, Rank 205 of 219

Product Imports (2018): $4.4B, Rank 135 of 221

Imports Per Capita (2018): $1.5k, Rank 194 of 219

Service Exports (2018): $3.83B, Rank 49 of 88

Service Imports (2018): $2.51B, Rank 56 of 88

GDP (2018): $15.7B, CURRENT US$
Rank 121 of 196

GDP growth (2008 - 2018): 14.9%, CURRENT US$
Rank 135 of 196

GDP PC (2018): $5,354, CURRENT US$
Rank 107 of 196

GDP PC GROWTH (2008 - 2018): 8.88%, CURRENT US$
Rank 126 of 196

Overview: In 2018 Jamaica was the number 121 economy in the world in terms of GDP (current US$), the number 143 in total exports, the number 135 in total imports, and the number 79 most complex economy according to the Economic Complexity Index (ECI). In 2018, Jamaica exported $1.25B and imported $4.4B, resulting in a negative trade balance of -$3.15B. In 2018, Jamaica's exports per capita were $425 and its imports per capita were $1.5k.

Trade: The top exports of Jamaica are Aluminium Oxide ($688M), Aluminium Ore ($123M), Hard Liquor ($83M), Beer ($33.3M), and Other Processed Fruits and Nuts ($32.2M). The top imports of Jamaica are Refined Petroleum ($813M), Cars ($325M), Sodium or Potassium Peroxides ($179M), Crude Petroleum ($105M), and Raw Iron Bars ($58.6M).

Destinations: Jamaica exports mostly to United States ($336M), Norway ($149M), Germany ($125M), Russia ($105M), and Iceland ($91.1M), and imports mostly from United States ($2.03B), China ($584M), Japan ($238M), Germany ($118M), and Mexico ($109M).

Location: Jamaica borders Colombia, Cuba, Haiti, and Cayman Islands by sea.

Product Exports

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Value

Top Export (2018): Aluminium Oxide, $688M

Top Destination (2018): United States, $336M

In 2018 Jamaica exported a total of $1.25B, making it the number 143 exporter in the world. During the last five reported years the exports of Jamaica have changed by -$288M from $1.54B in 2013 to $1.25B in 2018.

The most recent exports are led by Aluminium Oxide ($688M), Aluminium Ore ($123M), Hard Liquor ($83M), Beer ($33.3M), and Other Processed Fruits and Nuts ($32.2M). The most common destination for the exports of Jamaica are United States ($336M), Norway ($149M), Germany ($125M), Russia ($105M), and Iceland ($91.1M).

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Product Imports

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Value

Top Import (2018): Refined Petroleum, $813M

Top Origin (2018): United States, $2.03B

In 2018 Jamaica imported $4.4B, making it the number 135 trade destination in the world. During the last five reported years the imports of Jamaica changed by -$1.8B from $6.19B in 2013 to $4.4B in 2018.

The most recent imports of Jamaica are led by Refined Petroleum ($813M), Cars ($325M), Sodium or Potassium Peroxides ($179M), Crude Petroleum ($105M), and Raw Iron Bars ($58.6M). The most common import partners for Jamaica are United States ($2.03B), China ($584M), Japan ($238M), Germany ($118M), and Mexico ($109M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Jamaica Exports Services (2018): $3.83B

Jamaica Imports Services (2018): $2.51B

In 2018, Jamaica exported $3.83B worth of services. The top services exported by Jamaica in 2018 were Personal travel ($3.1B), Transportation ($224M), Other business services ($223M), Computer and information services ($128M), and Personal, cultural, and recreational services ($105M).

The top services imported by Jamaica in 2018 were Transportation ($905M), Other business services ($809M), Personal travel ($242M), Insurance services ($138M), and Construction services ($101M).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Jamaica. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Jamaica are Cabbage lettuce (head lettuce) fresh or chilled (100%) and Lettuce, fresh or chilled except cabbage lettuce (100%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Jamaica are:
136: Most Favoured Nation duty rate treatement

Economic Complexity

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Economic Complexity Ranking

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During the last 20 years Jamaica's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨83rd to the 79th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Jamaica has a high level of specialization in Aluminium Oxide (519), Aluminium Ore (358), Vermouth (80.3), Other Fermented Beverages (51.5), and Cassava (42.1). Specialization is measured using RCA, an index that takes the ratio between Jamaica observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Jamaica according to the product complexity index (PCI) are Polymer based paints, varnishes in non-aqueous medium (0.34), Yachts, pleasure, sports vessels, rowing boats, canoes (0.31), Synthetic filament tow (0.29), Paints and varnishes nes, water pigments for leather (0.27), and Fermented beverages nes (eg cider, perry, mead) (0.23). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Jamaica according to the relatedness index, are Tropical Fruits (0.13), Gold (0.13), Non-fillet Fresh Fish (0.12), Other Oily Seeds (0.12), and Non-fillet Frozen Fish (0.12). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Jamaica is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.