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2023
Economic Complexity
Trade -0.14Rank 70 of 132
2022
Economic Complexity
Research -0.08Rank 64 of 140
2023
Product
Exports | Imports $1.89B | $8.02B147 of 226 |  127 of 226
2023
Per Capita Product
Exports | Imports $666 | $2.82k199 of 220 |  114 of 220

About

Overview In 2023, Jamaica was the number 124 economy in the world in terms of GDP (current US$), the number 147 in total exports, the number 127 in total imports, the number 105 economy in terms of GDP per capita (current US$) and the number 70 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Jamaica are Aluminium Oxide ($517M), Refined Petroleum ($314M), Petroleum Gas ($240M), Hard Liquor ($102M), and Other Processed Fruits and Nuts ($73.8M), exporting mostly to United States ($709M), Russia ($138M), Latvia ($131M), Iceland ($127M), and United Kingdom ($93.9M).

Imports The top imports of Jamaica are Refined Petroleum ($1.04B), Petroleum Gas ($520M), Cars ($414M), Crude Petroleum ($390M), and Packaged Medicaments ($168M), importing mostly from United States ($3.11B), China ($852M), Brazil ($315M), Colombia ($293M), and Japan ($293M).

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

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Jamaica.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Aluminium Oxide$517M
Top Destination (2023)United States$709M

In 2023, Jamaica exported a total of $1.89B, making it the number 147 exporter in the world. During the last five reported years the exports of Jamaica have changed by -$391M from $2.28B in 2018 to $1.89B in 2023.

The most recent exports are led by Aluminium Oxide ($517M), Refined Petroleum ($314M), Petroleum Gas ($240M), Hard Liquor ($102M), and Other Processed Fruits and Nuts ($73.8M). The most common destination for the exports of Jamaica are United States ($709M), Russia ($138M), Latvia ($131M), Iceland ($127M), and United Kingdom ($93.9M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
United States$201M (+ 39.6%)
Iceland$102M (+ 406%)
Latvia$97.7M (+ 293%)
Fastest Growing Import Markets (2022 - 2023)
Colombia$137M (+ 87.9%)
Nigeria$100M (+ 244%)
Russia$86.3M (+ 605%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)-0.14Rank 70 of 132
Economic Complexity (Research)-0.08Rank 64 of 140

Most Specialized Products by RCA Index

Jamaica has a high level of specialization in Aluminium Oxide (363), Vermouth (263), Other Fermented Beverages (174), Limestone (103), and Aluminium Ore (78.5). 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

The highest complexity exports of Jamaica according to the product complexity index (PCI) are Glass; articles n.e.c. in chapter 70 (0.92), Hygienic or pharmaceutical articles (including teats), of vulcanised rubber other than hard... (0.48), Paints and varnishes (including enamels, lacquers and distempers), excluding those of heading... (0.37), Plastics; builders' wares n.e.c. or included (0.32), and Vinegar and substitutes for vinegar obtained from acetic acid (0.31). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Jamaica according to the relatedness index, were Cocoa Beans (0.16), Tropical Fruits (0.15), Cement (0.15), Gold (0.15), and Other Oily Seeds (0.15). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Jamaica is not specialized in.

Product Space

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 a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Jamaica. These are products that tend to be co-exported with the products that Jamaica exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

Filter
Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Jamaica's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨85th to the 70th⁩ 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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ECI (Trade) Ranking by Country

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