Jamaica - Foreign trade



Since the discovery of bauxite deposits in the 1950s, Jamaica has become increasingly active in international trade and has gradually loosened its ties to the Commonwealth and increased commercial contacts with North America and the Caribbean. On the supply side, the Jamaican government is committed to attracting foreign investment; and on the demand side, Jamaica is a consumer oriented country, that produces very little of its major necessities. The US supplies at least 50% of Jamaica's food needs, but two-thirds of all tourists come from the US. Jamaica has never recorded a visible trade surplus. In February 1991, the government implemented the CARICOM Common External Tariff (CET), creating the first customs union in the Caribbean.

This island's most lucrative exports are alumina and bauxite (56%), while the garment industry comes second (11%). Sugar (6.4%), rum (4.4%), and fruits (bananas) and nuts (2.5%) are the important agricultural products.

In 2000 Jamaica's imports were distributed among the following categories:

Jamaica

Consumer goods 19.3%
Food 13.5%
Fuels 18.3%
Industrial supplies 22.9%
Machinery 12.8%
Transportation 10.5%
Other 2.7%

Principal trading partners in 2000 (in millions of US dollars) were as follows:

Jamaica

COUNTRY EXPORTS IMPORTS BALANCE
United States 512 1,451 -939
United Kingdom 150 98 52
Netherlands 145 22 123
Canada 134 98 36
Norway 120 n.a. n.a.
France 41 22 19
Japan 30 192 -162
Trinidad and Tobago 22 320 -298
Germany 14 42 -28
China (inc. Hong Kong) 6 46 -40
Also read article about Jamaica from Wikipedia

User Contributions:

1
Tylesha Wilson
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Apr 20, 2008 @ 1:13 pm
really show all the important information about history or the things happening today in the world
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May 11, 2010 @ 3:15 pm
this info will certainly help me in the completing of my business plan

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