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• GDP: US$12.8 billion (2006).
• Main imports: Food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, and machinery and transport equipment.
• Main exports: Aluminium, bauxite, sugar, bananas, and rum.
• Main trade partners: USA, Canada, China, Trinidad and Tobago, and the UK.
• Main imports: Food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, and machinery and transport equipment.
• Main exports: Aluminium, bauxite, sugar, bananas, and rum.
• Main trade partners: USA, Canada, China, Trinidad and Tobago, and the UK.
Economy
The discovery of bauxite in Jamaica during the 1940s spawned a thriving bauxite-alumina industry, shifting the island's economy from sugar and bananas. By the 1970s, Jamaica had emerged as a world leader in export of these minerals and today, bauxite accounts for more than half of the country's export earnings.
During the mid 1990s the economy shrunk each year at a rate of 1%. In 1996, Jamaica navigated the troubled waters of an economic crisis that saw the GDP remain stagnant until 2000. In 2005/6, the economy grew by 1.8%. Economic policy has pursued a familiar course of privatisation of state-owned enterprises, deregulation, tight budgetary controls, and reform of the tax and banking systems. The process was supervised by the IMF and aimed principally at reducing Jamaica's large national debt burden. Although these measures improved Jamaica's financial position, it has offered little benefit to the population, with high inflation and unemployment rife.
Today, tourism has become a major source of foreign exchange and Jamaica's economic backbone.
Jamaica is a member of the Caribbean trading bloc, CARICOM, and of the Inter-American Development Bank.
During the mid 1990s the economy shrunk each year at a rate of 1%. In 1996, Jamaica navigated the troubled waters of an economic crisis that saw the GDP remain stagnant until 2000. In 2005/6, the economy grew by 1.8%. Economic policy has pursued a familiar course of privatisation of state-owned enterprises, deregulation, tight budgetary controls, and reform of the tax and banking systems. The process was supervised by the IMF and aimed principally at reducing Jamaica's large national debt burden. Although these measures improved Jamaica's financial position, it has offered little benefit to the population, with high inflation and unemployment rife.
Today, tourism has become a major source of foreign exchange and Jamaica's economic backbone.
Jamaica is a member of the Caribbean trading bloc, CARICOM, and of the Inter-American Development Bank.
Business Etiquette
Jamaica's business culture is based on respect and polite formalities. A suit, jacket and tie should be worn to meetings. Punctuality is valued and appointments and business cards are expected. Goods other than non-commercial samples require clearance from the office of the Trade Administrator. Customs authorities will demand this before allowing goods into the country - however small the quantity.
Office hours: Mon-Fri 0830-1700.
Office hours: Mon-Fri 0830-1700.
Business Contacts
The Jamaican Chamber of Commerce
39 Hope Road, Kingston 10, Jamaica
Tel: 922 0150.
Website: www.jamaicachamber.org
The American Chamber of Commerce of Jamaica
81 Knutsford Boulevard, Kingston 5, Jamaica
Tel: 929 7866.
Website: www.amchamjamaica.org
Trade Board Ltd
107 Constant Spring Road, Kingston 10, Jamaica
Tel: 969 0883 or 3228 or 2785.
Website: www.tradeboard.gov.jm
Contact to obtain an import licence for trade samples.
Jamaica Conference Centre
Duke Street, Kingston, Jamaica
Tel: 922 9160.
The Jamaica Tourist Board can supply information on conferences (see Contact Addresses).
39 Hope Road, Kingston 10, Jamaica
Tel: 922 0150.
Website: www.jamaicachamber.org
The American Chamber of Commerce of Jamaica
81 Knutsford Boulevard, Kingston 5, Jamaica
Tel: 929 7866.
Website: www.amchamjamaica.org
Trade Board Ltd
107 Constant Spring Road, Kingston 10, Jamaica
Tel: 969 0883 or 3228 or 2785.
Website: www.tradeboard.gov.jm
Contact to obtain an import licence for trade samples.
Jamaica Conference Centre
Duke Street, Kingston, Jamaica
Tel: 922 9160.
The Jamaica Tourist Board can supply information on conferences (see Contact Addresses).
