The United States is Jamaica’s main trading partner, accounting for over 40 percent of total trade in 2022. Jamaica’s other major trading partners are China, Brazil, Trinidad & Tobago, and Japan. Jamaica is attractive to U.S. exporters due to its geographic proximity and access to shipping lanes; relatively large English-speaking market; stable democracy and strong commercial and cultural affinity; and improving business climate.
Jamaica has demonstrated strong fiscal discipline since it began implementing International Monetary Fund (IMF) guided economic reforms in 2013. Through successive programs, Jamaica restructured its domestic debt and undertook ambitious economic and legislative reforms to include the elimination of sector-specific tax incentives and waivers and improving the business climate. By the time the program ended in 2019, Jamaica had successfully passed all its reviews with the macro-economic indicators showing major improvements. The debt to GDP ratio moved from a peak of almost 150 percent to near 90 percent, inflation has averaged single digits and unemployment fell to a record low of 4.5 percent.
Please see the Executive Summary in theInvestment Climate Statement.
Political Environment
Visit the State Department’s website for background on the country’s political and economic environment:https://www.state.gov/countries-areas/jamaica/
