Jamaica Trade

Subchapters:

  • Business Relationships
  • Foreign direct investment
  • FTAs ​​and Treaties
  • Development Cooperation
  • Prospective fields of study (MOP)

Business relations

Trade relations with the EU

The EU’s main exports to Jamaica are machinery and transport equipment, food, industrial products and chemicals. Jamaica’s exports to the EU are primarily raw materials, food and live animals, and industrial and transport equipment.

  • Allcountrylist: Overview of major industries in Jamaica, including mining, construction, transportation, tourism, and foreign trade.
2017 2018 2019 2020 2021
Exports from the EU (million EUR) 340.6 398.5 338.2 314.5 322.6
Imports into the EU (million EUR) 174.4 227.1 262.1 122.4 152.9
Balance with the EU (million EUR) -166.2 -171.4 -76.1 -192.1 -169.7

Source: European Commission

Trade relations with the Czech Republic

Comment on the numbers in the table, the reasons for the positive or negative balance, comparison with the EU and what causes the differences.

2017 2018 2019 2020 2021
Exports from the Czech Republic (billion CZK) 0 0 0 0 ON
Imports to the Czech Republic (billion CZK) ON ON ON ON ON
Balance with the Czech Republic (billion CZK) 0 0 0 0 ON

Source: CZSO

The Czech Republic has an active balance, for example, in the export of glass and glass products (plus almost 8 million CZK) or iron products, and a passive balance in the import of beverages and liquids (minus almost 19 million CZK).

Trade relations with countries outside the EU

Comment on the numbers in the table, the reasons for the positive or negative balance, comparison with the EU and what causes the differences.

2017 2018 2019 2020 2021
Exports from countries outside the EU (million EUR) 818.5 1 198.8 1,066.9 721.7 1 147.9
Imports to countries outside the EU (million EUR) 4,528.7 4,980.0 5 180.8 3,883.1 4,853.6
Balance with non-EU countries (million EUR) -3,710.1 -3,781.2 -4,113.9 -3 161.5 -3,705.7

Source: EIU, Eurostat

Foreign direct investment

The increasing stability of the Jamaican economy creates free funds in the country that will be available to purchase goods and missing equipment. An important area is, for example, healthcare, where the need to improve healthcare is more urgent than in other areas. This is therefore a possible opportunity for Czech companies and their medical equipment. Another opportunity for Czech companies is also the area of ​​services, energy (especially with an emphasis on renewable resources), air transport, the area of ​​information technology, construction and logistics. Minibreweries for restaurants and tourist complexes or supplies of equipment for drinking water treatment and wastewater treatment could also find application here.

FTAs and treaties

Treaties with the EU

Jamaica is a member of the EU-Caribbean Economic Partnership Agreement.

In October 2008, the EU signed the so-called CARIFORUM – EU Economic Partnership Agreement, Jamaica is one of the signatories of the agreement. The agreement simplifies trade and investment relations, it also has a significant component in the form of Aid for Trade. EU with Caribbean countries incl. Jamaica opened according to the duty-free-quota-free principle for all products.

Contracts with the Czech Republic

The Czech Republic has had an air transport agreement with Jamaica in force since 2014.

In 2021, a trip of the Deputy MFA with a business delegation was being prepared, which had to be postponed due to the ongoing pandemic. In May 2022, the Deputy Minister of Foreign Affairs visited. In addition to political consultations, the main goal of his business trip was to support the interests of Czech companies in the sector of production and distribution of medical devices.

Developmental cooperation

Two small local projects were implemented in Jamaica in 2013 and 2015.

– MLP 2013 – “Learning Net-Works Learning Business Center”, The Violence Prevention Alliance In 2013, in cooperation with the local non-profit organization The Violence Prevention Alliance, SM New York implemented a small local project in the amount of CZK 407,506 aimed at equipping and staff training of another VPA branch specializing in retraining socially disadvantaged youth and teaching entrepreneurship. VPA operates throughout Jamaica and has received several mentions for its model in the framework of UN development work. VPA creates a network of retraining centers for young people from socially weak families and provides them with conditions for independent entry into life. The preparation for completing the education is uniquely connected with the breeding of aquarium fish, which are subsequently offered for sale by the students and in turn finance the operation of the individual branches. As part of the project, the Czech Republic contributed to the purchase of 8 desktop computers with teaching software and other audiovisual equipment. From the contribution, the staff of the new center was also trained together with 8 young students who are involved in the breeding of aquarium fish for the long-term sustainability of the project. A new branch was established in Spanish Town in the St. Catherine, about 10 km from Kingston.

– MLP 2015 – “The Pringle Home Recreational Park”, YB Afraid Foundation Following the successful cooperation in 2013, an MLP in the amount of CZK 486,620 was implemented in 2015 in cooperation with the non-profit organization of the well-known athlete Yohan Blake, YB Afraid Foundation. The foundation deals with the operation of children’s homes for boys, and the contribution of the Czech Republic was used to finance part of the construction of a sports field and leisure facilities in a children’s home in the town of Highgate in the area of ​​St. Bier. The contribution of the Czech Republic mainly finances the improvement of the surface of the sports ground, the total construction of which has a budget of CZK 1,282,184. The town of Highgate is about 60 km from the capital.

The Czech Republic does not provide humanitarian aid to Jamaica.

Prospective fields of study (MOP)

The great distance from the Czech Republic, the small number of inhabitants with a lower-medium standard of living and almost no experience of Czech companies with Jamaica lead to only minimal trade and economic exchange. Czech goods are almost unknown on the island. The internal market of Jamaica is not very attractive for Czech companies to operate only on the Jamaican market. Czech companies should therefore focus on sectors in which Jamaica is involved in international trade.

Belongs here:

  • Real estate, hotel industry
  • Food processing for export
  • Mineral raw materials, machinery and equipment for the extraction of raw materials
  • BPO, Business Process Outsourcing, mainly for the nearby American market.

A great opportunity for Czech companies is the healthcare sector, which is characterized by a lack of equipment.

Another opportunity is also in the field of services, energy (especially with an emphasis on renewable resources), air transport, the field of information technology, construction or logistics. Minibreweries for restaurants and tourist complexes or supplies of equipment for drinking water treatment and wastewater treatment could also find application here.

Jamaica Trade