Trade in Goods
Traditionally, Jamaica’s primary area of focus has been the trade in goods (merchandise trade), for which imports and exports accounted for 30.3% and 9.0% of GDP respectively in 2015. Prior to the discovery of bauxite, Jamaica’s economy was based on the production and export of agricultural products, primarily sugar and bananas, under preferential trade arrangements. Over time, other goods emerged as part of the export mix. These include coffee, cocoa, rum, sauces and spices, as well as non-traditional products such as ackees, yam and dasheen. The Jamaican Diaspora in the USA, Canada and the UK has played an important role in stimulating the growth of non-traditional exports to these markets. Exports also include products bauxite and alumina, fishery products, scrap metal and various manufactured goods. Jamaica’s imports include petroleum products, motor vehicles and parts, machinery, chemicals, food and beverages, telephone equipment, medicaments, paper products, textiles and clothing and footwear.
Customs Duties:
Pursuant to Articles 82 and 83 of the CARICOM Revised Treaty of Chaguaramas (RTC), Jamaica and other CARICOM countries participating in the CARICOM Single Market and Economy (CSME) have harmonised their import tariffs applied to third countries i.e. applying a Common External Tariff (CET), which characterises a Customs union. CARICOM countries participating in the CSME, therefore, do not apply import duties and Other Duties and Charges (ODCs) to trade in goods among themselves i.e., the trade among CARICOM CSME participants is duty free. However, the General Consumption Tax (GCT) is applied.
The CET ranges from 0 – 5% and 20% on manufactured goods, and for agricultural goods, there is a maximum of 40%. Nevertheless, tariffs may be levied at a higher rate based on the flexibilities granted to Member States under the Schedules (Lists) attached to the Revised Treaty of Chaguaramas.
The Ministry of Finance and the Public Service and the Jamaica Customs Agency as well as the Ministry of Industry, Commerce, Agriculture and Fisheries, are responsible for matters related to Customs duties. See websites of the Ministry of Finance and the Public Service, and the Jamaica Customs Agency, and the Ministry of Industry, Commerce, Agriculture and Fisheries:
https://www.mof.gov.jm/tax-policy/units-sections.html;
