Overview
There was a significant jump in the amount of Minerals, Lubricants and Related Materials (LMRM) sourced from the U.S. in 2021. This was a recovery from the pandemic slump, associated with the COVID-19 restrictions, and was a return to the growth trajectory.
| Mineral, Lubricants & Related Materials ($M) | 2020 | 2021 | 2022 |
| Total Exports | 266 | 468 | 1031 |
| Total Imports | 937 | 1547 | 2380 |
| Imports from the US | 440 | 701 | 1209 |
| Exchange Rates | 143.27 | 151.62 | 154.21 |
(Total market size = (total local production + imports) - exports); *N/A indicates no data are available
Source: Statistical Institute of Jamaica (STATIN)
Leading Sub-Sectors
Best prospects in this category include motor spirits (gasoline), Kerosene type jet fuel, Ultra- low sulfur diesel oil and other liquid petroleum products.
Opportunities
In early 2020, Jamaica released its Integrated Resource Plan (IRP) outlining an electricity roadmap for the next two decades. The IRP projects 1,664 MW of new capacity at a cost of $7.3 billion, including fuel cost and the replacement of retired generation, over the twenty-year planning horizon. Renewable energy sources are expected to account for almost 80 percent of the new capacity, with just over 400 MW of renewable energy initially slated to be implemented by 2024.