This is a best prospect industry sector for this country. Includes a market overview and trade data.
Overview
There was almost a doubling in the amount of Minerals, Lubricants and Related Materials (LMRM) emanating from the U.S. in 2017. The share of imports from the U.S. continued to grow, increasing by over 20 percent in the two ensuing years. While the U.S remains a major supplier of refined petroleum products, there was a steep decline in exports to Jamaica in 2020, reflecting the decline in driving associated with COVID-19 stay-at-home restrictions.
|
Mineral, Lubricants & Related Materials ($M) |
2017 |
2018 |
2019 |
2020 |
|
Total Local Production |
N/A |
N/A |
N/A |
N/A |
|
Total Exports |
234 |
280 |
300 |
239.6 |
|
Total Imports |
1,371 |
1,610 |
1,667 |
884.2 |
|
Imports from the US
|
645 |
774 |
990 |
387.7 |
|
Total Market Size |
N/A |
N/A |
N/A |
N/A |
|
Exchange Rates |
128.36 |
129.72 |
134.22 |
143.27 |
(total market size = (total local production + imports) - exports); *N/A indicates no data are available
Source: STATIN
Leading Sub-Sectors
Best prospects in this category include lubricating oils, motor spirits (gasoline), 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 is expected to account for almost 80 percent of the new capacity, with just over 400 MW of renewable energy initially slated to be implemented during the next four years, starting with 147 MW of wind and solar in 2022. This timetable could be delayed by the onset of the COVID-19 pandemic.