Jamaica - Country Commercial Guide
Minerals, Lubricants and Related Materials

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2021-08-14

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.