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Why Export?  

Exporting affords businesses a greater opportunity for expansion and profitability. According to the United States (US) Department of Commerce, companies that export are 17 per cent more profitable than those that don’t. Additionally, tapping into new markets increases competitiveness and bolsters the value of a company.  

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, during the recently held ‘Keys to LATAM’ conference in Kingston, urged business owners to not rely only on domestic markets.  

Against this backdrop, the Jamaican Government continues to work on developing the necessary policy frameworks to enable an export-driven economy.  

JAMPRO’s flagship programme, Export Max remains one of the country’s top capacity-building programmes that helps local companies become export-ready to reach new, traditional and emerging markets. The programme is in its fourth cohort.  

Overall, between the period April 1 to September 30 this year, 515 exporters remained active, of which 67 were newly registered. Further breakdown shows that 38% account for the Agribusiness sector, 21% for non-food manufacturing and 35% for Small and Medium Enterprises/Traders.  

Global Projections 
On the global scale, trading helps to keep an economy dynamic, open and competitive. This, however, is often affected by global activities such as the COVID-19 pandemic and constant conflict between nations.  

Most recently, the World Trade Organization (WTO), while lowering this year’s world merchandise trade growth projections, forecasts that “trade is expected to grow more slowly than Gross Domestic Product (GDP) this year but faster in 2024.”  

“The trade slowdown appears to be broad-based, involving a large number of countries and a wide array of goods, specifically certain categories of manufactures such as iron and steel, office and telecom equipment, textiles, and clothing. A notable exception is passenger vehicles, sales of which have surged in 2023. The exact causes of the slowdown are not clear, but inflation, high interest rates, US dollar appreciation, and geopolitical tensions are all contributing elements.” – Global Trade Outlook and Statistics — Update: October 2023. 

Shane Angus, Interim Vice President for Exports at JAMPRO, spoke at a recent Trade Agreements Information Session in Kingston, where he underscored that for Jamaica to grow its GDP and per capita income, “we must export more of our goods and services.” 

“As such, JAMPRO continues our efforts to facilitate our Jamaican exporters and to close the knowledge gap which is a significant hindrance to export growth,” he stated.  

How to become export-ready 

1. Capacity Assessment: Business owners must analyze their ability to consistently deliver to overseas markets. Factors such as operational costs, staff capacity, and export expenses need meticulous evaluation. 

2. Strategizing business marketing and promotion: Business owners must obtain Intellectual Property (IP) protection before the marketing process of a brand is actualized. Exporters should register their name and brand in all target markets.  

Market research helps to ensure that the right markets are targeted to develop awareness around domestic culture and consumer tastes. This also helps to establish demand for products or services; identify the channels of distribution for selected markets and learn the required standards and quality of the country of interest. 

Additionally, local exporters must be registered through the Jamaica Custom’s ASYCUDA and Jamaica Single Window for Trade (JSWIFT) platforms to acquire market access for goods. Following registration, exporters can refer to the conditions, tariff, and non-tariff barrier measures (NTMs) set by countries for the entry of specific goods into their markets using several trade agreements.  

Establishing a distributor relationship  

As an Exporter, establishing a distributor relationship is vital to ensuring a smooth exporting process. This agreement governs the relationship between a manufacturer and distributor, which then sells goods to consumers. 

Some benefits of this agreement include gaining access to an established customer base of resellers and retailers which helps to facilitate speedy promotion of products to customers. Additionally, distributors are usually equipped with relevant knowledge of how to market to customers of the host country. 

In summary, navigating the intricate path of exporting demands meticulous planning, market acumen, and strategic partnerships. With JAMPRO’s expert guidance, Jamaican businesses can harness the potential of global markets, paving the way for sustained growth and international recognition. 

JAMPRO’s Facilitation Services 

JAMPRO serves as an agency of the Ministry of Industry, Investment and Commerce and is Jamaica’s export and investment promotion agency, responsible for facilitating the growth and development of the country’s export and investment sectors.  

The agency offers a wide range of support services including market penetration, research, business approvals, capacity building, market intelligence, business matchmaking and site selection, among others.  

For more information, contact info@dobusinessjamaica.com or Tel: 1 (876) 978-7755