Industry Minister Aubyn Hill says that to improve Jamaica’s trade balance and secure long-term prosperity, all stakeholders including government and private sector must make exporting a national imperative. 

Hill, speaking at February 25 launch of Trade Board Limited’s EXPORTAcademy, stressed that exporting is not just an economic strategy, but an economic necessity, and so it’s imperative that Jamaica take exporting seriously.

“The time to expand Jamaica’s exports is not tomorrow; it’s today. We have to make sure that the Jamaica we see today is a much better one when we reach tomorrow because we have to be exporting a lot more,” he said.

In quoting Terri-Karelle Johnson, the host at the EXPORTAcademy launch on Tuesday, Hill noted that “National development is sexy. We tend to believe that only if you run fast and dance well, that is sexy, but what is actually sexy is economic development, and especially economic growth and the growth of exports.”

He highlighted that in 2023 Jamaica’s exports totaled approximately US$2.4 billion, which is the first time it has passed US$2 billion. Also, while imports stood at US$6.8 billion, our negative trade balance was US$4.4 billion.

“Historically, Jamaica has struggled with a negative trade balance with 1966 being the only year since political independence that our exports surpassed imports but since we became independent it’s been one year 1966, that we’ve had a positive trade balance. When you have that kind of history, you cannot become rich just by becoming a stable economy; you have to do some other things,” he added.

Hill further emphasised while Jamaica’s GDP per capita has increased, more can be achieved through export. “While GDP per capita has improved to approximately US$6,800 from revelling US$4,900 to US$5,500 for many decades… it’s substantially low when compared to Bermuda, Barbados and Trinidad.”

He continued, “It’s time we move away from that very low per capita GDP and the best way to do that is by export, Trade Board Limited is on the cutting edge of what it takes to make sure we become a richer country…. we will not get rich selling to under three million people that have a per capita GDP of [fewer] than seven thousand dollars. We are going to get rich by making many more new products and services.”

Hill further stated that though we may not be able to take on China, Mexico, or Colombia, we can take on the world through our brains and technology.

“Many of the richest countries in the world are small countries. The US is an exception, but right beside it is Singapore… so we need to ensure we are exporting a lot more… what we must become is the centre of everything that is good in the Caribbean.”

He expressed that to achieve this vision, it requires a lot more exports.

“The Andrew Holness administration is determined to position Jamaica as the region’s logistics hub and the Caribbean’s financial services centre, making our nation the gateway for goods, services, and capital; a strong and much greater level of exports is what drives this vision,” Hill added.