Jamaica’s total spending on imports for the period January to August 2024, were valued at US$4,949.2 million, while earnings from total exports were
valued at US$1,195.9 million as released today by the Statistical Institute of Jamaica (STATIN).

The value of imports was 2.6 per cent lower than the US$5,079.5 million spent for the January to August 2023 period. This decline was largely attributable to lower imports of Raw Materials/Intermediate Goods and Fuels and Lubricant, which fell by 12.7 per cent and 1.9 per cent, respectively.

Revenue from total exports declined by 13.8 per cent over the review period when compared to the US$1,387.3 million earned for January to August 2023. This was due primarily to a 60.5 per cent fall in the value of re-exports. However, earnings from domestic exports for the 2024 review period increased by 1.1 per cent to US$1,062.9 million, due to an 8.7 per cent rise in the value of exports from the Mining and Quarrying industry.

MAIN TRADING PARTNERS
The five main trading import partners for the period January to August 2024 were the United States of America (USA), China, Brazil, Japan and Colombia. Expenditure on imports of goods from these countries fell by 3.8 per cent to US$2,995.8 million when compared to US$3,115.0 million recorded in the same period of 2023. This decrease was largely due to a 5.9 per cent fall in imports of “Mineral Fuels”.

The top five destinations for Jamaica’s exports were the USA, the Russia Federation, Iceland, the Netherlands and Canada. The value of total exports to these countries increased by 10.3per cent to US$843.4 million due mainly to a 49.5 per cent increase in the value of exports of “Crude Materials”.

The International Merchandise Trade Bulletin outlines additional information on Jamaica’s international trade activities. The August 2024 International Merchandise Trade Bulletin is available on the Statistical Institute of Jamaica’s website www.statinja.gov.jm or from the Information Section of the Institute at (876)-630-1626. Visit the Institute’s Facebook and Instagram pages @STATINJA for the August 2024 IMT infographics.

About Us: The Statistical Institute of Jamaica is the National Statistics Office and the leading provider of official statistics on the country’s economic, social, demographic, and environmental conditions. The Institute periodically releases monthly, quarterly, and annual products such as Gross Domestic Product (GDP), inflation rate, international merchandise trade, social and population statistics. STATIN is dedicated to delivering accurate, comprehensive, and timely data that supports informed decision-making and aligns with the Institute’s mission.

Output prices for producers in the Mining and Quarrying industry increased by 0.2 per cent for November 2024, while the Manufacturing industry remained relatively unchanged as released today by the Statistical Institute of Jamaica (STATIN).

The movement in the Mining and Quarrying industry was attributed to a similar 0.2 per cent increase in the index for the major group ‘Bauxite Mining & Alumina Processing’.

For the Manufacturing industry, there was a decline of 2.2 per cent in the index for the major group ‘Refined Petroleum Products’ driven by lower international petroleum prices, while there was a 0.5 per cent increase in the index for the heaviest weighted major group, ‘Food, Beverages & Tobacco’.

For the period November 2023 – November 2024, the point-to-point index for the Mining & Quarrying industry increased by 8.8 per cent.

This was mainly due to an increase of 9.0 per cent in the index for the major group ‘Bauxite Mining & Alumina Processing’.

The point-to-point index for the Manufacturing industry increased by 0.3 per cent, contributing to this was a 3.3 per cent increase in the index for the major group ‘Food, Beverages & Tobacco’.

However, the industry’s overall increase was tempered by a 10.7 per cent decline in the index for the major group ‘Refined Petroleum Products’.

The November 2024 Producer Price Index Bulletin provides additional information on the movement of producers’ prices and is available on STATIN’s website www.statinja.gov.jm or from the Information Section of STATIN at (876) 630-1619.

Visit the Institute’s Facebook and Instagram pages @STATINJA for the November 2024 PPI infographic.

The average exchange rate for the previous month was used in calculating the PPI for the current period.

The assumption is that producers would not have purchased their raw materials in the current month.

About Us: The Statistical Institute of Jamaica is the National Statistics Office and the leading provider of official statistics on the country’s economic, social, demographic, and environmental conditions. The Institute periodically releases monthly, quarterly, and annual products such as Gross Domestic Product (GDP), inflation rate, international merchandise trade, social and population statistics. STATIN is dedicated to delivering accurate, comprehensive, and timely data that supports informed decision-making and aligns with the Institute’s mission.

Effective April 1, 2025, the Jamaica Special Economic Zone Authority (JSEZA) will revise the Special Economic Zone (SEZ) framework to make provisions for the elimination of annual renewals of SEZ Operating Certificates for Developers and Occupants.

Under the revised framework, Operating Certificates for Developers will now extend for the duration of the licence agreement, while Occupants’ certificates will match the length of their subconcession terms.

By removing the annual renewal process, JSEZA is committed to reducing administrative burdens, promoting investment stability, and fostering increased productivity within the SEZ ecosystem.

The Authority’s Chief Executive Officer (CEO), Kelli-Dawn Hamilton, informed JIS News that “our goal is to create a conducive business environment where SEZ operators can focus on growth and long-term success, and by streamlining the licensing process, we are empowering businesses to thrive without the interruption of yearly renewals”.

Mrs. Hamilton added that this amendment is part of an overarching review of the SEZ regime, aimed at making it more adaptable and responsive to private-sector needs.

“Our focus is on innovation, productivity, and ensuring that the SEZ ecosystem remains robust and well-equipped to meet the evolving needs of stakeholders,” she explained.

The CEO pointed out that the SEZ regime has experienced remarkable growth, with 114 entities, including Developers, Single Entities, and Occupants, currently operating across 145 locations.

“Of these, 37 companies achieved SEZ designation within the past two years, contributing to a vibrant ecosystem of industries, such as Global Digital Services, Agro-Processing, Manufacturing, and Logistics,” she informed.

Collectively, these entities employ over 43,000 individuals and drive significant economic activity in Jamaica.

With this significant increase, JSEZA remains dedicated to improving operational efficiency and creating opportunities that extend beyond the Authority and business community to benefit the wider Jamaican economy.

“The future will be one of innovation and productivity as we strive to enhance SEZ contributions to Jamaica’s economy and the global community,” said Mrs. Hamilton.

By aligning Operating Certificates with the terms of existing agreements, the JSEZA is taking a key step towards operational efficiency, reducing bureaucratic hurdles, and reinforcing its commitment to fostering economic growth.

The new framework is also expected to enhance Jamaica’s position as a competitive destination for global investment and innovation.

For further details on the revised renewal framework and other initiatives, persons can visit the JSEZA website at https://www.jseza.com/.

By: Sherika Williams, JIS

Caribbean Assurance Brokers Limited advises of the resignation of Ms. Renee Edwards, Chief Financial Officer (CFO), effective December 12, 2024. Ms. Sheba Grant, the Chief Accountant, will now oversee the company’s financial operations.

Wigton Energy Limited (“WIG”) has advised that Dr. Wayne McKenzie, OD has been appointed an independent, non-executive Director on WIG’s Board of Directors effective December 16, 2024.

The Board of Directors of Seprod Limited is pleased to announce the appointment of Mr. A. Mark Hart to the Board effective November 27, 2024. Mr. Hart is the founder of Caribbean Producers (Jamaica) Limited and has served in the roles of Chief Executive Officer and Executive Chairman.

NCB Financial Group Limited (NCBFG) is pleased to announce that Mr Richard Look Kin will be appointed as Head of Group Risk Management for NCBFG and National Commercial Bank Jamaica Limited (NCBJ), effective December 4, 2024. Mr Look Kin replaces Ms Allison Wynter, Group Chief Risk Officer – NCBFG and Chief Risk Officer – NCBJ. Ms Wynter will continue to provide support through a transition period. Mr Look Kin has over two decades of experience in the financial services sector across the Caribbean including enterprise risk management, investment management and corporate and investment banking.

Dave Morrison has been appointed CEO of Advantage General Insurance Company Limited (AGIC). This became effective on December 1, 2024.
President & CEO of Sagicor Group Jamaica Limited and Chairman of AGIC, Christopher Zacca, says Mr. Morrison “comes with a keen vision to build on the strong legacy Advantage General has established over the years.

Scotia Group Jamaica Limited was recently assessed by the Bank of Jamaica and was awarded a license to operate, as a Financial Holding Company effective July 24, 2024;
Appointments:

➢ Anya Schnoor, Chair Scotia Group Jamaica Limited has been appointed to a new role, Executive Vice President, Global Insurance effective November 1, 2024. With this appointment Anya will provide strategic direction and oversight responsibilities to the Insurance Business within International Banking.

➢ Perrin Gayle, SVP Retail & Small Business has been appointed Acting Head of Retail Banking, Caribbean and Central America (CCA) effective November 1, 2024. With this expanded mandate Perrin will manage the execution of regional segment strategies and design in local markets with focus on client experience. He will also have oversight of the local market product platforms and digital performance, including overall accountability for performance measurement and salesforce compensation.

➢ Sabrina Cooper, SVP Wealth Management and CEO Scotia Investments Jamaica Limited has been appointed Regional Director, Brokerage, CCA, effective September 2, 2024. With this expanded role Sabrina will continue to lead the Wealth business in Jamaica and oversee accountability for offshore brokerage implementation within the Caribbean & Central America

➢ Debra Lopez-Spence, President Scotia Jamaica Life Insurance Company Limited has been appointed Regional Head Insurance, North & Central Region effective November 25, 2024. With this expanded mandate, Debra will also be responsible for providing strategic direction, leadership and oversight for the growth and profitability of the wider Caribbean Insurance business to support the strategic goals of Scotiabank’s Global Insurance business. Specifically, Debra will now oversee the markets within Caribbean North and Central, which includes Jamaica, Cayman, Turks & Caicos and Bahamas.

The Guardsman Group is pleased to announce the appointment of Nicholas Benjamin as Deputy Executive Chairman, effective September 24, 2024. With 16 years of experience across various roles in the organization and 12 years on our Board of Directors, Nicholas has demonstrated exemplary leadership, innovation, and a people-centered approach that aligns with Guardsman’s core values. David Whittaker as Deputy Group Managing Director, effective September 26, 2024. David’s remarkable journey with Guardsman began 16 years ago as Chief Internal Auditor, where he showcased exceptional skills in governance and risk management. His keen insights have driven significant improvements across our internal processes. David’s career progression, dedication, and vision make him an outstanding choice to lead us into the future. Tania Hall has been appointed Chief Operating Officer of Beryllium Limited, overseeing the day-to-day operations. Tania joined Guardsman Armoured in 2014 and has risen through the ranks with roles including Customer Service and Business Development Officer, CIT/ATM/Customer Service Manager, Senior Manager for Service Delivery, Vice President of Client Relations, and most recently, Senior Vice President. Sue-Ann Reid now serves as Group Vice President, International Markets, assuming leadership of our Eastern Caribbean entities. Sue-Ann joined the Guardsman Group in 2012 as Audit and Procurement Manager and later became Operations Manager for Guardsman Bahamas Limited. Her work has been pivotal in expanding our footprint across the region, laying the foundation for our strong presence in the Caribbean market. Kadeen Turnbull, who has been with Orkin Jamaica since 2016, has been promoted to General Manager. Her journey has been marked by her adaptability, ambition, and commitment to excellence, excelling in various roles, including Branch Manager in 2022, where she also managed MOPS. In her new role, Kadeen will lead both Orkin Jamaica and MOPS into their next phase of growth. Tamika Davis-Burrell promotion to Branch Manager of Orkin Jamaica and Masters of Property Sanitation (MOPS). With over 10 years of service in the Guardsman Group, Tamika has consistently demonstrated exceptional leadership, a commitment to teamwork, and a passion for fostering strong client relationships.

“Debit and credit cards are the preferred digital payment method in Jamaica, with over 34 per cent of those surveyed using them for in-store purchases, and 57 per cent for online purchases. Digital wallets follow (particularly bank wallets) with 15 per cent of Jamaicans preferring to use digital wallets to pay in-store, and 23 per cent to pay online, indicating a clear advance in financial digitalisation and the adoption of new digital payment methods,” Mastercard said in its report on the findings.”

Jamaica is at a pivotal moment in its financial evolution. With debit and credit cards now the preferred methods for both in-store (34%) and online (57%) payments, the country is experiencing a remarkable shift towards digital payment solutions. Mastercard, one of the global leaders in digital payments, highlights this trend, noting a clear advance in financial digitalization, with a growing number of Jamaicans using digital wallets (bank wallets, in particular) for online and in-store transactions. The digital payment landscape is rapidly evolving, and businesses, banks, and fintech players are all pushing to further speed up this digital transformation across the island’s payment ecosystem.

As cash continues to dominate locally, recent reports show that debit cards, digital wallets, and online payment platforms are gaining significant traction. For example, 15% of Jamaicans use digital wallets for in-store purchases, with 23% utilizing them for online payments. Mastercard’s commitment to driving this transformation is evident, as the company seeks to bring more solutions to the Jamaican market, further reducing the reliance on cash and accelerating the transition to a cashless society.

A Brief History: Visa and Mastercard’s Influence in Jamaica

Both Visa and Mastercard have been integral to Jamaica’s digital payment ecosystem for decades, providing secure, reliable payment infrastructure to banks, businesses, and consumers. These payment giants played a critical role in introducing card payments to the country, and they continue to drive innovation by introducing new technologies, such as contactless payments, mobile wallets, and digital tokenization.

Visa and Mastercard have been investing heavily in Jamaica’s digital transformation, facilitating the adoption of more modern payment solutions through partnerships with local banks, government agencies, and fintech companies. Mastercard’s recent push to accelerate digital payments in Jamaica is part of a broader regional effort to modernize payments across the Caribbean. As the adoption of digital payment solutions increases, Visa and Mastercard’s continued leadership in the sector will be essential in shaping the future of Jamaica’s payment ecosystem.

The global payment networks benefit from their vast experience in building secure, scalable infrastructure for digital payments. They bring credibility to the digital wallet movement and offer robust fraud protection and global reach, factors crucial to the success of any new entrant in the market.

The Benefits of Digital Transformation for Jamaica’s Payment Ecosystem

The benefits of digital transformation for Jamaica’s payment ecosystem are far-reaching and could have profound implications for the country’s economy, businesses, and consumers:

1. Financial Inclusion: Digital payments offer an opportunity for greater financial inclusion, allowing unbanked or underbanked Jamaicans to participate in the formal financial system. Through mobile wallets and digital payment systems, individuals who lack access to traditional banking services can store money, make payments, and transfer funds with ease.
2. Improved Efficiency and Convenience: The digital transformation of Jamaica’s payment ecosystem will streamline transactions, reducing the need for cash handling, lowering transaction costs, and accelerating payment processes. For businesses, digital payments offer quicker, more secure ways to accept payments, leading to faster turnover and improved cash flow.
3. Boosting E-commerce: The rise of digital wallets and other digital payment systems enables greater participation in the e-commerce space. Consumers are increasingly shopping online, and businesses need to adapt by offering seamless and secure payment solutions. Digital wallets, in particular, make online shopping more convenient by storing payment information and offering one-click transactions.
4. Transparency and Security: With cashless payments, businesses and consumers benefit from greater transparency and traceability in financial transactions. Digital payment methods also reduce the risks associated with physical cash, such as theft or loss, and provide stronger fraud protection through encryption and tokenization.
5. Economic Growth: The widespread adoption of digital payments is a key driver of economic growth. A more efficient payment system facilitates cross-border transactions, encourages trade, and opens new business opportunities for small and medium-sized enterprises (SMEs).

Rising Competitors: The New Entrants in Jamaica’s Digital Wallet Space

While Visa and Mastercard continue to dominate, local players are emerging as key competitors in the digital wallet space. Financial institutions like NCB Financial Group, ScotiaBank, and CIBC are accelerating their own digital transformation, launching their own digital wallets and payment solutions.

1. NCB Financial Group: National Commercial Bank (NCB) is at the forefront of Jamaica’s digital wallet revolution. Through its NCB Digital Banking platform, the bank has launched its own mobile wallet, offering customers the ability to pay bills, transfer money, and purchase goods and services via mobile phones. NCB’s extensive customer base and widespread banking network position it as a formidable player in the digital wallet market.
2. ScotiaBank Group Jamaica: ScotiaBank has also embraced the shift toward digital payments with its Scotia ePay platform, which allows customers to send money, pay bills, and shop online securely. The bank has been actively promoting its mobile payment solutions and integrating them with its banking services to create a seamless user experience. As an established financial institution, ScotiaBank has the credibility and infrastructure to compete with the likes of Visa and Mastercard in the digital wallet space.
3. CIBC Caribbean Bank : CIBC has entered the Jamaican market with its CIBC  banking services and has quickly adapted to the digital payment wave. Its mobile payment offerings focus on providing a range of digital services, including bill payments, transfers, and online shopping capabilities. CIBC’s global presence and strong financial backing give it an edge in competing for market share in the digital wallet and payment solutions sector.

How New Entrants Could Effectively Compete in Jamaica’s Payment Ecosystem

As the digital wallet market grows in Jamaica, new entrants will need to leverage several strategies to effectively compete with Visa, Mastercard, and each other:

1. User-Centric Features: The success of digital wallets hinges on ease of use and customer adoption. New entrants should focus on offering user-friendly interfaces, seamless integrations with local merchants, and unique features like loyalty programs, rewards, and discounts to attract consumers.
2. Partnerships with Merchants: To build widespread acceptance, digital wallets must integrate with a broad range of merchants, both online and in-store. Collaborations with retailers, restaurants, and other businesses will be essential for driving adoption. Offering incentives for merchants to adopt digital payments could spur more widespread use.
3. Local Innovation: New entrants must understand the unique needs of the Jamaican market and tailor their solutions accordingly. Whether it’s offering micro-loans, facilitating remittances, or providing more accessible payment options for underserved populations, a localized approach will be crucial for success.
4. Security and Trust: With financial transactions, security is paramount. Digital wallets must ensure that they offer top-tier encryption, fraud protection, and data privacy standards. Educating customers about the security features of their platforms will help build trust and drive adoption.
5. Competitive Pricing: New entrants can attract users by offering competitive transaction fees and lower costs compared to traditional banking services. Offering incentives for digital wallet adoption, such as reduced fees for initial users or cash-back promotions, will be an effective way to drive early-stage adoption.

The Future: A Cashless Jamaica?

As more players enter the digital payments market and Jamaicans continue to embrace electronic transactions, the country’s payment ecosystem will become increasingly cashless. The competition among Visa, Mastercard, and local players like NCB, ScotiaBank, and CIBC will accelerate innovation, improve services, and drive further financial inclusion.

The government, too, has an important role to play in encouraging this transformation. Policies that support digital financial literacy, protect consumers, and promote secure digital infrastructure will be essential in ensuring the success of Jamaica’s digital transformation agenda.

In the coming years, Jamaica’s payment landscape will undoubtedly be shaped by the rise of digital wallets, making cash less and less relevant. For consumers, this shift offers convenience, security, and expanded financial opportunities. For businesses, it creates efficiencies and new growth avenues. And for the economy, it promises a more inclusive, secure, and modern financial ecosystem.