Jamaican exporters urged to diversify markets
Immediate past president of the Jamaica Manufacturers and Exporters Association (JMEA), John Mahfood, says Jamaican exporters must diversify their markets to include CARICOM, Latin America, Asia and Europe.
He gave the advise although he does not believe that US President-elect Donald Trump will implement his election promise to impose tariffs on imports.
Among Trump’s proposals are 25 per cent tariff on those imported from Mexico as well as a 10 per cent tariff on all goods and services imported from other parts of the world, including Jamaica.
Jamaica exported US$381.67 million in merchandise goods to the US for January to August, and this amounted to 40.4 per cent of total merchandise exports, which tumbled by 8.44 per cent to US$944.80 million.