Condensed Milk Gwen Up!

At the top of the news we told you how the increase in minimum wage could drive up the cost of goods and services but if you see a 30% increase on your condensed milk, don't blame it on that. That is actually a product of what's called the common external tariff, which is a feature of CARICOM. A release from the government explains that Jamaica, which produces condensed milk, and supplies 75% of the region has requested the full protection of CET - meaning that if a particular product is produced in a CARICOM state then that producer is entitled to protection in the regional market through the CET and the application of high protective rates of import duties. And because Jamaica reached the 75% threshold, the Council for Trade and Economic Development approved the placement of condensed milk on the List of Commodities Ineligible for Conditional Duty Exemption. So that means that your favorite condensed milk like Dutch Lady and Carnation will see a price jump pretty soon, since the import duty increase came into effect on January 1st. In Belize, it was delayed slightly. A press release from the government states, quote, "Stakeholders are reminded that Belize is obligated to apply the 30% import duty as a COTED decision, and also relies on this policy to ensure similar protection for its own products, in particular sugar and frozen concentrated orange and grapefruit juices, when exported to CARICOM states." End quote.