Tourist arrivals in February this year are up nearly 50 percent, according to data showing passenger movements through the Sangster International Airport in Montego Bay, while the Norman Manley airport in Kingston saw a 43 percent increase in passenger movements for the same period compared with 2022.
Growth in tourism is expected to be big in 2023
Aeroportuario del Pacifico, which manages the airports in Montego Bay and Kingston, Jamaica, saw the total number of passengers at Montego Bay Airport increase by a robust 49.5 percent in February 2023, moving from 274,700 total movements in February 2022 to 410,700 in February 2023. For the first two months of the year, Montego Bay Airport saw total passenger movements increase by 58.4 percent, from 542,300 in 2022 to 859,100 in 2023.
Kingston’s Norman Manley International Airport, which processes far fewer passengers than Montego Bay, handled 112,200 passengers in February 2023, 43 percent more than the 78,400 managed in February 2022. In the first two months of 2023, Kingston’s Airport saw passengers grow by 52 percent, from 169,900 in 2022 to 258,200.
Dolphin Cove to be a big beneficiary of turn in tourism in 2023.
The improvement in one of the most important industries within the Jamaican economy will drive growth and have an overall positive effect on some sectors more than others. Accordingly, the agricultural and transportation industries are two areas that will see immediate impact, as tourists have to be transported to and from airports and others areas within the country and have to be fed, with a large portion of the menu comprising goods that are produced or sold locally. From a stock market standpoint, some companies will benefit considerably and others less. Companies such as Everything Fresh, Caribbean Producers, Dolphin Cove, Express Catering, which generate a considerable portion of their business directly with the sector, will significantly improve revenues and profit. Companies such as Jamaica Broilers, Wisynco Group, Grace Kennedy, Knutsford Express and Seprod.
