Nevertheless, Jamaica is the world s third largest producer of bauxite after Australia and Guinea. In 1999 job losses were announced by three bauxite and alumina companies, to cut costs as prices slumped. However, several manufacturing plants have since closed because of competition from Mexico for the US market and from imports as markets have been liberalized. The number employed in the garments industry fell from 36,000 in 1994 to 20,000 in 1998. By comparison with manufacturing, agriculture is a less important sector in terms of contribution to gdp, though it generates far more employment.
Sugar is the main crop, and most important export item after bauxite and alumina.
However, drought and floods hit the privatized industry, additionally struggling under high interest rates. Other export crops include bananas, coffee, cocoa and citrus fruits. Jamaica is famous for its Blue Mountain coffee, first produced in 1757, which commands a high premium in the world market. The Government turned to the IMF for support in 1976 and was a regular customer until 1995. In compliance with IMF agreements, the Government had to reduce domestic demand commensurate with the fall in export earnings, by devaluing the currency and reducing the size of its fiscal deficits.