THE Jamaica Biscuit Company (Jambisco) has entered the spice bun market in Jamaica, which is linked to Trinidad and Tobago’s need for foreign exchange, supplies of which are limited there. However, it might be aimed more at Jamaican consumers seeking affordable foods.

Trinidadian company Jambisco has introduced its $100 bun to the Jamaican market, under its Excelsior brand in July. Jambisco is a subsidiary of the Bermudez Biscuit company which was founded by José Rafael in Trinidad and Tobago.

With its spice bun addition, the company is entering a market which is highly competitive and in which several other bakers have a stake, including HTB, Maxfield, National and Honey Bun, the last which is listed on the Jamaica Stock Exchange with a market capitalisation of $4 billion.

Excelciors 4.4 ounce spice bun is priced low to target a market of Jamaican consumers who are punch drunk from price increases.

Local bakers are watching the move. One competitor commented that the company secures foreign exchange by selling products in the Jamaican market where earnings can be used to buy the US dollar which is hard to get in Trinidad.

“We are watching it carefully,” the local manufacturer who also produces buns said.

The Jamaica Observer reached out to Jambisco for information on its new product line repeatedly, but no response was given.

Spice buns are a favourite menu item in Jamaica and not only at Easter when the famous Jamaican spice bun is consumed with cheese in the island and in diaspora.

Green Island Spice, a family-owned business in New Jersey in the United States, has also started producing the menu item for Jamaicans in the state.

The company outlines on its website, “In Jamaica, Easter is traditionally celebrated with our famous spice bun.” The bun is filled with fruit and traditionally eaten with cheddar cheese.

The Trinidadian Bermudez Group comprises six manufacturing companies and two distribution companies, including Bermudez Biscuit Co, Holiday Snacks Ltd, Kiss Baking Co, The Jamaica Biscuit Co, The West India Biscuit Co and Alimentos.

The Jamaica Biscuit Company Limited (Jambisco) itself was established in 1911 but was acquired by the Bermudez Group in May 1999.

Jambisco describes itself as the oldest and largest biscuit company in Jamaica, which manufactures a range of products, including Excelsior Water Crackers, Cream Crackers, Whole Wheat Crackers, Cheese Krunchies and sandwich creams.

Excelsior, Jambisco says, is the flagship brand dominant among the Jamaican community and is also well known in other Caribbean countries, Canada, the United Kingdom and the United States of America.

It is the theory of Jamaican manufacturers that Trinada and Tobagos’ pursuit of increased sales offshore is linked to a painful need for US dollars which is in short supply in the twin island state due to government policy.

In November 2021, in an Article IV report on the island, the International Monetary Fund (IMF) called for a reversal of the practice. Under the heading Modernising Monetary and Exchange Rate policy, the IMF staffers noted “the need for an appropriate policy mix to support the exchange rate regime and called for the removal of restrictions on current international transactions”.

The report noted that the Central Bank of Trinidad and Tobago (CBTT) also limits sales of its foreign exchange intervention funds to meeting only “trade-related” demand. The central bank and the Ministry of Finance have maintained restrictions on the availability of foreign exchange for non-trade-related purposes since 2014. The central bank sets the rates at which foreign exchange is bought and sold “while not providing enough foreign exchange (ie, through the CBTT ‘s foreign exchange interventions) to meet all demand for current transactions at that rate”, according to a 2018 Article IV Consultation staff report.