Trade Profile

flag East-Timor East-Timor: Trade Profile

Foreign Trade in Figures

Timor-Leste is a country open to foreign trade, which represented 100% of its GDP in 2021 (World Bank, 2023) a decrease of 63% since 2020. Crude petroleum (70.7%) and Petroleum Gas (19.8%) represented more than 90.5% of total exports in 2021 (OEC, 2023). The main non-oil export product is limited to coffee (5.51%), which does not compensate for the bill of food imports. Imports are led by Refined Petroleum (14% of all imports in 2021), Coal briquettes (4.97%), rice (4,7%), Iron structures (3.12%) and cars with 2.67% (OEC, 2023).

According to 2023 figures from OEC, the country's principal import sources in 2021 were China (32.1%), Indonesia (30.6% of total imports), Singapore (12.8%) and Australia (9.2%). Principal export destinations were China (33.5%), Singapore (30.9%), Japan (20.1%) and Malaysia (7.88%). The factors that limit trade include poor infrastructure, weak development of its financial sector, high interest rates in private banks and the lack of a skilled labour force. The country has very few trade barriers and customs duties are low (the average applied tariff rate is 2.5%). Timor-Leste is a member of the IMF, the World Bank and the Asian Developmental Bank, and is currently pursuing negotiations to become a member of the ASEAN.

Timor-Leste has a structural trade deficit. Imports (excluding services) reached 873 million USD in 2021, while exports (in sharp increase from the previous year) were still only 616 million USD, resulting in a reduced trade balance of 257 million USD in 2021 (WTO, World Bank, 2023).

 
Foreign Trade Indicators 20182019202020212022
Imports of Goods (million USD) 520591625873934
Exports of Goods (million USD) 45154264616473
Imports of Services (million USD) 447447315723617
Exports of Services (million USD) 9792402856
Imports of Goods and Services (Annual % Change) 361110n/a
Exports of Goods and Services (Annual % Change) 171,0512078n/a
Trade Balance (million USD) -589-566-5101,4881,093
Foreign Trade (in % of GDP) 647185100n/a
Imports of Goods and Services (in % of GDP) 62494836n/a
Exports of Goods and Services (in % of GDP) 3213764n/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

Return to top

 
 

To go further, check out our service Import Export Flows

 
 

Main Services

0.1 bn USD of services exported in 2022
75.57%
21.91%
1.32%
1.20%
n/a%
n/a%
0.6 bn USD of services imported in 2022
43.83%
21.65%
14.35%
10.02%
4.80%
4.21%
0.66%
0.48%
n/a%

Source: United Nations Statistics Division, Latest Available Data

Return to top

Commercial Policy

International Economic Cooperation
Member of International Federation for East Timor - IEFT
Assessment of Commercial Policy
East Timor and WTO
Average Customs Duty (Excluding Agricultural Products)
6%
 
 

Trade Compliance

International Conventions
Party to the International Coffee Agreement
International Economic Cooperation
Member of International Federation for East Timor - IEFT
Useful Resources
Ministry of Finances
 
 
 

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: November 2023