Grenada: Trade Profile
The country has an open economy, with foreign trade representing about 77% of the GDP (World Bank, latest data available). According to 2021 data by ITC, Grenada's main exports include coffee, tea, maté and spices (16.1%); beverages, spirits and vinegar (13.3%); products of the milling industry (10.6%); and machinery (9.4%); while imports are led by mineral fuels (14.6%); electrical machinery (8.1%); machinery (6.7%), and vehicles (4.8%).
Grenada's main export destinations in 2021 were the United States (16.8%), Saint Vincent and the Grenadines (4.9%), Trinidad and Tobago (3.8%), Saint Lucia (2.3%) and Panama (2.1%); whereas imports came chiefly from the U.S. (39.1%), Trinidad and Tobago (17.1%), the Cayman Islands (9.3%), and the UK (4.1% - data ITC). The country's trade policy aims at moving away from an agricultural economy to a service-based economy. The Government also seeks to reduce the manufacturing costs of goods to become more competitive. Imports destined for government institutions are free of customs duty. Customs duties are not very high and trade barriers are limited. Grenada is a member of CARICOM, and as such, other member countries are given special treatment. The country also has agreements with Costa Rica, the Dominican Republic, Colombia, Venezuela, the European Community, and the UK.
According to the latest available data by WTO, Grenada exported USD 29 million in goods in 2021, while it imported USD 450 million (+31.8% and +14.5% year-on-year, respectively). Grenada is a net exporter of services: the 2021 services exports amounted to USD 345 million (mostly thanks to the tourism sector) while imports stood at USD 245 billion (+210% and +49.4% y-o-y, respectively). Challenges include the country's dependence on key imports (oil products, foodstuffs, vehicles, medication, consumer goods, etc.) due to its relatively limited market.
| Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 420 | 467 | 470 | 393 | 450 |
| Exports of Goods (million USD) | 30 | 31 | 32 | 22 | 29 |
| Imports of Services (million USD) | 229 | 241 | 263 | 164 | 245 |
| Exports of Services (million USD) | 546 | 603 | 606 | 244 | 345 |
| Trade Balance (million USD) | -329 | -365 | -370 | -317 | -357 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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Latest Update: September 2023
