Trade Profile

flag Grenada Grenada: Trade Profile

Foreign Trade in Figures

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 20182019202020212022
Imports of Goods (million USD) 467480395447589
Exports of Goods (million USD) 3134253537
Imports of Services (million USD) 274310242245300
Exports of Services (million USD) 576614393345661
Trade Balance (million USD) -365-370-317-349-467

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

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Main Services

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of Caribbean Community (CARICOM)
Member of Free Trade Area of the Americas (FTAA)
Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
12.52%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Caribbean Community (CARICOM)
Member of Free Trade Area of the Americas (FTAA)
Useful Resources
National customs website
 
 
 

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Latest Update: November 2023