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 2022 data by ITC, Grenada's main exports include nutmeg, mace, cardamons, frozen fruits and nuts, non-fillet fresh fish, and other fruits; while imports are led by refined petroleum, poultry meat, cars, recreational boats, and other edible preparations.

Grenada's main export destinations in 2022 were the United States (33%), Antigua and Bermuda (9.9%), India (3.9%), Saint Vincent and the Grenadines (3.8%), France (3.4%), and Barbados (3.3%); whereas imports came chiefly from the U.S. (36.6%), Trinidad and Tobago (11.3%), the Cayman Islands (11.1%), China (4.5%), and the UK (3.1% - 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 37 million in goods in 2022, while it imported USD 589 million (+5.7% and +31.7% year-on-year, respectively). On the other hand, Grenada is a net exporter of services: the 2022 services exports amounted to USD 661 million (mostly thanks to the tourism sector) while imports stood at USD 300 billion (+91.6% and +22.4% 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	2019	2020	2021	2022	2023
Imports of Goods (million USD)	480	395	447	589	609
Exports of Goods (million USD)	34	25	35	37	46
Imports of Services (million USD)	310	242	245	300	n/a
Exports of Services (million USD)	614	393	345	661	n/a
Trade Balance (million USD)	-370	-317	-349	-467	n/a

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

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Main Services

0.8 bn USD of services exported in 2022
TravelTravel	74.34%
Cultural and recreational servicesCultural and recreational services	16.32%
Other business servicesOther business services	3.12%
Government servicesGovernment services	2.56%
TransportationTransportation	1.58%
Insurance servicesInsurance services	0.91%
Computer and information servicesComputer and information services	0.77%
Financial servicesFinancial services	0.41%
Royalties and license feesRoyalties and license fees	n/a%

0.3 bn USD of services imported in 2022
Other business servicesOther business services	43.84%
TransportationTransportation	26.43%
Insurance servicesInsurance services	7.68%
TravelTravel	7.05%
Construction servicesConstruction services	5.64%
Royalties and license feesRoyalties and license fees	4.35%
Financial servicesFinancial services	2.19%
Government servicesGovernment services	1.54%
Computer and information servicesComputer and information services	1.27%
Cultural and recreational servicesCultural and recreational services	n/a%

Source: United Nations Statistics Division, Latest Available Data

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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