Foreign Trade in Figures
Trinidad and Tobago enjoys a high level of free trade, with a trade-to-GDP ratio of 92% (World Bank, latest data available). The country's main exports include ammonia (28.2%), crude petroleum oils (15.6%), acyclic alcohols (13.4%), petroleum gases (9.4%), and petroleum waste oils (7.2%), ferrous products (6.4%). Trinidad and Tobago has an undiversified economy and depends heavily on imports, which are led by iron ores and concentrates (7.1%), aircraft n.e.c. (6.3%), motor cars and other motor vehicles (2.7%), medicaments (2.4%), and vehicles for the transport of goods (1.6% - data Central Statistical Office 2022).
Trinidad and Tobago's main import partners in 2022 were the U.S. (39.1%), China (12.1%), Brazil (5.7%), Canada (3.7%), Turkey (2.5%), and Japan (2.5%); whereas exports were mostly directed towards the U.S. (37.0%), Belgium (6.3%), Morocco (5.7%), Guyana (4.9%), Spain (4.6%), and Mexico (3.5% - data Central Statistical Office). The island, a member of the WTO since 1995, has few non-tariff barriers but relatively high customs duties. The national policy intends to make Trinidad and Tobago a manufacturing and financial hub in the Caribbean and the Americas.
The island has a positive trade balance. According to the last available figures from the WTO, in 2022, Trinidad and Tobago exported USD 13.2 billion worth of goods, while it imported USD 6.2 billion, resulting in a trade balance of USD 4.7 billion. As for services, exports totaled USD 897 million, whereas imports stood at USD 3.2 billion. Preliminary figures from the Central Statistical Office show that, in 2023, exports decreased 43% amid lower hydrocarbon prices, landing at TTD 51.2 billion. On the other hand, imports grew by 38%, reaching TTD 58.1 billion, resulting in a negative trade balance.
| Foreign Trade Indicators |
2019 | 2020 | 2021 | 2022 | 2023 |
| Imports of Goods (million USD) |
6,334 | 4,876 | 5,749 | 6,233 | 7,270 |
| Exports of Goods (million USD) |
7,192 | 5,519 | 8,620 | 13,286 | 8,925 |
| Imports of Services (million USD) |
1,928 | 1,766 | 2,266 | 3,188 | 1,948 |
| Exports of Services (million USD) |
802 | 437 | 460 | 897 | 1,247 |
| Trade Balance (million USD) |
2,732 | 984 | 4,712 | 9,181 | 3,763 |
Source:
WTO – World Trade Organisation
; World Bank
- Latest available data.
Main Partner Countries
Main Customers
(% of Exports) |
2022 |
| United States |
42.2% |
| Belgium |
7.2% |
| Morocco |
6.3% |
| Spain |
5.2% |
| Brazil |
3.8% |
| Mexico |
3.8% |
| France |
3.2% |
| South Korea |
2.5% |
| Netherlands |
2.4% |
| Panama |
2.1% |
| China |
1.9% |
| Germany |
1.9% |
| Colombia |
1.9% |
| Chile |
1.7% |
| Jamaica |
1.5% |
| Guyana |
1.5% |
| Canada |
1.2% |
| Italy |
1.0% |
| United Kingdom |
0.7% |
| Barbados |
0.7% |
| See More Countries |
35.2% |
Main Suppliers
(% of Imports) |
2022 |
| United States |
39.4% |
| China |
12.1% |
| Brazil |
5.6% |
| Canada |
3.7% |
| Türkiye |
2.5% |
| Japan |
2.5% |
| Germany |
2.5% |
| Mexico |
2.4% |
| India |
2.4% |
| United Kingdom |
2.3% |
| Thailand |
1.9% |
| Italy |
1.3% |
| South Korea |
1.3% |
| Netherlands |
1.2% |
| France |
1.1% |
| Colombia |
1.0% |
| Costa Rica |
0.9% |
| Dominican Republic |
0.9% |
| New Zealand |
0.9% |
| Belgium |
0.9% |
| See More Countries |
36.7% |
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
Main Services
| 1.2 bn USD of services exported in 2023 |
|
|
37.51% |
| Air transportAir transport |
30.88% |
| PassengerPassenger |
25.02% |
| FreightFreight |
3.71% |
| OtherOther |
2.15% |
| Sea transportSea transport |
6.63% |
| OtherOther |
6.63% |
|
|
36.81% |
| Personal travelPersonal travel |
31.81% |
| OtherOther |
30.58% |
| Education-related expenditureEducation-related expenditure |
0.97% |
| Health-related expenditureHealth-related expenditure |
0.26% |
| Business travelBusiness travel |
5.00% |
| OtherOther |
5.00% |
|
|
13.50% |
| Other direct insuranceOther direct insurance |
13.50% |
|
|
5.42% |
|
|
5.39% |
| Miscellaneous business,...Miscellaneous business, professional, and technical services |
5.39% |
| Other business servicesOther business services |
2.65% |
| Legal, accounting, management...Legal, accounting, management consulting, and public relations |
1.04% |
| Agricultural, mining, and...Agricultural, mining, and on-site processing services |
0.30% |
| Advertising, market research,...Advertising, market research, and public opinion polling |
0.06% |
| Merchanting and other trade-related...Merchanting and other trade-related services |
1.99% |
| Other trade-related servicesOther trade-related services |
1.99% |
| Operational leasing servicesOperational leasing services |
0.02% |
|
|
1.33% |
|
|
0.02% |
|
|
0.01% |
| Telecommunications servicesTelecommunications services |
0.01% |
|
|
n/a% |
| 2.1 bn USD of services imported in 2023 |
|
|
40.10% |
| Miscellaneous business,...Miscellaneous business, professional, and technical services |
40.01% |
| Architectural, engineering,...Architectural, engineering, and other technical services |
19.54% |
| Other business servicesOther business services |
17.24% |
| Agricultural, mining, and...Agricultural, mining, and on-site processing services |
15.49% |
| Legal, accounting, management...Legal, accounting, management consulting, and public relations |
4.93% |
| Advertising, market research,...Advertising, market research, and public opinion polling |
0.20% |
| Research and developmentResearch and development |
0.09% |
| Merchanting and other trade-related...Merchanting and other trade-related services |
1.63% |
| Other trade-related servicesOther trade-related services |
1.63% |
| Operational leasing servicesOperational leasing services |
0.96% |
|
|
30.25% |
| Sea transportSea transport |
27.12% |
| FreightFreight |
27.10% |
| OtherOther |
0.02% |
| Air transportAir transport |
3.13% |
| PassengerPassenger |
2.05% |
| OtherOther |
1.08% |
|
|
18.76% |
| ReinsuranceReinsurance |
18.62% |
| Other direct insuranceOther direct insurance |
0.15% |
|
|
3.77% |
| Personal travelPersonal travel |
3.71% |
| OtherOther |
1.93% |
| Education-related expenditureEducation-related expenditure |
1.52% |
| Health-related expenditureHealth-related expenditure |
0.26% |
| Business travelBusiness travel |
0.06% |
| OtherOther |
0.06% |
|
|
2.87% |
| Information servicesInformation services |
0.10% |
| Other information provision...Other information provision services |
0.10% |
|
|
2.09% |
|
|
1.40% |
|
|
0.39% |
| Franchises and similar rightsFranchises and similar rights |
0.39% |
|
|
0.32% |
| Telecommunications servicesTelecommunications services |
0.32% |
|
|
0.05% |
| Other personal, cultural, and...Other personal, cultural, and recreational services |
0.05% |
| Education servicesEducation services |
0.03% |
| OtherOther |
0.02% |
Source: United Nations Statistics Division, Latest Available Data
Commercial Policy
- International Economic Cooperation
-
Member of the World Trade Organization (WTO)
Member of CARICOM - Caribbean Community
Member of FTAA - Free Trade Area of the Americas
- Assessment of Commercial Policy
- Trinidad and Tobago Commercial Policy
Barriers to exchanges
Sanitary and phytosanitary barriers
- Average Customs Duty (Excluding Agricultural Products)
- 20%
© eexpand, All Rights Reserved.
Latest Update: May 2024
Trinidad and Tobago: Trade Profile
