Trinidad and Tobago: Trade Profile

Foreign Trade in Figures

Trinidad and Tobago enjoys a high level of free trade, with a trade-to-GDP ratio of 92% in 2021. The country's main exports include ammonia (19.6%), acyclic alcohols (17.8%), petroleum oils (13.7%), ferrous products (9.2%), and mineral or chemical nitrogenous fertilisers (8.7%). Trinidad and Tobago has an undiversified economy and depends heavily on imports, which are led by iron ores and concentrates (9.3%), structures and its parts (5.8%), ships and boats (3.3%), motor vehicles (2.5%), and medicaments (2.4%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 29.7% in 2022 and is expected to decrease by 20.2% in 2023, while the volume of imports of goods and services increased by an estimated 13.2% in 2022 and is expected to increase by 1.5% in 2023.

Trinidad and Tobago's main trade partners include the United States, Mexico, China, Guyana, Brazil, Canada, France, and Belgium. The island, a member of the WTO since 1995, has few non-tariff barriers but relatively high customs duties. The country's 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 last available figures from the WTO, in 2021, Trinidad and Tobago exported USD 8.6 billion worth of goods, while it imported USD 5.7 billion, resulting on a trade balance of USD 4.7 billion. As for services, exports totalled USD 343 million, whereas imports stood at USD 2 billion.

Foreign Trade Indicators	2017	2018	2019	2020	2021
Imports of Goods (million USD)	6,910	7,710	6,327	4,671	5,763
Exports of Goods (million USD)	9,153	10,530	7,192	5,216	8,619
Imports of Services (million USD)	3,152	2,489	1,855	1,396	2,081
Exports of Services (million USD)	1,088	800	791	481	343
Trade Balance (million USD)	3,193	4,138	2,732	984	4,712

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

Main Partner Countries

Main Customers (% of Exports)	2021
United States	41.6%
Guyana	6.7%
Mexico	4.3%
France	3.7%
Belgium	3.6%
Colombia	3.4%
South Korea	3.4%
Morocco	3.2%
Brazil	2.6%
Jamaica	2.2%
Spain	2.1%
China	2.0%
Germany	1.6%
Netherlands	1.5%
Suriname	1.5%
Canada	1.4%
Panama	1.2%
Barbados	1.2%
Malta	0.9%
Chile	0.9%
See More Countries	40.2%

Main Suppliers (% of Imports)	2021
United States	34.6%
China	10.5%
Mexico	7.0%
Brazil	5.6%
Canada	4.5%
Australia	3.1%
United Kingdom	2.8%
Germany	2.7%
India	1.9%
Japan	1.8%
Vietnam	1.7%
Italy	1.6%
Türkiye	1.6%
Thailand	1.5%
France	1.1%
South Korea	1.0%
Belgium	0.9%
Colombia	0.9%
Netherlands	0.9%
Costa Rica	0.8%
See More Countries	37.7%

Source: Comtrade, Latest Available Data

To go further, check out our service Import Export Flows

Main Services

0.4 bn USD of services exported in 2020
TravelTravel +	32.88%
Personal travelPersonal travel	28.15%
OtherOther	24.75%
Education-related expenditureEducation-related expenditure	3.30%
Health-related expenditureHealth-related expenditure	0.09%
Business travelBusiness travel	4.73%
OtherOther	4.73%
Insurance servicesInsurance services +	23.95%
Other direct insuranceOther direct insurance	23.95%
TransportationTransportation +	23.92%
Sea transportSea transport	14.84%
OtherOther	14.84%
Air transportAir transport	9.08%
FreightFreight	4.88%
OtherOther	2.33%
PassengerPassenger	1.87%
Other business servicesOther business services +	12.28%
Miscellaneous business,...Miscellaneous business, professional, and technical services	12.28%
Other business servicesOther business services	6.74%
Legal, accounting, management...Legal, accounting, management consulting, and public relations	2.78%
Agricultural, mining, and...Agricultural, mining, and on-site processing services	0.50%
Architectural, engineering,...Architectural, engineering, and other technical services	0.19%
Advertising, market research,...Advertising, market research, and public opinion polling	0.14%
Merchanting and other trade-related...Merchanting and other trade-related services	3.22%
Other trade-related servicesOther trade-related services	3.22%
Operational leasing servicesOperational leasing services	0.44%
Government servicesGovernment services	3.64%
Communications servicesCommunications services +	2.64%
Telecommunications servicesTelecommunications services	2.64%
Computer and information servicesComputer and information services	0.50%
Royalties and license feesRoyalties and license fees +	0.13%
Franchises and similar rightsFranchises and similar rights	0.13%
Cultural and recreational servicesCultural and recreational services +	0.05%
Other personal, cultural, and...Other personal, cultural, and recreational services	0.05%
OtherOther	0.05%
Construction servicesConstruction services	n/a%

1.7 bn USD of services imported in 2020
Other business servicesOther business services +	37.33%
Miscellaneous business,...Miscellaneous business, professional, and technical services	37.20%
Agricultural, mining, and...Agricultural, mining, and on-site processing services	24.47%
Architectural, engineering,...Architectural, engineering, and other technical services	11.68%
Other business servicesOther business services	11.15%
Legal, accounting, management...Legal, accounting, management consulting, and public relations	7.10%
Research and developmentResearch and development	0.13%
Advertising, market research,...Advertising, market research, and public opinion polling	0.03%
Operational leasing servicesOperational leasing services	2.95%
Merchanting and other trade-related...Merchanting and other trade-related services	1.45%
Other trade-related servicesOther trade-related services	1.45%
TransportationTransportation +	27.19%
Sea transportSea transport	26.16%
FreightFreight	26.03%
OtherOther	0.13%
Air transportAir transport	1.03%
OtherOther	0.53%
PassengerPassenger	0.50%
Insurance servicesInsurance services +	18.23%
ReinsuranceReinsurance	17.84%
Other direct insuranceOther direct insurance	0.39%
Financial servicesFinancial services	4.50%
Government servicesGovernment services	2.98%
Computer and information servicesComputer and information services +	2.75%
Information servicesInformation services	0.05%
Other information provision...Other information provision services	0.05%
TravelTravel +	2.21%
Personal travelPersonal travel	2.19%
OtherOther	0.96%
Education-related expenditureEducation-related expenditure	0.95%
Health-related expenditureHealth-related expenditure	0.28%
Business travelBusiness travel	0.02%
OtherOther	0.02%
Royalties and license feesRoyalties and license fees +	2.14%
Franchises and similar rightsFranchises and similar rights	2.14%
Construction servicesConstruction services +	1.35%
Construction abroadConstruction abroad	1.04%
Construction in the compiling...Construction in the compiling economy	0.32%
Communications servicesCommunications services +	0.78%
Telecommunications servicesTelecommunications services	0.78%
Cultural and recreational servicesCultural and recreational services +	0.52%
Other personal, cultural, and...Other personal, cultural, and recreational services	0.52%
Education servicesEducation services	0.49%
OtherOther	0.03%

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%

Trade Compliance

International Conventions: Member of the World Trade Organization (WTO)
International Economic Cooperation: Member of CARICOM - Caribbean Community

Member of FTAA - Free Trade Area of the Americas
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