Trade Profile

flag Trinidad and Tobago 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 20182019202020212022
Imports of Goods (million USD) 7,7196,3344,8765,7496,232
Exports of Goods (million USD) 10,5327,1925,5198,62013,286
Imports of Services (million USD) 2,5261,9281,7662,2663,188
Exports of Services (million USD) 814802437460897
Trade Balance (million USD) 4,1382,7329844,7129,181

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

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Main Partner Countries

Main Customers
(% of Exports)
2022
United States 42.2%
Belgium 7.2%
Morocco 6.3%
Spain 5.2%
Brazil 3.8%
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%
See More Countries 36.7%

Source: Comtrade, Latest Available Data

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To go further, check out our service Import Export Flows

 
 

Main Services

0.9 bn USD of services exported in 2022
36.17%
33.65%
15.23%
6.90%
4.58%
1.54%
1.14%
0.78%
n/a%
3.2 bn USD of services imported in 2022
32.15%
29.62%
22.07%
11.04%
1.89%
1.67%
0.67%
0.54%
0.28%
0.05%
0.02%

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 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

Useful Resources
 
 
 

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Latest Update: November 2023