Trinidad and Tobago: Trade Profile
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 mineral fuels (34.4%), organic chemicals (17.6%), inorganic chemicals (16.1%, especially ammonia), and iron and steel (7.5%). Trinidad and Tobago has an undiversified economy and depends heavily on imports, which are led by mineral fuels (15.3%), nuclear reactors, boilers, machinery and mechanical appliances (11.7%), vehicles (7.9%), and electrical machinery and equipment (5.6% - data Central Statistical Office for 2024).
Trinidad and Tobago's main import partners in 2024 were the U.S. (31.3% of total imports), China (13.8%), Brazil (5.9%), the UK (5.9%), and Japan (3.9%); whereas exports were mostly directed towards the U.S. (39.4%), Guyana (5.2%), Belgium (4.9%), the Netherlands (3.4%), and Brazil (2.8% - 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. Trinidad and Tobago’s trade policy emphasises regional integration and diversification, with membership in organisations such as CARICOM, the Caribbean Single Market and Economy (CSME), and the World Trade Organisation (WTO). The country applies relatively low tariff rates and maintains a generally open trade regime, aiming to promote exports, attract foreign investment, and support economic growth.
The island has a positive trade balance. According to figures from the Central Bank, in the first nine months of 2024, Trinidad and Tobago’s net goods trade deficit widened 43.0% to TTD 1,764.6 million due to lower exports and higher imports. Exports fell 9.1% to TTD 7,301.0 million, mainly from a 9.7% drop in energy exports to TTD 5,868.3 million, driven by declines in gas (-25.9%) and petrochemicals (-6.8%) amid lower prices and volumes. Petroleum crude and refined products exports rose 4.5%, supported by higher refined product volumes. Non-energy exports decreased 6.7% to TTD 1,432.7 million. Imports grew by TTD 600.4 million to TTD 5,536.4 million, with fuel imports up 29.4% to TTD 1,284.7 million due to increased refined product imports for regional export, while non-fuel imports rose by TTD 308.5 million to TTD 4,251.6 million. The services account showed a smaller deficit, helped by a TTD 112.4 million rise in non-resident spending, offsetting a TTD 40.6 million increase in payments abroad. Deficits narrowed in business, insurance, pension, and transport services, while the travel surplus grew 12.7% to TTD 312.9 million from higher visitor spending and lower domestic spending abroad.
| Foreign Trade Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 4,876 | 5,760 | 6,233 | 9,156 | 9,043 |
| Exports of Goods (million USD) | 5,519 | 8,620 | 13,286 | 7,863 | 8,702 |
| Imports of Services (million USD) | 1,714 | 2,229 | 3,441 | 2,559 | 2,613 |
| Exports of Services (million USD) | 421 | 444 | 883 | 1,151 | 1,243 |
| Trade Balance (million USD) | 984 | 4,712 | 9,181 | 3,763 | 2,474 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
| Main Customers (% of Exports) |
2023 |
|---|---|
| United States | 34.2% |
| China | 4.9% |
| Guyana | 4.8% |
| Belgium | 4.5% |
| Morocco | 4.1% |
| See More Countries | 47.6% |
| Main Suppliers (% of Imports) |
2023 |
|---|---|
| United States | 43.6% |
| China | 7.9% |
| Italy | 4.4% |
| Brazil | 4.3% |
| Japan | 2.7% |
| See More Countries | 37.3% |
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
Source: United Nations Statistics Division, Latest Available Data
Member of FTAA - Free Trade Area of the Americas
Member of FTAA - Free Trade Area of the Americas
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Latest Update: February 2026
