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 Customers (% of Exports) |
2021 |
---|---|
United States | 41.6% |
Guyana | 6.7% |
Mexico | 4.3% |
France | 3.7% |
Belgium | 3.6% |
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% |
See More Countries | 37.7% |
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: September 2023