Grenada: Trade Profile

Foreign Trade in Figures

The country has an open economy, with foreign trade representing about 77% of the GDP (World Bank, latest data available). Main exports include non-fillet fresh fish (USD 9.1M), nutmeg, mace and cardamons (USD 6.5M), cocoa beans (USD 3.12M), other fruits (USD 2.23M), and wheat flours (USD 2.13M). Grenada is the world's second-largest producer of nutmeg after Indonesia. The top imports of Grenada are planes, helicopters, and/or spacecraft (USD 62.5M), poultry meat (USD 10.4M), cars (USD 10.3M), refined petroleum (USD 9.36M), and other edible preparations (USD 5.82M - OEC).

Grenada's main export destinations in 2020 were the United States, Saint Vincent and the Grenadines, Trinidad and Tobago, Antigua and Barbuda; whereas imports came chiefly from the U.S., Trinidad and Tobago, the Cayman Islands, and the UK (data WTO). The country's trade policy aims at moving away from an agricultural economy to a service-based economy. The Government also seeks to reduce manufacturing costs of goods to become more competitive. Imports destined for government institutions are free of customs duty. Customs duties are not very high and trade barriers are limited. Grenada is a member of CARICOM, and as such, other member countries are given special treatment. The country also has agreements with Costa Rica, the Dominican Republic, Colombia, Venezuela, the European Community, and the UK.

According to the latest available data, Grenada exported USD 22 million in goods in 2020, while it imported USD 393 million. Grenada is a net exporter of services: the 2020 exports of services amounted to USD 244 million (mostly thanks to the tourism sector, which was severely affected by the COVID-19 pandemic), while imports stood at USD 164 billion. Challenges include the country's dependence on key imports (oil products, foodstuffs, vehicles, medication, consumer goods, etc.) due to its relatively limited market.

Foreign Trade Indicators	2016	2017	2018	2019	2020
Imports of Goods (million USD)	351	420	467	470	393
Exports of Goods (million USD)	33	30	31	32	22
Imports of Services (million USD)	110	229	241	263	164
Exports of Services (million USD)	196	546	603	606	244
Trade Balance (million USD)	-269	-329	-358	n/a	n/a
Foreign Trade (in % of GDP)	99	106	112	110	77
Imports of Goods and Services (in % of GDP)	50	55	59	58	54
Exports of Goods and Services (in % of GDP)	49	51	53	52	23

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

To go further, check out our service Import Export Flows

Main Services

0.6 bn USD of services exported in 2017
TravelTravel	90.89%
Other business servicesOther business services +	2.77%
Miscellaneous business,...Miscellaneous business, professional, and technical services	2.77%
Other business servicesOther business services	2.57%
Legal, accounting, management...Legal, accounting, management consulting, and public relations	0.17%
Advertising, market research,...Advertising, market research, and public opinion polling	0.09%
Operational leasing servicesOperational leasing services	0.02%
TransportationTransportation +	2.67%
Air transportAir transport	2.24%
Sea transportSea transport	0.42%
Computer and information servicesComputer and information services	1.65%
Insurance servicesInsurance services +	1.22%
Life insurance and pension fundingLife insurance and pension funding	0.84%
Auxiliary servicesAuxiliary services	0.38%
Government servicesGovernment services	0.61%
Communications servicesCommunications services +	0.11%
Postal and courier servicesPostal and courier services	0.11%
Financial servicesFinancial services	0.09%
Royalties and license feesRoyalties and license fees	n/a%

0.2 bn USD of services imported in 2017
Other business servicesOther business services +	37.67%
Miscellaneous business,...Miscellaneous business, professional, and technical services	37.67%
Other business servicesOther business services	27.53%
Legal, accounting, management...Legal, accounting, management consulting, and public relations	7.33%
Advertising, market research,...Advertising, market research, and public opinion polling	6.47%
TransportationTransportation +	24.30%
Sea transportSea transport	18.21%
FreightFreight	18.21%
Air transportAir transport	6.09%
PassengerPassenger	5.83%
OtherOther	0.19%
FreightFreight	0.07%
Financial servicesFinancial services	11.32%
TravelTravel	9.61%
Insurance servicesInsurance services +	6.32%
Freight insuranceFreight insurance	3.64%
ReinsuranceReinsurance	1.31%
Auxiliary servicesAuxiliary services	0.77%
Other direct insuranceOther direct insurance	0.60%
Royalties and license feesRoyalties and license fees	4.52%
Construction servicesConstruction services +	3.79%
Construction in the compiling...Construction in the compiling economy	3.79%
Computer and information servicesComputer and information services	1.61%
Government servicesGovernment services	0.82%
Communications servicesCommunications services +	0.03%
Postal and courier servicesPostal and courier services	0.03%
Cultural and recreational servicesCultural and recreational services	n/a%

Source: United Nations Statistics Division, Latest Available Data

Commercial Policy

International Economic Cooperation: Member of World Trade Organisation
Member of Caribbean Community (CARICOM)
Member of Free Trade Area of the Americas (FTAA)
Assessment of Commercial Policy: Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products): 12.52%

Trade Compliance

International Conventions: Member of World Trade Organisation
International Economic Cooperation: Member of Caribbean Community (CARICOM)
Member of Free Trade Area of the Americas (FTAA)
Useful Resources: National customs website
National Organisation of Intellectual Property: You can contact the Corporate Affairs and Intellectual Property Registrar’s Office by Email.

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