Grenada: Trade Profile
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.
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Latest Update: May 2022
