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 99% in 2016 (Last available data, World Bank). The country's main exports include petroleum gas (33.7%), acyclic alcohols (14.6%), crude petroleum (12%), ammonia (10.6%), and iron reductions (5.7%). Trinidad and Tobago has an undiversified economy and depends heavily on imports, which are led by refined petroleum (15.7%), excavation machinery (5.75%), shipping containers (4.8%), iron ore (4.25%), and cars (4.12%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 22.4% in 2021 and is expected to increase by 16% in 2022, while the volume of imports of goods and services decreased by an estimated 10.4% in 2021 and is expected to increase by 2.5% in 2022.

Trinidad and Tobago's main trade partners include the United States, Guyana, China, Spain, the Netherlands, Brazil, and Peru. 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 2020, Trinidad and Tobago exported USD 5.2 billion worth of goods, while it imported USD 4.6 billion, resulting on a trade balance of USD 545 million. As for services, exports totalled USD 481 million, whereas imports stood at USD 1.3 billion.

 
Foreign Trade Indicators 20172018201920202021
Imports of Goods (million USD) 6,9107,7106,3274,6715,763
Exports of Goods (million USD) 9,15310,5307,1925,2168,619
Imports of Services (million USD) 3,1522,4891,8551,3962,081
Exports of Services (million USD) 1,088800791481343
Trade Balance (million USD) 3,1934,1242,731n/an/a

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

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Main Products

n/a bn USD of products exported in 2017
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 0.0%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 0.0%
Acyclic alcohols and their halogenated,...Acyclic alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives 0.0%
Ammonia, anhydrous or in aqueous solutionAmmonia, anhydrous or in aqueous solution 0.0%
Ferrous products obtained by direct reduction of...Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms; iron having a minimum purity by weight of 99,94%, in lumps, pellets or similar forms 0.0%
See More Products 100.0%
n/a bn USD of products imported in 2017
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 0.0%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 0.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 0.0%
Machinery, plant or laboratory equipment whether...Machinery, plant or laboratory equipment whether or not electrically heated (excl. furnaces, ovens and other equipment of heading 8514), for the treatment of materials by a process involving a change of temperature such as heating, cooking, roasting, distilling, rectifying, sterilising, pasteurising, steaming, drying, evaporating, vaporising, condensing or cooling (excl. those used for domestic purposes); instantaneous or storage water heaters, non-electric; parts thereof 0.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 0.0%
See More Products 100.0%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

1.1 bn USD of services exported in 2017
42.32%
31.48%
16.47%
6.90%
1.26%
1.01%
0.27%
0.17%
0.06%
0.05%
3.2 bn USD of services imported in 2017
55.29%
18.95%
11.11%
5.50%
3.06%
1.72%
1.66%
1.24%
1.01%
0.45%
0.01%

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of World Trade Organisation
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 World Trade Organisation
International Economic Cooperation
Member of CARICOM - Caribbean Community

 

Member of FTAA - Free Trade Area of the Americas

Useful Resources
National Organisation of Intellectual Property
The Intellectual Property Office.
 
 
 

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Latest Update: October 2022