Timor-Leste is a country open to foreign trade, which represented 100% of its GDP in 2021 (World Bank, 2023) a decrease of 63% since 2020. Crude petroleum (70.7%) and Petroleum Gas (19.8%) represented more than 90.5% of total exports in 2021 (OEC, 2023). The main non-oil export product is limited to coffee (5.51%), which does not compensate for the bill of food imports. Imports are led by Refined Petroleum (14% of all imports in 2021), Coal briquettes (4.97%), rice (4,7%), Iron structures (3.12%) and cars with 2.67% (OEC, 2023).
According to 2023 figures from OEC, the country's principal import sources in 2021 were China (32.1%), Indonesia (30.6% of total imports), Singapore (12.8%) and Australia (9.2%). Principal export destinations were China (33.5%), Singapore (30.9%), Japan (20.1%) and Malaysia (7.88%). The factors that limit trade include poor infrastructure, weak development of its financial sector, high interest rates in private banks and the lack of a skilled labour force. The country has very few trade barriers and customs duties are low (the average applied tariff rate is 2.5%). Timor-Leste is a member of the IMF, the World Bank and the Asian Developmental Bank, and is currently pursuing negotiations to become a member of the ASEAN.
Timor-Leste has a structural trade deficit. Imports (excluding services) reached 873 million USD in 2021, while exports (in sharp increase from the previous year) were still only 616 million USD, resulting in a reduced trade balance of 257 million USD in 2021 (WTO, World Bank, 2023).
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 520 | 591 | 625 | 873 | 934 |
Exports of Goods (million USD) | 45 | 154 | 264 | 616 | 473 |
Imports of Services (million USD) | 447 | 447 | 315 | 723 | 617 |
Exports of Services (million USD) | 97 | 92 | 40 | 28 | 56 |
Imports of Goods and Services (Annual % Change) | 3 | 6 | 11 | 10 | n/a |
Exports of Goods and Services (Annual % Change) | 17 | 1,051 | 207 | 8 | n/a |
Trade Balance (million USD) | -589 | -566 | -510 | 1,488 | 1,093 |
Foreign Trade (in % of GDP) | 64 | 71 | 85 | 100 | n/a |
Imports of Goods and Services (in % of GDP) | 62 | 49 | 48 | 36 | n/a |
Exports of Goods and Services (in % of GDP) | 3 | 21 | 37 | 64 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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0.1 bn USD of services exported in 2022 | |
---|---|
75.57% | |
Personal travelPersonal travel | 60.38% |
OtherOther | 52.39% |
Education-related expenditureEducation-related expenditure | 7.99% |
Business travelBusiness travel | 15.19% |
21.91% | |
1.32% | |
Telecommunications servicesTelecommunications services | 1.32% |
1.20% | |
n/a% | |
n/a% |
0.6 bn USD of services imported in 2022 | |
---|---|
43.83% | |
Construction in the compiling...Construction in the compiling economy | 28.39% |
Construction abroadConstruction abroad | 15.44% |
21.65% | |
14.35% | |
Sea transportSea transport | 12.04% |
FreightFreight | 12.04% |
Air transportAir transport | 1.05% |
PassengerPassenger | 0.94% |
FreightFreight | 0.11% |
10.02% | |
Personal travelPersonal travel | 8.91% |
OtherOther | 5.80% |
Education-related expenditureEducation-related expenditure | 2.33% |
Health-related expenditureHealth-related expenditure | 0.79% |
Business travelBusiness travel | 1.11% |
4.80% | |
4.21% | |
Freight insuranceFreight insurance | 4.01% |
Other direct insuranceOther direct insurance | 0.10% |
0.66% | |
0.48% | |
Telecommunications servicesTelecommunications services | 0.48% |
n/a% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: November 2023