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). According to 2021 data by ITC, Grenada's main exports include coffee, tea, maté and spices (16.1%); beverages, spirits and vinegar (13.3%); products of the milling industry (10.6%); and machinery (9.4%); while imports are led by mineral fuels (14.6%); electrical machinery (8.1%); machinery (6.7%), and vehicles (4.8%).

Grenada's main export destinations in 2021 were the United States (16.8%), Saint Vincent and the Grenadines (4.9%), Trinidad and Tobago (3.8%), Saint Lucia (2.3%) and Panama (2.1%); whereas imports came chiefly from the U.S. (39.1%), Trinidad and Tobago (17.1%), the Cayman Islands (9.3%), and the UK (4.1% - data ITC). The country's trade policy aims at moving away from an agricultural economy to a service-based economy. The Government also seeks to reduce the 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 by WTO, Grenada exported USD 29 million in goods in 2021, while it imported USD 450 million (+31.8% and +14.5% year-on-year, respectively). Grenada is a net exporter of services: the 2021 services exports amounted to USD 345 million (mostly thanks to the tourism sector) while imports stood at USD 245 billion (+210% and +49.4% y-o-y, respectively). Challenges include the country's dependence on key imports (oil products, foodstuffs, vehicles, medication, consumer goods, etc.) due to its relatively limited market.

To go further, check out our service Import controls and Export controls

To go further, check out our service Import Export Flows

Main Services

Source: United Nations Statistics Division, Latest Available Data

List of tariffs and local taxes that apply to your product on our service Customs duties

Trade Compliance

International Conventions

Member of the World Trade Organization (WTO)

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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Latest Update: November 2023