Foreign Trade in Figures
Trinidad and Tobago enjoys a high level of free trade, with a trade-to-GDP ratio of 92% in 2021. The country's main exports include ammonia (19.6%), acyclic alcohols (17.8%), petroleum oils (13.7%), ferrous products (9.2%), and mineral or chemical nitrogenous fertilisers (8.7%). Trinidad and Tobago has an undiversified economy and depends heavily on imports, which are led by iron ores and concentrates (9.3%), structures and its parts (5.8%), ships and boats (3.3%), motor vehicles (2.5%), and medicaments (2.4%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 29.7% in 2022 and is expected to decrease by 20.2% in 2023, while the volume of imports of goods and services increased by an estimated 13.2% in 2022 and is expected to increase by 1.5% in 2023.
Trinidad and Tobago's main trade partners include the United States, Mexico, China, Guyana, Brazil, Canada, France, and Belgium. 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 2021, Trinidad and Tobago exported USD 8.6 billion worth of goods, while it imported USD 5.7 billion, resulting on a trade balance of USD 4.7 billion. As for services, exports totalled USD 343 million, whereas imports stood at USD 2 billion.
| Foreign Trade Indicators |
2018 | 2019 | 2020 | 2021 | 2022 |
| Imports of Goods (million USD) |
7,719 | 6,334 | 4,876 | 5,749 | 6,232 |
| Exports of Goods (million USD) |
10,532 | 7,192 | 5,519 | 8,620 | 13,286 |
| Imports of Services (million USD) |
2,526 | 1,928 | 1,766 | 2,266 | 3,188 |
| Exports of Services (million USD) |
814 | 802 | 437 | 460 | 897 |
| Trade Balance (million USD) |
4,138 | 2,732 | 984 | 4,712 | 9,181 |
Source:
WTO – World Trade Organisation
; World Bank
- Latest available data.
Main Partner Countries
Main Customers
(% of Exports) |
2022 |
| United States |
42.2% |
| Belgium |
7.2% |
| Morocco |
6.3% |
| Spain |
5.2% |
| Brazil |
3.8% |
| Mexico |
3.8% |
| France |
3.2% |
| South Korea |
2.5% |
| Netherlands |
2.4% |
| Panama |
2.1% |
| China |
1.9% |
| Germany |
1.9% |
| Colombia |
1.9% |
| Chile |
1.7% |
| Jamaica |
1.5% |
| Guyana |
1.5% |
| Canada |
1.2% |
| Italy |
1.0% |
| United Kingdom |
0.7% |
| Barbados |
0.7% |
| See More Countries |
35.2% |
Main Suppliers
(% of Imports) |
2022 |
| United States |
39.4% |
| China |
12.1% |
| Brazil |
5.6% |
| Canada |
3.7% |
| Türkiye |
2.5% |
| Japan |
2.5% |
| Germany |
2.5% |
| Mexico |
2.4% |
| India |
2.4% |
| United Kingdom |
2.3% |
| Thailand |
1.9% |
| Italy |
1.3% |
| South Korea |
1.3% |
| Netherlands |
1.2% |
| France |
1.1% |
| Colombia |
1.0% |
| Costa Rica |
0.9% |
| Dominican Republic |
0.9% |
| New Zealand |
0.9% |
| Belgium |
0.9% |
| See More Countries |
36.7% |
Source: Comtrade, Latest Available Data
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Main Services
| 0.9 bn USD of services exported in 2022 |
|
|
36.17% |
| Personal travelPersonal travel |
29.60% |
| OtherOther |
28.25% |
| Education-related expenditureEducation-related expenditure |
1.10% |
| Health-related expenditureHealth-related expenditure |
0.24% |
| Business travelBusiness travel |
6.57% |
| OtherOther |
6.57% |
|
|
33.65% |
| Air transportAir transport |
25.10% |
| PassengerPassenger |
20.21% |
| FreightFreight |
3.53% |
| OtherOther |
1.37% |
| Sea transportSea transport |
8.55% |
| OtherOther |
8.55% |
|
|
15.23% |
| Other direct insuranceOther direct insurance |
15.23% |
|
|
6.90% |
| Miscellaneous business,...Miscellaneous business, professional, and technical services |
6.85% |
| Other business servicesOther business services |
2.97% |
| Legal, accounting, management...Legal, accounting, management consulting, and public relations |
2.19% |
| Agricultural, mining, and...Agricultural, mining, and on-site processing services |
0.58% |
| Advertising, market research,...Advertising, market research, and public opinion polling |
0.08% |
| Research and developmentResearch and development |
0.05% |
| Merchanting and other trade-related...Merchanting and other trade-related services |
2.38% |
| Other trade-related servicesOther trade-related services |
2.38% |
| Operational leasing servicesOperational leasing services |
0.03% |
|
|
4.58% |
|
|
1.54% |
|
|
1.14% |
| Franchises and similar rightsFranchises and similar rights |
1.14% |
|
|
0.78% |
| Telecommunications servicesTelecommunications services |
0.78% |
|
|
n/a% |
| 3.2 bn USD of services imported in 2022 |
|
|
32.15% |
| Miscellaneous business,...Miscellaneous business, professional, and technical services |
32.07% |
| Architectural, engineering,...Architectural, engineering, and other technical services |
18.56% |
| Agricultural, mining, and...Agricultural, mining, and on-site processing services |
14.92% |
| Other business servicesOther business services |
11.34% |
| Legal, accounting, management...Legal, accounting, management consulting, and public relations |
4.96% |
| Research and developmentResearch and development |
0.09% |
| Advertising, market research,...Advertising, market research, and public opinion polling |
0.03% |
| Merchanting and other trade-related...Merchanting and other trade-related services |
1.06% |
| Other trade-related servicesOther trade-related services |
1.06% |
| Operational leasing servicesOperational leasing services |
0.42% |
|
|
29.62% |
|
|
22.07% |
| Sea transportSea transport |
20.22% |
| FreightFreight |
20.21% |
| OtherOther |
0.02% |
| Air transportAir transport |
1.85% |
| PassengerPassenger |
1.24% |
| OtherOther |
0.61% |
|
|
11.04% |
| ReinsuranceReinsurance |
10.81% |
| Other direct insuranceOther direct insurance |
0.23% |
|
|
1.89% |
| Personal travelPersonal travel |
1.89% |
| OtherOther |
0.94% |
| Education-related expenditureEducation-related expenditure |
0.79% |
| Health-related expenditureHealth-related expenditure |
0.15% |
|
|
1.67% |
| Information servicesInformation services |
0.11% |
| Other information provision...Other information provision services |
0.11% |
|
|
0.67% |
|
|
0.54% |
| Franchises and similar rightsFranchises and similar rights |
0.54% |
|
|
0.28% |
| Telecommunications servicesTelecommunications services |
0.28% |
|
|
0.05% |
| Other personal, cultural, and...Other personal, cultural, and recreational services |
0.05% |
| OtherOther |
0.03% |
| Education servicesEducation services |
0.02% |
|
|
0.02% |
| Construction abroadConstruction abroad |
0.02% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: November 2023
Trinidad and Tobago: Trade Profile
