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 92% (World Bank, latest data available). The country's main exports include ammonia (28.2%), crude petroleum oils (15.6%), acyclic alcohols (13.4%), petroleum gases (9.4%), and petroleum waste oils (7.2%), ferrous products (6.4%). Trinidad and Tobago has an undiversified economy and depends heavily on imports, which are led by iron ores and concentrates (7.1%), aircraft n.e.c. (6.3%), motor cars and other motor vehicles (2.7%), medicaments (2.4%), and vehicles for the transport of goods (1.6% - data Central Statistical Office 2022).

Trinidad and Tobago's main import partners in 2022 were the U.S. (39.1%), China (12.1%), Brazil (5.7%), Canada (3.7%), Turkey (2.5%), and Japan (2.5%); whereas exports were mostly directed towards the U.S. (37.0%), Belgium (6.3%), Morocco (5.7%), Guyana (4.9%), Spain (4.6%), and Mexico (3.5% - data Central Statistical Office). The island, a member of the WTO since 1995, has few non-tariff barriers but relatively high customs duties. The 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 the last available figures from the WTO, in 2022, Trinidad and Tobago exported USD 13.2 billion worth of goods, while it imported USD 6.2 billion, resulting in a trade balance of USD 4.7 billion. As for services, exports totaled USD 897 million, whereas imports stood at USD 3.2 billion. Preliminary figures from the Central Statistical Office show that, in 2023, exports decreased 43% amid lower hydrocarbon prices, landing at TTD 51.2 billion. On the other hand, imports grew by 38%, reaching TTD 58.1 billion, resulting in a negative trade balance.

Main Partner Countries

Source: Comtrade, Latest Available Data

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 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: May 2024