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	2016	2017	2018	2019	2020
Imports of Goods (million USD)	8,800	6,910	7,710	6,327	4,671
Exports of Goods (million USD)	8,000	9,153	10,530	7,192	5,216
Imports of Services (million USD)	n/a	3,152	2,489	1,855	1,396
Exports of Services (million USD)	n/a	1,088	800	791	481
Trade Balance (million USD)	1,416	3,193	4,124	2,731	n/a

Source: WTO – World Trade Organisation ; World Bank - 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

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

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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