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.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 6,334 | 4,876 | 5,749 | 6,233 | 7,270 |
Exports of Goods (million USD) | 7,192 | 5,519 | 8,620 | 13,286 | 8,925 |
Imports of Services (million USD) | 1,928 | 1,766 | 2,266 | 3,188 | 1,948 |
Exports of Services (million USD) | 802 | 437 | 460 | 897 | 1,247 |
Trade Balance (million USD) | 2,732 | 984 | 4,712 | 9,181 | 3,763 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2022 |
---|---|
United States | 42.2% |
Belgium | 7.2% |
Morocco | 6.3% |
Spain | 5.2% |
Brazil | 3.8% |
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% |
See More Countries | 36.7% |
Source: Comtrade, Latest Available Data
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1.2 bn USD of services exported in 2023 | |
---|---|
37.51% | |
36.81% | |
13.50% | |
5.43% | |
5.39% | |
1.33% | |
0.02% | |
n/a% |
2.2 bn USD of services imported in 2023 | |
---|---|
39.48% | |
29.79% | |
18.48% | |
3.71% | |
3.14% | |
2.05% | |
1.54% | |
1.38% | |
0.38% | |
0.05% |
Source: United Nations Statistics Division, Latest Available Data
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Member of FTAA - Free Trade Area of the Americas
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Latest Update: May 2024