That dollar amount results from a 9.1% increase compared to the total $7.2 billion 5 years earlier in 2019.
Year over year, the value of Trinidad and Tobago’s exported goods shriveled by -40.8% from $13.2 billion starting from 2022.
Based on the average exchange rate for 2023, the Trinidad/Tobago dollar appreciated by 0.1% against the US dollar since 2019 and went up by 0.1% from 2022 to 2023. Trinidad and Tobago’s stronger local currency makes its exports paid for in weaker US dollars modestly more expensive for international buyers.
Trinidad and Tobago’s top 5 most valuable exported products are acyclic alcohols, ammonia, crude oil, petroleum gases and iron ore-reduced products. Added together, that quintet of major goods generated over two-thirds (70.8%) of the overall value of Trinidad and Tobago’s exports.
Trinidad and Tobago’s Top Trading Partners
The latest available country-specific data shows that 72.6% of products exported from Trinidad and Tobago was bought by importers in: United States of America (34.1% of Trinidad and Tobago’s total), mainland China (4.9%), Guyana (4.8%), Belgium (4.5%), Morocco (4.1%), Netherlands (3.9%), South Korea (3.3%), Jamaica (2.9%), Spain (2.8%), Brazil (2.7%), France (2.4%) and Barbados (2.3%).
From a continental perspective, 38.3% of Trinidad and Tobago’s exports by value was delivered to North American countries while 24.3% was sold to importers in Latin America excluding Mexico but including the Caribbean. Suppliers located in Trinidad and Tobago shipped another 20.2% worth of goods to Europe.
Smaller percentages went to Asia (12.5%), Africa (4.6%) then Oceania led by Australia (0.1%).
Given Trinidad and Tobago’s population of 1.421 million people, its total $7.82 billion in 2023 exports translates to about $5,500 for every resident in the Caribbean nation. That dollar metric lags the average $9,400 per capita one year earlier during 2022.
Trinidad and Tobago’s Top 10 Exports
The following export product groups represent the highest dollar value in Trinidadian/Tobagonian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Trinidad and Tobago.
- Mineral fuels including oil: US$2.4 billion (30.5% of total exports)
- Organic chemicals: $1.6 billion (19.9%)
- Inorganic chemicals: $1.5 billion (19.2%)
- Iron, steel: $749.9 million (9.6%)
- Fertilizers: $365.9 million (4.7%)
- Beverages, spirits, vinegar: $138.9 million (1.8%)
- Cereal/milk preparations: $124.5 million (1.6%)
- Machinery including computers: $111.4 million (1.4%)
- Paper, paper items: $88.7 million (1.1%)
- Miscellaneous food preparations: $83.1 million (1.1%)
Trinidad and Tobago’s top 10 export categories accounted for 90.9% of the overall value of its global shipments.
Cereal or milk preparations was the fastest grower among the top 10 export categories, up by 10.7% from 2022 to 2023.
In second place for improving export sales were miscellaneous food preparations via a 6.2% advance.
Trinidad and Tobago’s shipments of paper including items made from paper posted the remaining gain in value, up by 5.2%.
The leading decliner among Trinidad and Tobago’s top 10 export categories was the inorganic chemicals product category, recording a -60% year-over-year drop.
At the more detailed four-digit Harmonized Tariff System (HTS) code level, Trinidad and Tobago’s most valuable export product were acyclic alcohols at 19.6% of the country’s total. In second place was ammonia (18.9%) trailed by crude oil (14.6%), petroleum gases (10.1%), iron ore-reduced products (7.5%), processed petroleum oils (5.7%), nitrogenous fertilizers (4.7%), iron or steel scrap (1.9%), non-alcoholic drinks excluding water, juice and milk (1.3%), then cereals prepared food (0.9%).
Products Generating Largest Trade Surpluses for Trinidad and Tobago
The following types of Trinidadian/Tobagonian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Organic chemicals: US$1.53 billion (Down by -15.7% since 2022)
- Inorganic chemicals: $1.46 billion (Down by -60.5%)
- Iron, steel: $617.6 million (Down by -10.3%)
- Fertilizers: $358.6 million (Down by -56.6%)
- Beverages, spirits, vinegar: $60.1 million (Down by -16.2%)
- Cereal/milk preparations: $49.2 million (Up by 25.8%)
- Tobacco, manufactured substitutes: $25.8 million (Down by -7.3%)
- Salt, sulphur, stone, cement: $806,000 (Down by -44.3%)
- Books, newspapers, pictures: $718,000 (Reversing a -$3.4 million deficit)
- Wool: $6,000 (Reversing a -$16,000 deficit)
Trinidad and Tobago generated highly positive net exports in the international trade of organic and inorganic chemicals. In turn, these cashflows indicate Trinidad and Tobago’s strong competitive advantages under the related product categories.
Products Causing Worst Trade Deficits for Trinidad and Tobago
Trinidad and Tobago incurred an overall -US$1.29 billion trade deficit for 2023. That amount of red ink reflects a reversal from the $7 billion surplus in 2022.
Below are exports from Trinidad and Tobago that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Trinidad and Tobago’s goods trail Trinidadian/Tobagonian importer spending on foreign products.
- Mineral fuels including oil: -US$928.1 million (Reversing a $4.2 billion surplus)
- Machinery including computers: -$787.9 million (Up by 36.9% since 2022)
- Vehicles: -$527.2 million (Up by 67.2%)
- Ores, slag, ash: -$364.8 million (Down by -13.6%)
- Electrical machinery, equipment: -$314.3 million (Up by 7.2%)
- Plastics, plastic articles: -$180.4 million (Down by -20.4%)
- Ships, boats: -$167.8 million (Reversing a $45.8 million surplus)
- Pharmaceuticals: -$163.1 million (Down by -5.3%)
- Articles of iron or steel: -$149.4 million (Down by -16.8%)
- Dairy, eggs, honey: -$140.4 million (Down by -3.8%)
Trinidad and Tobago incurred highly negative net exports and therefore deep international trade deficits for refined petroleum oils under the mineral fuels including oil product category.
Trinidadian and Tobagonian Export Companies
Not one Trinidadian/Tobagonian corporation ranks among Forbes Global 2000.
Wikipedia lists exports-related companies from Trinidad and Tobago. Selected examples are shown below.
- Atlantic LNG (natural gas)
- Atlas Engineering Limited (construction materials)
- Bermudez Biscuit Company (confectionary foods)
- Carib Brewery (alcoholic beverages)
- Flavorite Ice Cream (dairy products)
- Kiss Baking Company Limited (baked goods)
- National Gas Company of Trinidad and Tobago (natural gas)
- Petrotrin (oil, gas)
- S. M. Jaleel and Company (beverages)
- Solo Beverage Company (soft drinks)
In macroeconomic terms, Trinidad and Tobago’s total exported goods represent 17.6% of its overall Gross Domestic Product for 2023 ($44.5 billion valued in Purchasing Power Parity US dollars). That 17.6% for exports to overall GDP in PPP for 2023 compares to 31.1% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Trinidad and Tobago’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Trinidad and Tobago’s unemployment rate averaged 4.206% for 2023, down from an average 4.383% in 2022 according to Trading Economics metrics.
Trinidad and Tobago’s capital city is Port-of-Spain, which also serves as the nation’s largest cargo port.
See also America’s Top Trading Partners, Mexico’s Top Trading Partners, Guyana’s Top 10 Exports, Mexico’s Top Trading Partners and Exported Paintings and Drawings by Country
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on October 2, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 2, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 2, 2024
International Trade Centre, Trade Map. Accessed on October 2, 2024
Investopedia, Net Exports Definition. Accessed on October 2, 2024
Wikipedia, List of Companies of Trinidad and Tobago. Accessed on October 2, 2024