Flag Trinidad and Tobago

Econ Complexity (2018): 0.13, Rank 60 of 137

Product Exports (2018): $9.94B, Rank 88 of 222

Exports Per Capita (2018): $7.15k, Rank 133 of 219

Product Imports (2018): $4.71B, Rank 133 of 221

Imports Per Capita (2018): $3.39k, Rank 179 of 219

Service Exports (2017): $1.14B, Rank 102 of 139

Service Imports (2017): $3.23B, Rank 69 of 139

GDP (2018): $23.8B, CURRENT US$
Rank 112 of 196

GDP growth (2008 - 2018): -14.6%, CURRENT US$
Rank 189 of 196

GDP PC (2018): $17,130, CURRENT US$
Rank 54 of 196

GDP PC GROWTH (2008 - 2018): -19.2%, CURRENT US$
Rank 182 of 196

Overview: In 2018 Trinidad and Tobago was the number 112 economy in the world in terms of GDP (current US$), the number 88 in total exports, the number 133 in total imports, and the number 60 most complex economy according to the Economic Complexity Index (ECI). In 2018, Trinidad and Tobago exported $9.94B and imported $4.71B, resulting in a positive trade balance of $5.22B. In 2018, Trinidad and Tobago's exports per capita were $7.15k and its imports per capita were $3.39k.

Trade: The top exports of Trinidad and Tobago are Petroleum Gas ($3.43B), Acyclic Alcohols ($1.71B), Refined Petroleum ($1.28B), Ammonia ($1.15B), and Crude Petroleum ($665M). The top imports of Trinidad and Tobago are Crude Petroleum ($925M), Cars ($235M), Iron Ore ($231M), Refined Petroleum ($200M), and Valves ($73M).

Destinations: Trinidad and Tobago exports mostly to United States ($3.36B), Guyana ($707M), Chile ($630M), Peru ($484M), and Spain ($476M), and imports mostly from United States ($1.28B), Russia ($558M), China ($346M), Colombia ($308M), and Brazil ($247M).

Location: Trinidad and Tobago borders Barbados, Grenada, Guyana, and Venezuela by sea.

Product Exports

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Value
Depth

Top Export (2018): Petroleum Gas, $3.43B

Top Destination (2018): United States, $3.36B

In 2018 Trinidad and Tobago exported a total of $9.94B, making it the number 88 exporter in the world. During the last five reported years the exports of Trinidad and Tobago have changed by -$7.47B from $17.4B in 2013 to $9.94B in 2018.

The most recent exports are led by Petroleum Gas ($3.43B), Acyclic Alcohols ($1.71B), Refined Petroleum ($1.28B), Ammonia ($1.15B), and Crude Petroleum ($665M). The most common destination for the exports of Trinidad and Tobago are United States ($3.36B), Guyana ($707M), Chile ($630M), Peru ($484M), and Spain ($476M).

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Product Imports

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Value
Depth

Top Import (2018): Crude Petroleum, $925M

Top Origin (2018): United States, $1.28B

In 2018 Trinidad and Tobago imported $4.71B, making it the number 133 trade destination in the world. During the last five reported years the imports of Trinidad and Tobago changed by -$1.95B from $6.66B in 2013 to $4.71B in 2018.

The most recent imports of Trinidad and Tobago are led by Crude Petroleum ($925M), Cars ($235M), Iron Ore ($231M), Refined Petroleum ($200M), and Valves ($73M). The most common import partners for Trinidad and Tobago are United States ($1.28B), Russia ($558M), China ($346M), Colombia ($308M), and Brazil ($247M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Trinidad and Tobago Exports Services (2017): $1.14B

Trinidad and Tobago Imports Services (2017): $3.23B

In 2017, Trinidad and Tobago exported $1.14B worth of services. The top services exported by Trinidad and Tobago in 2017 were Personal travel ($437M), Air transport ($279M), Other direct insurance ($174M), Miscellaneous business, professional, and technical services ($77.5M), and Sea transport ($73.7M).

The top services imported by Trinidad and Tobago in 2017 were Miscellaneous business, professional, and technical services ($1.74B), Sea transport ($514M), Reinsurance ($210M), Construction in the compiling economy ($172M), and Other direct insurance ($136M).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Trinidad and Tobago. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Trinidad and Tobago are Vermouth and other flavoured grape wines - pack > 2l (321%) and Undenatured ethyl alcohol > 80% by volume (263%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Trinidad and Tobago are:
136: Most Favoured Nation duty rate treatement
154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Trinidad and Tobago's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨47th to the 60th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Trinidad and Tobago has a high level of specialization in Ammonia (287), Iron Reductions (252), Acyclic Alcohols (83.9), Other Paints (26.2), and Nitrogenous Fertilizers (25.9). Specialization is measured using RCA, an index that takes the ratio between Trinidad and Tobago observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Trinidad and Tobago according to the product complexity index (PCI) are Drawing, mathematical, length measuring instruments (1.57), Hand tools nes, anvils, clamps, vices, blow lamps etc (1.08), Parts for use with lifting, moving machinery (0.99), Machinery for making felt, nonwovens, including hats (0.88), and Chlorides, bromides, iodides, oxides thereof (0.29). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Trinidad and Tobago according to the relatedness index, are Cocoa Beans (0.056), Leather Used in Machinery (0.054), Gold (0.053), Non-fillet Frozen Fish (0.052), and Scrap Lead (0.051). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Trinidad and Tobago is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.