Turks and Caicos Islands
2021 Product Exports | Imports: $7.81M | $286M, 218 of 226 | 198 of 226
2021 Per Capita Product Exports | Imports: $199 | $7.28k, 150 of 219 | 75 of 219
Overview In 2021 Turks and Caicos Islands was the number 218 economy in the world in terms of total exports and the number 198 in total imports.
Exports The top exports of Turks and Caicos Islands are Molluscs ($973k), Crustaceans ($666k), Polyacetals ($378k), Processed Tobacco ($371k), and Hot-Rolled Iron ($298k), exporting mostly to United States ($2.83M), Mauritania ($775k), Sri Lanka ($350k), Zimbabwe ($333k), and Angola ($304k).
Imports The top imports of Turks and Caicos Islands are Refined Petroleum ($39M), Cars ($9.32M), Wine ($7.56M), Poultry Meat ($6.87M), and Frozen Bovine Meat ($6.68M), importing mostly from United States ($219M), Dominican Republic ($12.9M), United Kingdom ($8.32M), Switzerland ($6.36M), and Italy ($5.65M).
Location Turks and Caicos Islands borders Haiti by land and Bahamas, Dominican Republic, and Haiti by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Turks and Caicos Islands.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Latest Data
#permalink to sectionThe data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Molluscs, $973k
Top Destination (2021): United States, $2.83M
In 2021, Turks and Caicos Islands exported a total of $7.81M, making it the number 218 exporter in the world. During the last five reported years the exports of Turks and Caicos Islands have changed by -$25.7M from $33.6M in 2016 to $7.81M in 2021.
The most recent exports are led by Molluscs ($973k), Crustaceans ($666k), Polyacetals ($378k), Processed Tobacco ($371k), and Hot-Rolled Iron ($298k). The most common destination for the exports of Turks and Caicos Islands are United States ($2.83M), Mauritania ($775k), Sri Lanka ($350k), Zimbabwe ($333k), and Angola ($304k).
Market Growth
#permalink to sectionFastest Growing Export Markets (2020 - 2021)
- Mauritania, $505k (+ 187%)
- Burundi, $249k (+ 1.59k%)
- Sri Lanka, $237k (+ 210%)
Fastest Growing Import Markets (2020 - 2021)
- United States, $68.1M (+ 45.2%)
- Dominican Republic, $5.31M (+ 69.8%)
- Switzerland, $4.58M (+ 257%)
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionTurks and Caicos Islands has a high level of specialization in Molluscs (240), Processed Tobacco (89.9), Other Cast Iron Products (77.9), Wheat Flours (76), and Mill Machinery (58.6). Specialization is measured using RCA, an index that takes the ratio between Turks and Caicos Islands observed and expected exports in each product.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Turks and Caicos Islands according to the product complexity index (PCI) are X-Ray Equipment (1.68), Hand Saws (1.68), Wrenches (1.63), Metalworking Machine Parts (1.61), and Electric Furnaces (1.53). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Turks and Caicos Islands according to the relatedness index, were Knit T-shirts (0.11), Hard Liquor (0.11), Tropical Fruits (0.1), Scrap Iron (0.1), and Other Vegetables (0.1). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Turks and Caicos Islands is not specialized in.
Product Space
#permalink to sectionThe 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 a country currently specializes in.
Diversification Frontier
#permalink to sectionThe Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
