Overview In 2019 Trinidad and Tobago was the number 106 economy in the world in terms of GDP (current US$), the number 91 in total exports, the number 122 in total imports, the number 52 economy in terms of GDP per capita (current US$) and the number 61 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Trinidad and Tobago are Petroleum Gas ($3.21B), Acyclic Alcohols ($1.39B), Crude Petroleum ($1.14B), Ammonia ($1B), and Iron Reductions ($546M), exporting mostly to United States ($3.14B), Guyana ($864M), Spain ($615M), China ($601M), and Netherlands ($316M).

Imports The top imports of Trinidad and Tobago are Refined Petroleum ($1.03B), Excavation Machinery ($375M), Shipping containers ($316M), Iron Ore ($278M), and Cars ($269M), importing mostly from United States ($2.6B), Guyana ($1.23B), China ($362M), Netherlands ($249M), and Brazil ($219M).

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

Historical Data

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Yearly Exports

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Top Export (2019): Petroleum Gas, $3.21B

Top Destination (2019): United States, $3.14B

In 2019, Trinidad and Tobago exported a total of $9.51B, making it the number 91 exporter in the world. During the last five reported years the exports of Trinidad and Tobago have changed by -$6.66B from $16.2B in 2014 to $9.51B in 2019.

The most recent exports are led by Petroleum Gas ($3.21B), Acyclic Alcohols ($1.39B), Crude Petroleum ($1.14B), Ammonia ($1B), and Iron Reductions ($546M). The most common destination for the exports of Trinidad and Tobago are United States ($3.14B), Guyana ($864M), Spain ($615M), China ($601M), and Netherlands ($316M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $1.03B

Top Origin (2019): United States, $2.6B

In 2019 Trinidad and Tobago imported $6.53B, making it the number 122 trade destination in the world. During the last five reported years the imports of Trinidad and Tobago changed by -$3.24B from $9.77B in 2014 to $6.53B in 2019.

The most recent imports of Trinidad and Tobago are led by Refined Petroleum ($1.03B), Excavation Machinery ($375M), Shipping containers ($316M), Iron Ore ($278M), and Cars ($269M). The most common import partners for Trinidad and Tobago are United States ($2.6B), Guyana ($1.23B), China ($362M), Netherlands ($249M), and Brazil ($219M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

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.

*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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Most Specialized Products by RCA Index

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Trinidad and Tobago has a high level of specialization in Ammonia (279), Iron Reductions (244), Acyclic Alcohols (86.7), Barium Sulphate (66.2), and Shipping containers (30.8). 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 Machines for testing mechanical properties of material (1.64), Drawing, mathematical, length measuring instruments (1.61), Machinery for paper pulp, paper, paperboard making nes (1.19), Hand tools nes, anvils, clamps, vices, blow lamps etc (1), and Rubber tube, pipe, hose, except hard rubber (0.94). 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 (0.067), Scrap Aluminium (0.065), Gold (0.065), Wheat Flours (0.064), and Soap (0.064). 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.

Relatedness Space

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This network shows the products most related to the production structure of Trinidad And Tobago. These are products that tend to be co-exported with the products that Trinidad And Tobago exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 20 years Trinidad and Tobago's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨48th to the 61st⁩ 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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