Trade between Caribbean giants Jamaica and Trinidad & Tobago declines

Traditionally, imports from Trinidad & Tobago into Jamaica have far exceeded the value of exports sent to Trinidad & Tobago from Jamaica.

However, on the back of lower imports of oil products, Jamaica’s Statistical Institute (STATIN) indicates that the trade existing between the two largest Caribbean economies has contracted by US$1 billion within the last 8 years.

In 2008, the trade deficit between both nations was US$1.4 billion. In 2015 it was recorded as US$462 million.

Imports from Trinidad & Tobago to Jamaica, however, continue to exceed the value of exports that cross its borders from Jamaican producers. The main exports sent to Trinidad & Tobago from Jamaica, according to STATIN, are chemicals and related materials, as well as food and beverages. The chief imports from Trinidad & Tobago into Jamaica are mineral fuels, food, beverages and tobacco.

As at December 2015, exports from Jamaica represent less than 2 percent of the value of imports from Trinidad & Tobago. In 2015, the value of exports to Trinidad & Tobago from Jamaica fell below the US$10 million mark to US$7.48 million, for the first time in a decade.

Ten years ago in 2006 the value of exports was US$15.56 million. During the decade, the highest level of exports was in 2008 when US$19.2 million in goods were sent to Trinidad & Tobago. Comparatively, imports from Trinidad & Tobago range above US$400 million annually.

Imports, however, have also fallen during the decade. In 2008, Jamaica imported US$1.52 billion in goods from its Caribbean Community partner. In 2015, imports fell to US$462 million in value.

In 15 years of trade between the 2 countries since 2001, Jamaica has imported US$10.52 billion in goods from Trinidad & Tobago, while during the period it has not achieved half a billion dollars in exports, exporting a total US$248.75 million in goods to Trinidad & Tobago. -(CMC)