Trade between Jamaica and Trinidad on the decline

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com  Wednesday, May 11, 2016    

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

However, on the back of lower imports of oil products, the Statistical Institute of Jamaica (Statin) indicates that the trade existing between Trinidad and Jamaica has contracted by $1 billion within the last eight years. nations was $1.4 billion. In 2015 it was recorded as $462 million.

Imports from the Eastern Caribbean nation to Jamaica, however, continue to exceed the value of exports that cross its borders from Jamaican producers. The main exports sent to Trinidad from Jamaica, according to Statin, are chemicals and related materials, as well as food and beverages.

The chief imports from Trinidad into Jamaica are mineral fuels, food, beverages and tobacco.

As at December 2015, exports from Jamaica represent less than two per cent of the value of imports from Trinidad.

In 2015, the value of exports to Trinidad from Jamaica fell below the $10-million mark to $7.48 million, for the first time in a decade.

Ten years ago in 2006 the value of exports was $15.56 million. During the decade, the highest level of exports was in 2008 when $19.2 million in goods were sent to Trinidad.

Comparatively, imports from Trinidad range above $400 million annually.

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