TTMA: Non-energy manufacturing sector sustained the economy

DESPITE a permanent closure of three per cent of businesses, the TT Manufacturers Association (TTMA) said the sector has been resilient when compared to other regional producers during the pandemic.

Newsday reached out to the TTMA via e-mail last week to get an idea of how the sector was coping with TT’s latest covid19 restrictions — a state of emergency and curfew to curb rising positive cases.

As meetings between various stakeholders and government were being held to find health and economic solutions, the TTMA said it was the non-energy manufacturing sector which sustained the economy.

“When compared to other regional producers, who suffered on average 25 per cent decline in production, TT’s non-energy producers showed a level of resilience.

“TTMA’s members are vital to our production, employment and exports contribute towards the sustenance of economic activity in the country. Many other sectors, such as services, including tourism and energy suffered far greater losses. It is fair to say that during the pandemic the non-energy manufacturing sector sustained the economy.”

There are currently 538 registered manufacturers involved in alcoholic beverages, carbonated beverages, juices, cereals, chocolate, confectionery, canned foods, baked goods, and tobacco products, printing, inorganic chemicals, organic chemicals, resins, and agricultural chemicals, which are supported by a skilled labour pool trained at secondary, tertiary, and technical levels.

Other statistics from one of TTMA’s surveys showed that of the 208 respondents — 52 companies or 25 per cent were presently closed temporarily as they fall under non-essential; 52 companies or 25 per cent indicated that working hours were cut by less than 50 per cent; 34 companies or 16 per cent advised that operations were cut by more than 50 per cent, and 65 companies or 31 per cent reported that their operations were not impacted by the restrictions and were maintaining regular working hours despite the conditions.

Despite the challenges, TTMA said it has big plans for the future and was working with Export TT and the Ministry of Trade and Industry (MTI).

It said several deals were in the pipeline to push the sector to achieve its export manufacturing strategy of doubling exports by 2025.

“We are seeking to have a trade facilitation office in Panama, similar to the one that exists in Cuba, to allow greater entry for exporters into the Central American markets. We have lobbied for and got the government to agree to the introduction of trade officers in some of our missions abroad.”

Other initiatives, it said included the Trade and Investment conference which incorporate six virtual trade missions, one which was already held with Grenada; creating opportunities training and certification for small and medium enterprises to operate outside Caricom.