MONTHLY revenue generated by Trinidad and Tobago’s non-energy exports is stabilising after the negative financial effects of the pandemic.
Trade and Industry Minister Paula Gopee-Scoon gave this assurance on Wednesday while touring the Kamri Glass Showroom in Marabella.
Gopee-Scoon said non-energy exports generated at least $750 million a month before the pandemic. But a few months into the pandemic, starting in April 2020, that monthly figure plummeted to just over $300 million.
Since then, Gopee-Scoon said, the non-energy export market has slowly recovered and monthly earnings are now returning to or even surpassing pre-covid19 levels.
“As you know the tourism population is almost absent in much of the (Caribbean) region, so their consumption of our food and beverage products is lowered.
“But what has happened is, whilst we still have some significant exports into the region, we’ve seen some new markets. I’m also seeing particular products doing very well…the Angostura bitters has increased substantially.”
“Generally, our food and beverage sub sector has improved so that products are going in as well to Panama and some of the other Central American countries.”
Gopee-Scoon said these and other strides have contributed to the stabilisation of the monthly revenue generated by TT’s non-energy exports
“The export of non-energy goods have gone up in excess of the normal monthly average and I’m seeing in the vicinity of $900 million to $1 billion in exports per month.
“While you would not see this substantial increase in the export figures (presented in the budget) at the end of the financial year, you would see the levelling off. She commended businesses for what she sees as a job well done when it comes to tapping into markets beyond TT.
Businesses like Kamri Glass, she said, are being encouraged to increase its export potential by creating unique products that can target niche markets abroad.
“As countries begin to look to their construction sector to reenergize their economies, the manufacturers’ construction products will find a place in those markets."