THE Trinidad and Tobago Manufacturers’ Association (TTMA) has said while there was an increase in growth in most non-energy sectors, there has been a reported decrease in the printing and packaging and textile and garment sectors.
In a media release on Monday, the TTMA said despite this, it was pleased with the Central Bank’s economic outlook on the non-energy sector for the first three quarters of 2021, and was confident it can double local non-energy exports by 2025.
President Tricia Coosal said the TTMA continued to pursue export markets for all sectors of manufacturing, including trade missions, which have resumed physically.
The TTMA participated in a Guyana trade mission which took place between March 28 and 31, and will host the Trade and Investment Convention, carded for August 25-27 at the Centre of Excellence, Macoya.
“The Minister of Trade, the honourable Paula Gopee-Scoon, has played a significant part in this positive increase as she continued to work with the TTMA to ensure curfew passes were made available during lockdown so as to minimise the effect on productivity of the sector.
“Manufacturers themselves were innovative, employing work-from-home solutions, more efficient shift systems and a greater integration of technology in daily operations, allowing for increased productivity despite the fewer man-hours worked.”
Coosal added that the TTMA was looking forward to the mid-budget year review and the opportunities for the manufacturing sector to recover, stabilise and expand operations, which could earn much-needed foreign exchange for the country.
The Central Bank’s Annual Economic Survey 2021 said, “According to data from the Central Statistical Office, gross domestic product (GDP) at real GDP grew by 0.9 per cent over the first three quarters of 2021 when compared to the same period a year earlier.
“The expansion in activity was premised on growth of 3.6 per cent in the non-energy sector, while energy-sector activity declined by 4.4 per cent.”