Trade Ministry: 54% increase in exports for 2023

IT WAS a year of growth in the non-energy sector, according to the Ministry of Trade and Industry’s year in review posted on its website. Among several achievements, the ministry said total exports from Trinidad and Tobago increased by 54 per cent from the year before.

According to the review, exports in 2022 were $55.3 billion. In 2023, exports increased to $89.1 billion.

Non-energy exports increased 15 per cent, from $15.6 billion in 2022 to $17.9 billion this year.

The review also highlighted billions in foreign investment, noting $3.2 billion in closed and operational investments and $1.4 billion in reinvestments by the manufacturing sector. The review added that for 2023, 2,907 jobs were created.

“This year, as we continued to develop our Export Booster initiative, 82 companies benefited from key programmes targeted at export capacity development and promotion,” the ministry said.

The ministry said it reinforced its commercial architecture to increase exports and inward investments with three commercial offices established in Panama, the UK and US. It has also positioned two commercial attaches in Guyana and Jamaica to maintain relations in the region.

“These officers are well positioned to serve the business community, forge new linkages, find new markets and fulfil new demands in 2024 and beyond,” the review said.

It said the trade ministry also participated in talks with the US, Australia, Pakistan, Ghana and others, as well as in the 21st Annual Trans-Atlantic Trade and Investment Symposium and the UK-Caribbean Trade and Investment Forum (TIF).

The review highlighted achievements such as the completion of the Phoenix Park Industrial Estate, which covers 144 acres, 78 leasable lots, and five modern factory shells for investors in high-value and light manufacturing, logistics, distribution, and warehousing and the enhancement of 36 existing e-services on the TTBizLink platform for online payments.

“The trade ministry is committed to fostering a conducive ecosystem to stimulate economic activity and drive trade, commerce and investment in TT.

“We look forward to collaborating with the business community for continued success in 2024.”