CONTACT Magazine (Vol.18 No.3 – December 2018)

looking outwards
Trinidad and Tobago exports 2012-2017 (US$ million)
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
2012 2013 2014 2015 2016 2017p
Non-energy Energy Total
The Trinidad and
Tobago Chamber
of Industry and
Commerce, as a key
business support
organisation, helps
T&T companies to
take advantage
of export
opportunities, and
continues to be a
key partner in the
national export
thrust.
Source: Government of Trinidad and Tobago, Review of the Economy 2018
Caricom, Latin
America, the
United States and
the European
Union collectively
accounted for over
80% of Trinidad and
Tobago’s exports in
2017
trade with the United Kingdom, which happens to be T&T’s
fourth largest trading partner. This is particularly important
since the current Economic Partnership Agreement with the
EU provides preferential market access for both goods and
services from Trinidad and Tobago.
Non-traditional markets
Although market access to traditional trading partners is of
key importance to Trinidad and Tobago, exporters should also
consider opportunities that are developing in non-traditional
markets.
Distance and logistical challenges normally dissuade
smaller exporters from prospecting for opportunities in such
markets. However, ICT and energy-related developments in
Asia and Africa hold some potential for service exports.
Market intelligence
Having an idea of where the global opportunities are is just
the beginning. Making the best decision depends on a sound
market penetration strategy that involves continuous market
intelligence gathering. It also requires an understanding
of your product’s uniqueness, and how it meets existing or
potential demand in your market of interest.
Trade missions and trade expositions offer perfect
opportunities for learning about developments in new and
existing markets. In addition, companies which are interested
in securing preferential access for their products – whether
in a new or an existing market – should continuously engage
in stakeholder consultations with the Ministry of Trade and
Industry.
22
Trinidad
and Tobago Chamber
of Industry and Commerce
www.chamber.org.tt/contact-magazine