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

A note from
the editor
Exports play a crucial role in Trinidad and Tobago’s economy. They influence
economic growth, employment, and our balance of payments. They earn
essential foreign exchange. As we adjust to a low-price energy environment,
there needs to be an even greater focus on growth opportunities for exports.
We are the largest oil and natural gas producer in the Caribbean, and our
hydrocarbon sector has dominated our exports. But in recent years we have become
more diversified, with a greater reliance on services.
There are several factors which determine our level of exports: competitiveness,
quality, value added, the exchange rate, productivity, and the economic prospects
of our export markets. We can work towards raising this level through private sector
innovation, reducing tariff and non-tariff barriers, and by pursuing supply-side
policies to increase our competitiveness. Exporting provides real benefits for firms,
including longer-term security, by spreading risk over a wider customer base – and
of course increased sales and profits.
In this issue of CONTACT, we
are Looking Outwards
In this issue of CONTACT, we are Looking Outwards. Our team of experts from
Trinidad and Tobago and the Caribbean provides guidance on export planning, and
identifies where and how to access support locally. ExporTT’s CEO sets the stage
by charting the size of our exports, what we export, where to, and what are the
most promising opportunities in 2018. Trade agreements can be complex, but the
Ministry of Trade and Industry helps us to penetrate the legal jargon and translate it
into competitive advantage. Exporters are often presented with unexpected market
challenges, but one of our trade specialists outlines how to overcome non-tariff
barriers.
Which market conditions present key opportunities for local exporters, in which
country and in what sector? The Chamber’s Trade & Research Economist guides
us through their recommendations. Learn from organisations that are exporting
successfully, and be inspired as they share their journey.
Exports have a major impact on our economy. They are one of the biggest
determinants of Trinidad and Tobago’s economic performance. Growth in exports
can also advance our domestic economy by creating a knock-on effect for related
industries. Recognising the importance of this for our future sustainability, we look
forward to your feedback: share your export experience, tell us if you agree with
our experts’ advice and recommendations, and what else you would like to see us
add to the conversation.
Editor
www.chamber.org.tt/contact-magazine 07
Trinidad and Tobago Chamber
of Industry and Commerce