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Five top facts<br />
5 top facts about<br />
The Caricom market<br />
by Sasha Murray<br />
Freelance writer<br />
The Caribbean Community (Caricom) consists of 15 member states and five<br />
associate members. It claims to be the “oldest surviving integration movement in<br />
the developing world”. The main economic activities are fuel and mining (notably<br />
oil, gas, bauxite and gold), agriculture, forestry and tourism.<br />
1. How big is the Caricom market?<br />
Caricom is home to about 18 million citizens, 60% of whom are under the age of 30. Haiti (about 11 million) has the<br />
largest population, followed by Jamaica and Trinidad and Tobago. Montserrat has the smallest population (about 5,000),<br />
followed by Anguilla and the British Virgin Islands<br />
2. Which is the fastest growing economy in Caricom?<br />
According to the Caribbean Development Bank (2018 Caribbean Economic Review and 2019 Outlook), Grenada is the fastest<br />
growing economy in Caricom, at 5.2% (2018). It is closely followed by Antigua and Barbuda at 3.5%, and Guyana at 3.4%.<br />
Grenada also has a positive medium-term outlook, with the CDB projecting 4.5% economic growth in 2019.<br />
Top 10 countries by conventional discovered volumes in 2018<br />
Million boe 2071<br />
3. Which Caricom state topped the world<br />
for conventional oil discoveries in 2018?<br />
2000<br />
1500<br />
1000<br />
500<br />
0<br />
Guyana<br />
1336<br />
Russia<br />
United States<br />
Source: Rystad Energy ECube, December 2018<br />
746<br />
672 671<br />
Cyprus<br />
Oman<br />
498<br />
Norway<br />
350<br />
Australia<br />
On land<br />
Offshore<br />
305<br />
United Kingdom<br />
203 194<br />
Gabon<br />
Malaysia<br />
ExxonMobil has made 13 discoveries (at the time of writing) in<br />
Guyana, and will begin producing up to 120,000 barrels of oil per<br />
day from the Liza Phase 1 development in early 2020. There is<br />
potential for at least five floating production, storage and offloading<br />
vessels in the Stabroek Block, producing more than 750,000<br />
barrels of oil per day by 2025. Growth projections for 2020 and<br />
2021 are 29.8% and 22.1%.<br />
4. Who is the biggest trader in goods in Caricom?<br />
In 2016 Trinidad and Tobago’s exports to Caricom were worth<br />
US$734 million. They represented 32% of Caricom’s intra-regional exports and 10% of T&T’s global exports. Trade in<br />
services also forms a significant part of Trinidad and Tobago’s trade with the region.<br />
5. How developed is agricultural trade between Caricom members?<br />
Agricultural imports from other member states are only 16.6% of Caricom’s total global agro-imports. Intra-Caricom<br />
trade in agriculture is moderately diversified. Trinidad and Tobago and St Vincent & the Grenadines are the top exporters<br />
of agri-food products within Caricom, while Jamaica and T&T are the top destination markets. Trinidad and Tobago was<br />
the largest source of Jamaica’s agro-imports (55%), while Guyana was the largest source of Trinidad and Tobago’s (36%).<br />
chamber.org.tt<br />
JUNE 2019 41
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