Business

Minister: TT seeking to increase exports to China

Loop News

May 6, 2022 2:28 PM ET

2 mins read

Minister of Trade and Industry Paula Gopee- Scoon says this country is actively seeking to increase its exports to China.

Gopee- Scoon was at the time speaking during a tour together with His Excellency Fang Qui, Ambassador of the People’s Republic of China to the Republic of Trinidad and Tobago and President of the Trinidad and Tobago Manufacturers’ Association, Tricia Coosal at the manufacturing facilities of Angostura Limited and Trinidad and Tobago Fine Cocoa on Wednesday 4 May. 

During the tour, the delegation gained insight into both companies’ manufacturing processes as both the government and China are seeking to strengthen China’s cooperation with local companies who have an interest in exporting to China.

“We want to ensure that with the assistance from the Government through the MTI and through Export TT, we can actually get these products into wider markets. Our focus here is about penetrating new markets and ensuring that our goods are sold throughout the world,” Minister Gopee- Scoon said.

According to information published on the oec.world website, in November 2021 China exported $41.8M and imported $75.5M from Trinidad and Tobago, resulting in a negative trade balance of $33.8M. 

Between November 2020 and November 2021, the exports of China have increased by $14.3M (52.2%) from $27.4M to $41.8M, while imports increased by $37.7M (99.5%) from $37.9M to $75.5M.

In November 2021 the top imports of China from Trinidad and Tobago were Petroleum gas ($41.2M), Iron ore ($29.5M), and Acrylic alcohols ($4.36M), Scrap copper ($429k), and Commodities not specified($2.5k).