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Trinidad and Tobago: Selected Issues and Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
July 1999
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III. Trade Regime: Openness, Structure and Effects of Trade Liberalization1

A. Introduction

57. Trade liberalization has been an integral part of Trinidad and Tobago’s efforts to restructure it’s economy for sustained growth. In the 1980s, trade policy was used to promote industrialization through protectionism and to contain external imbalances. As part of an overall strategy of macroeconomic stabilization and structural reform began in the late-1980s, substantial progress was made in liberalizing the trade and exchange rate regime, with the objectives of enhancing competitiveness, promoting efficiency and diversifying the economy to reduce its vulnerability to external shocks.2 In recent years additional wide-ranging reforms have taken place, both unilaterally, as well as within the context of regional trading arrangements such as the Caribbean Community and Common Market (CARICOM).3

58. The transformation of trade policy has had a visible impact on trade flows, which have undergone a significant change over the last decade. This paper outlines the measures taken to liberalize the trade regime during 1988-98 and analyzes the impact on the volume and structure of trade flows. Section 2 describes the trade policy regime in the pre-reform period. Section 3 outlines the main features of trade reform, including regional integration. Section 4 examines the effect of trade liberalization on the volume and structure of trade flows. Section 5 concludes with a discussion of the unfinished agenda.

B. Background

59. Until the late 1980s, the trade regime in Trinidad and Tobago was very restrictive and nontransparent, characterized by high tariff protection, widespread use of quantitative restrictions, and heavily regulated foreign exchange markets. As was the case in many countries in the region, the trade regime reflected not only a reliance on an import-substitution based industrialization strategy, but also a recourse to protectionism in the face of external shocks. The use of quantitative restrictions on foreign exchange and foreign trade operations increased in the early 1980s in response to balance of payments crises that resulted from a decline in the terms of trade, in particular declining petroleum prices, and the sharp contraction of oil revenues.

60. Trade restrictions took the form of high import tariffs as well as many nontariff barriers, including quantitative restrictions, price controls and state trading. In 1989, the average (unweighted) nominal import tariff, inclusive of stamp duties, was estimated at 40 percent with intermediate inputs facing rates of 15-20 percent and competing final goods facing rates up to 50 percent.4 Quantitative restrictions were enforced through a negative list system which categorized imports between those which were subject to stringent licensing requirements, and those whose importation was prohibited.5 Import prohibitions and licensing requirements applied to all competing imports, with the most stringent conditions applying to agricultural goods.

61. The tariff schedule was characterized by numerous exemptions for imports of raw materials and capital equipment used in manufacturing production, many of which were granted in an ad hoc manner. The extensive duty exemptions and escalating tariff rates by stages of production resulted in high rates of effective protection, with two-thirds of domestic production having effective rates of protection (ERP) between 50 percent and 110 percent, and one-third exceeding 110 percent.6 Supplementing these restrictions were extensive foreign exchange controls, including surrender requirements for foreign exchange, restrictions on import payments through a system of trade allocation certificates, and mandatory licensing of exports and imports. Restrictions were also imposed on, inter alia, the repatriation of profits and capital, and holdings of foreign currency accounts.

62. This highly protected trade regime distorted relative prices and created a bias towards import substitution and against nontraditional exports. The anti-export bias was exacerbated by an overvalued exchange rate, with the real effective exchange rate appreciating by over 70 percent from 1980 to 1985. Traditional exports, mainly crude oil and petroleum products, dominated merchandise exports, accounting for 80 percent of all exports in 1984 (Figure 4). Petrochemicals constituted over 54 percent of nontraditional exports and 11 percent of total domestic exports. The largest category of imports—intermediate and capital goods—accounted for over 70 percent of total imports in 1984, consistent with the composition of imports in a regime where raw materials received priority over consumer goods in foreign exchange allocation (Tables 3 and 4).

Figure 4.Trinidad and Tobago: Composition of Exports, 1984-97

(In percent of total exports)

Sources: CSO; CBTT; and Fund staff estimates.

Table 3.Trinidad and Tobago: Trade Structure, 1984-97
1984198819921997
(In millions of U.S. dollars)
Total trade4,0552,6553,0985,485
Extraregional3,7102,4172,7564,739
Intraregional346238342746
Domestic exports 1/2,1381,4811,6622,449
Traditional exports1,7048119931,079
Extraregional (Non-CARICOM)1,538747911831
Intraregional (CARICOM)1666381247
Nontraditional exports4346716691,370
Extraregional (Non-CARICOM)395565489897
Agricultural goods405263118
Manufactured exports322463395867
Of which:
Chemicals226281261567
Intraregional (CARICOM)39107181403
Agricultural goods113250114
Manufactured exports1669127208
Of which:
Chemicals9152645
Imports1,9171,1741,4363,036
Extraregional (non-CARICOM)1,7771,1061,3562,940
Intraregional (CARICOM)141688096
(In percent of GDP)
Total trade52.359.056.995.0
Extraregional47.853.850.780.0
Intraregional4.55.36.315.1
Domestic exports 1/27.632.930.542.4
Traditional exports22.018.018.318.7
Extraregional (Non-CARICOM)19.816.616.814.4
Intraregional (CARICOM)2.11.41.54.3
Of which:
Crude oil12.39.28.19.0
Nontraditional exports5.614.912.323.7
Extraregional (Non-CARICOM)5.112.69.018.1
Agricultural goods0.51.11.22.4
Manufactured exports4.110.37.317.5
Of which:
Chemicals2.96.24.811.5
Intraregional (CARICOM)0.52.43.38.2
Agricultural goods0.10.70.92.3
Manufactured exports0.21.52.34.2
Of which:
Chemicals0.10.30.50.9
Imports24.726.126.452.6
Extraregional (non-CARICOM)22.924.624.950.9
Intraregional (CARICOM)1.81.51.51.7
Memorandum items:
All CARICOM countries
Total trade63.563.763.669.4
Exports26.423.624.823.5
Extraregional23.521.121.919.6
Intraregional2.82.62.93.9
Imports37.140.138.845.9
Sources: Central Statistical Office; Central Bank of Trinidad and Tobago; International Finance Statistics; and Fund staff estimates.

Excludes re-exports.

Sources: Central Statistical Office; Central Bank of Trinidad and Tobago; International Finance Statistics; and Fund staff estimates.

Excludes re-exports.

Table 4.Trinidad and Tobago: Structure of Imports, 1984-97
1984198819921997
(In millions of U.S. dollars)
Total imports1,9171,1741,4363,036
By end-use
Consumer goods606420283428
Fuels and lubricants154107187320
Intermediate goods and raw materials8682787971,236
Capital goods4444763551,372
By sector
Agriculture427194307397
Of which:
Food373188212250
Intermediate products 1/ 2/283300310633
Manufacturers1,2076768051,973
Of which:
Machinery5793674161,380
(In percent of total imports)
By end-use
Consumer goods31.635.819.714.1
Fuels and lubricants8.09.113.010.5
Intermediate goods and raw materials45.323.755.540.7
Capital goods23.140.524.745.2
By sector
Agriculture22.316.521.413.1
Of which:
Food19.416.014.88.2
Intermediate products 1/ 2/14.825.521.620.9
Manufacturers63.057.656.165.0
Of which:
Machinery30.231.329.045.5
(In percent of GDP)
By end-use
Consumer goods7.89.35.27.4
Fuels and lubricants2.02.43.45.5
Intermediate goods11.26.214.721.4
Capital goods5.710.66.523.8
By sector
Agriculture5.54.35.66.9
Intermediate products 1/ 2/3.66.75.711.0
Manufacturers15.615.014.834.2
Of which:
Machinery
(In percent of total imports)
Memorandum items:
Extraregional (non-CARICOM)92.794.294.596.8
United States37.934.745.151.5
European Union19.321.717.615.3
Latin America5.89.79.416.4
Intraregional (CARICOM)7.35.85.53.2
Barbados2.51.11.40.5
Guyana1.40.40.60.4
Jamaica2.72.42.60.6
Sources: Central Statistical Office; Central Bank of Trinidad and Tobago; and Fund staff estimates.

Includes crude materials, minerals, fuels, lubricants, and chemicals.

Includes imports under processing arrangements.

Sources: Central Statistical Office; Central Bank of Trinidad and Tobago; and Fund staff estimates.

Includes crude materials, minerals, fuels, lubricants, and chemicals.

Includes imports under processing arrangements.

63. The geographical concentration of trade paralleled the commodity concentration of trade, with the United States alone accounting for 58 percent of all exports and 44 percent of all imports in 1984. Although Trinidad and Tobago dominated intra-CARICOM trade, accounting for around 50 percent of all intra-CARICOM exports, exports to CARICOM countries accounted for only 10 percent of its total exports (Table 5). Despite the adoption of a CARICOM common external tariff (CET) in 1976, in the mid-1980s intraregional trade plummeted as member countries imposed additional quantitative restrictions and exchange controls on regional imports. From 1984 to 1988, Trinidad and Tobago’s exports to CARICOM markets registered an average annual decline of 2.5 percent, while imports from the region contracted sharply by an average of 25 percent.

Table 5.Trinidad and Tobago: Select Indicators of CARICOM Trade
1984198819921997 1/
(Exports as percent of total CARICOM exports)
Trinidad and Tobago54.742.644.639.9
Jamaica17.223.825.021.8
Guyana5.66.48.39.3
Barbados8.74.34.54.7
OECS5.210.48.95.4
(Imports as percent of total CARICOM imports)
Trinidad and Tobago35.120.522.626.2
Jamaica22.427.928.826.7
Guyana4.64.44.34.8
Barbados12.110.67.47.0
OECS9.616.317.311.9
(Regional exports as percent of intra-CARICOM exports)
Trinidad and Tobago49.246.255.465.3
Jamaica14.116.913.77.3
Guyana6.83.14.13.9
Barbados16.510.811.210.0
(In millions of U.S. dollars)
Memorandum items:
Total CARICOM exports3,906.93,411.34,195.46,377.5
Total CARICOM imports5,463.35,715.46,360.611,606.4
Sources: International Finance Statistics; and Fund staff estimates.

Includes Suriname and Haiti.

Sources: International Finance Statistics; and Fund staff estimates.

Includes Suriname and Haiti.

64. Trinidad and Tobago’s trade to GDP ratio increased from 52 percent in 1984 to 59 percent in 1988, comparing favorably with that of other countries in the region (Table 6).7 While the higher trade ratio may suggest that the Trinidadian economy became more open during this period despite the adoption of more protectionist policies, economic activity actually contracted sharply as a result of the downturn in oil production and prices. Export values declined at an average annual rate of 19 percent during this period, as compared to export volumes which declined at an average annual rate of 8 percent, reflecting the deterioration in the terms of trade. The much higher contraction in the volume of imports, by an annual average of over 20 percent, reflected to a large extent the imposition of exchange and trade controls aimed at restraining import demand in the economy.

Table 6.Trinidad and Tobago: Trade/GDP Ratios in Various Caribbean, Latin American and Asian Countries, 1984-97
1984198819921997
(In percent)
CARICOM
Trinidad and Tobago52.359.056.995.0
Jamaica80.668.175.668.1
Guyana76.681.1169.0155.9
Barbados87.748.641.451.1
Latin America
Argentina10.911.411.917.5
Bolivia31.325.731.937.9
Brazil20.115.215.714.7
Colombia26.425.627.324.1
Costa Rica57.458.163.494.3
Mexico20.722.020.935.4
Nicaragua40.489.958.4110.5
Venezuela37.044.746.940.4
Average30.536.634.646.9
Asia
Malaysia90.0108.5138.1160.4
Philippines37.441.647.577.7
Singapore280.8323.9272.9267.3
Thailand42.558.865.677.4
Sources: International Finance Statistics; and Fund staff estimates.
Sources: International Finance Statistics; and Fund staff estimates.

C. Trade Reform

Beginnings of trade reform (1988-92)

65. Following the balance of payments crisis in the late 1980s and as a part of the structural adjustment program, the authorities undertook a comprehensive trade reform that involved the gradual relaxation of import prohibitions and licenses on many intraregional and extraregional imports, the relaxation of exchange control barriers, and a major rationalization of the tariff structure. The changes in the trade regime reflected not only unilateral measures adopted by the government but also the effects of regional commitments arising out of membership in CARICOM.

66. By 1990, the imports of 12 product groups, accounting for 37 percent of total imports, were freed from exchange controls, raising the share of imports free of exchange controls to more than 60 percent. The system of allocating foreign exchange for consumer capital goods was relaxed and exchange restrictions on import payments, covering about 40 percent of total imports, were removed. Export licensing requirements for a number of agricultural products, petroleum and petroleum products, and manufactures were also removed. The scope of the negative list was reduced, with quantitative restrictions replaced by temporary import surcharges which were levied to protect locally manufactured goods in the transition period leading to a trade regime based on tariffs only.8

67. While Trinidad and Tobago, along with Jamaica and Guyana, had adopted the CET in 1976 in principle, the CET was only implemented effectively with the endorsement of the Caribbean Single Market Economy in 1991. A revised CET was introduced in 1991, which featured a reduction in the rate structure from a range of 0-60 percent to 5-45 percent and the removal of most tariff and nontariff barriers for intraregional trade, although exemptions to the basic structure were maintained.910

68. Despite the progress made in liberalizing and improving the transparency of the trade system, the effect of the reforms was modest. The introduction of substantial import surcharges, intended to compensate for the fiscal costs of the tariff reductions, widespread exemptions to the CET, and the remaining exchange restrictions, all resulted in a regime which, while considerably more liberal than the one existing in the mid-1980s, was still restrictive.

Acceleration of trade liberalization measures (1992-98)

69. In the mid-1990s substantial progress was made in eliminating and rationalizing remaining restrictions on trade, as the exchange system was fully liberalized and compliance with the phased reduction in the CET was achieved.

70. Tariffs: As a member of CARICOM, in 1993 Trinidad and Tobago adopted the CET four-phased schedule of rate reductions aimed at lowering the maximum rate on industrial goods (excluding those that are subject to exemptions in List C) from 35 percent to 20 percent by 1998 (agricultural goods remained subject to a maximum rate of 40 percent). Tariff reform also entailed a progressive reduction and narrowing of the bands of harmonized tariffs in stages over the 1991-98 period, with the number of tariff bands being reduced from 16 in 1992 to 9 in 1998. Tables 7 and 8 show the decline in the maximum and average tariff rates and the reduction in tariff dispersion since 1992.

Table 7.Trinidad and Tobago: Tariff Schedule, 1992 and 1998 1/
19921998
Whole economy
Simple average18.79.1
Standard deviation15.311.6
Maximum70.040.0
Minimum0.00.0
By sector
Agriculture27.920.0
Mining9.23.2
Industry19.78.4
By degree of processing
Raw materials15.0
Semi-processed products2.2
Finished goods15.911.1
Source: World Trade Organization; UNCTAD; and Fund staff estimates.

The average MFN tariff, excluding special duties.

Source: World Trade Organization; UNCTAD; and Fund staff estimates.

The average MFN tariff, excluding special duties.

Table 8.Trinidad and Tobago: Frequency Distribution of Nominal Tariffs, 1992 and 1998(In percent of total tariff lines)
Rates19921998
Duty Free10.844.9
0 to 56.317.4
5–1041.23.3
10–150.96.1
15–201.419.2
20–250.50.9
25–3016.62.4
30–350.00.0
35–400.005.8
40–4521.4
Over 401.1
Memorandum items:
Total tariff lines3,9176,322
Source: World Trade Organization; UNCTAD; and Fund staff estimates.
Source: World Trade Organization; UNCTAD; and Fund staff estimates.

71. There is some evidence that the reform succeeded in offsetting partly the initial anti-export bias in favor of manufactured and final consumer goods and reducing the effective rate of protection on the latter. Tables 7 and 8 shows that the average tariffs on both manufactured and final consumer goods have been reduced considerably. However, the escalated tariff structure still provides higher effective than nominal protection to final consumption goods, since imports of noncompeting inputs or capital goods are granted duty free access, or face duties of only 2.5 percent.

72. Nontariff barriers: Quantitative restrictions for trade have been largely dismantled and the scope of the negative list narrowed considerably, although import licenses are still required for a few goods.11 The stamp duty on agricultural and manufactured goods was repealed as of 1994, and a phased reduction of import surcharges was achieved. Currently, surcharges ranging from 5 percent to 45 percent apply to a number of agricultural products that are expected to be largely phased out by 2004.12 Export taxes were abolished under CARICOM provisions, and a uniform value-added tax (VAT) of 15 percent was levied on imported goods, although many basic commodities are zero-rated. The rates of excise duties on most alcoholic beverages, tobacco and petroleum products were harmonized for domestically produced goods as well as imports from CARICOM member states, although import duties on alcoholic beverages are determined as specific rates.

73. Exchange rate: Trinidad and Tobago had a fixed exchange rate regime until 1993, when the exchange rate was floated and a market system based on the interbank foreign exchange market established. All remaining foreign exchange controls were abolished and the exchange system fully liberalized.

74. Regional trading arrangements: Trinidad and Tobago, a GATT contracting member since 1962, became a member of the World Trade Organization in 1995. As of 1998, most of its tariff bindings in the WTO were at rates of 50-70 percent for most industrial goods, but substantially higher tariff bindings (mostly at 100 percent) applied to agricultural goods.13 As a member of CARICOM, Trinidad and Tobago has bilateral trade agreements with neighboring countries such as Colombia (1994) and Venezuela (1993). These arrangements grant temporary preferential access to CARICOM exports, after which the preferential trade scheme is to become universal and lead to a phased reduction of duties and nontariff barriers on exports from these countries.

75. As a signatory to the Lomé Convention, exports of certain primary products originating in Trinidad and Tobago are offered duty free access into the European Union. Traditionally, exports of sugar and rum have been the main beneficiaries, but recently preferential access has been granted to petroleum and fertilizers. Trinidad and Tobago also benefits from trade arrangements between Canada and Caribbean countries (CARIBCAN), and the United States and Caribbean countries under the Caribbean Basin Initiative (CBI), which allows duty free entry into the U.S. for a wide range of exports grown and manufactured in eligible countries.14 Membership in other regional integration groups includes the Association of Caribbean States (ACS), which is comprised of 25 Caribbean states, and was formed in 1994 to promote regional development and trade.

D. Effects of Trade Reform

76. Trade liberalization is expected to encourage larger and less distorted volumes of trade, and to result in greater diversification of trade flows as the bias against nontraditional exports is reduced. This section attempts to assess the impact of trade liberalization on the volume and structure of Trinidad and Tobago’s trade, by examining movements in trade flows over the 1984-97 period.

Volume of trade

77. The general success of the trade reforms is reflected in greater openness of the economy, with the trade to GDP ratio almost doubling from 57 percent in 1992 to 95 percent in 1997, consistent with the experience of other countries in the region (Table 6). Figure 5 presents a comparison of the degree of openness in a select group of countries. While not all countries in the Latin American and Caribbean region liberalized their trade regimes at the same time or to the same extent, the last decade has witnessed an increasing trend towards greater openness in the region.

Figure 5.Trinidad and Tobago: Comparison of Degree of Openness

(Percent of GDP)

Sources: CSO; CBTT; IF; and Fund staff estimates.

78. The reduction of the anti-export bias from import protection and appreciated exchange rates, improvements in the terms of trade, and increased investment outlays in the energy and manufacturing sectors, have contributed to positive export growth. Exports registered an average annual growth of 6.5 percent in the 1992-97 period (4 percent in volume terms), and the share of exports in GDP has risen from 31 percent in 1992 to over 40 percent in 1997 (Figure 6).

Figure 6.Trinidad and Tobago: Summary Measures of Trade Performance, 1984-97

(Percentage of GDP)

Sources: CSO; CBTT: and Fund staff estimates.

79. The impact of the reforms is visible to an even larger extent on the import side, as imports have rebounded from their low levels in the mid-1980s. Since 1992, import values have been growing at an average annual rate of 14 percent per year (15 percent in volume terms) (Figure 7). With that, the import to GDP ratio more than doubled from 25 percent in 1984 to 53 percent in 1997 (Figure 6). The increase in import volumes is consistent with the response of imports to the liberalization of quantitative restrictions, elimination of foreign exchange controls, and the removal of restrictive licensing practices that were undertaken in the reform period. In 1997-98, import growth outpaced export growth as a result of a surge in capital and intermediate goods imports related to foreign direct investment in the energy sector, as well as higher consumer goods imports.

Figure 7.Trinidad and Tobago: Trade Volume Growth, 1988-97

Sources: CSO; CBTT; and Fund staff estimates.

Structure of trade

80. Trinidad and Tobago’s trade structure has undergone a considerable change during the 1984-1997 period, both in terms of the composition and the direction of trade. Export diversification has taken the form of reduced dependence on traditional exports, which only accounted for 44 percent of total exports in 1997, as compared with 80 percent in 1984 (Figure 4). This decline is most marked for crude oil, Trinidad and Tobago’s leading export product, with its share in total exports falling from 45 percent in 1984 to 18 percent in 1997.

81. The performance of nontraditional exports reflects the stimulus provided by the reforms of the trade and exchange systems, with their ratio to GDP increasing from 6 percent in 1984 to 24 percent in 1997 (Table 3) and their share of total exports from 20 percent to 56 percent. The volume of nontraditional exports registered an annual average increase of 3 percent over the 1988-97 period. Within nontraditional exports, manufactured goods accounted for less than 5 percent of GDP in 1984, but grew to 19 percent of GDP in 1997, led by petrochemicals, cement, and iron and steel manufactures. However, more labor-intensive agricultural products, namely beverages and food products, and manufactures other than chemicals and iron and steel, registered the greatest improvement, growing at an average rate of over 22 percent during this period from low levels. Notwithstanding the growth in these export categories, Figure 8 shows that petrochemicals continue to dominate nontraditional exports, accounting for 45 percent of the total.

Figure 8.Trinidad and Tobago: Composition of Nontraditional Exports, 1984-97

(In percent of total exports)

Sources: CSO; CBTT; and Fund staff estimates.

82. On the whole, export diversification has been modest, as exports remain heavily concentrated on a few products, with petroleum and petrochemical exports accounting for over 70 percent of total exports. The capital-intensive nature of the energy sector has created a growing dependence on imported capital goods, with the share of machinery in total imports increasing from 30 percent in 1984 to 46 percent in 1997, largely fueled by an investment boom in the petrochemical sector (Table 4). While the ratio of consumption goods to GDP has remained relatively constant over the 1992-97 period, consumer goods imports have grown at an average annual rate of 18 percent since 1992. Within consumer goods, there has been a marked decline in the share of agricultural goods. The change in the composition of imports away from primary products and towards manufactures is consistent with trade reform. In the pre-reform period, the use of differentiated tariffs, with higher effective protection for manufactured goods, tended to skew the import structure towards a heavier representation of primary goods and a smaller share of durable consumer goods. With trade liberalization, the bias against manufactured goods has been greatly reduced.

83. The change in the commodity composition of trade has been accompanied by noticeable geographical diversification of trade. The recovery of trade from the mid-1980s is reflected in increased sales to both extraregional as well as intraregional markets. The ratio of extraregional trade to GDP has doubled, from 47 percent in 1984 to 96 percent in 1997, while intraregional trade has almost quadrupled from over 4 percent to 15 percent (Table 3). Although the United States continues to be the largest trading partner, accounting for over 40 percent of exports and over 50 percent of all imports in 1997, the share of intraregional trade as well as trade with neighboring Latin American and Caribbean countries has increased. Following the removal of intraregional barriers to trade and compliance with CARICOM provisions, the share of exports to CARICOM markets has almost tripled, from 10 percent in 1984 to 26 percent in 1997 (Figure 9). Exports to Latin American and non-CARICOM Caribbean countries have benefitted from regional trading arrangements, including preferential access to many of these markets, with their share in total exports doubling from 12 percent in 1984 to 26 percent in 1997.

Figure 9.Trinidad and Tobago: Destination of Exports - 1984, 1997

Source: Central Statistical Office; Central Bank of Trinidad and Tobago; and Fund staff estimates.

84. The growing importance of nontraditional exports in trade is evidenced by the increased share of these exports in both extraregional as well as intraregional markets. The share of nontraditional exports to extraregional markets has tripled from 5 percent of GDP in 1984 to over 18 percent in 1997, while the share to intraregional markets has increased dramatically from 0.5 percent to 8 percent of GDP (Table 3). Within the nontraditional group, exports of petrochemicals to non-CARICOM markets have increased significantly; exports of agricultural products and manufactured goods to CARICOM markets have also exhibited a substantial increase. In the latter case, the growth of nontraditional exports reflects, in part, stronger regional economic growth in the 1990s, as other member countries have also pursued trade reforms. However, the existence of regional preferential treatment in CARICOM, together with the existence of extensive duty exemptions for agricultural and manufacturing inputs granted to regional exporters, suggests that the present trade regime can potentially impart a bias against extraregional exports of nontraditional goods by creating an incentive for these exports to be directed to relatively protected regional markets.

85. Trinidad and Tobago continues to dominate intra-CARICOM trade, with its exports accounting for over 40 percent of total CARICOM exports in 1997 and over 60 percent of intra-CARICOM exports (Table 5). The main CARICOM trading partner is Jamaica, accounting for almost 40 percent of all exports to CARICOM countries. Despite the elimination of many barriers to intraregional trade, intraregional imports account for less than 4 percent of all imports. This reflects, in part, the lack of diversification in other CARICOM countries as well as their reliance on primary commodities, such as sugar and bananas, tourism, and other service sectors as the centerpieces of their production.

E. The Unfinished Agenda

86. Trade liberalization in Trinidad and Tobago has resulted in the creation of a substantially more open trade regime, and has had a significant impact on the volume and structure of its trade flows. However, more remains to be done. In particular, Trinidad and Tobago’s tariff structure continues to exempt certain manufactured products from the maximum CET rate of 20 percent on industrial goods. A total of 209 tariff lines in List C (or 3 percent of the total) are subject to exemptions, with over 60 percent of these goods subject to import duties of 30 percent.15 The average rate for goods included in List C is 26.1 percent, well above the average tariff of 9.1 percent on all goods. In addition, the specific duties levied on alcoholic beverages in List C can result in an ad valorem equivalent above the maximum rate of 30 percent. For instance, certain kinds of rum may face an ad valorem equivalent tariff of 50 percent of more.

87. In 1998, following a surge in auto imports, import duties on motor vehicles were raised from a previous range of 20 percent to 30 percent to a range of 25 percent to 45 percent for gasoline powered vehicles and from 30 percent to a range of 35 percent to 40 percent on diesel powered vehicles. This increase in import duties represents a regressive step since the maximum rates not only exceed the CET, but also the rate applied on most industrial goods in List C.

88. Because CARICOM provisions do not call for a phased reduction in the maximum rates on agricultural goods, the applied rates for these goods remain high. The tariff on agricultural goods (20 percent in 1998) is significantly higher than the average tariff, and there is considerable dispersion of rates by product groups. While there are no quantitative restrictions on the importation of agricultural products, several products are subject to additional import surcharges, which can be as high as 100 percent for certain poultry parts and 60 percent for sugar.

89. The exemptions to the CET contribute to the sizeable tariff dispersion of 116 percent, which is well above the average tariff rate of 9.1 percent and compares unfavorably with those of many Latin American countries. Table 9 shows that while Trinidad and Tobago’s average tariff and absolute tariff dispersion is comparatively low among the CARICOM countries, its rate of tariff dispersion is high relative to that in many Latin American countries.

Table 9.Trinidad and Tobago: Summary of Tariff Structure in CARICOM countries, 1998
Average tariff rates 1/ (percent)Standard deviation 2/ (percent)Coefficient of variation 3/ (percent)Tariff range 4/ (percent) OverallIndex of Trade Restrictiveness 5/
Trinidad and Tobago9.111.6127.50-404
Antigua and Barbuda9.710.5108.20-405
Bahamas350-2605
Barabados9.811.6118.40-605
Belize11.211.6103.60-605
Dominica10.110.8106.90-405
Grenada10.512.1115.20-409
Guyana10.610.599.10-602
Jamaica9.711113.40-405
Montserrat9.310.5112.90-40
St. Kitts and Nevis9.610.8112.50-402
St. Lucia10.412.2117.30-455
St. Vincent and Grenadines9.811112.20-405
Suriname9.711.1114.40-508
Memorandum item:
Argentina13.96.949.60-33.55
Bolivia9.71.313.40-104
Chile110.76.40-112
Colombia11.66.354.30-352
Peru13.53.525.912-252
Venezuela126.150.80-355
Sources: Inter-American Development Bank; and Fund staff estimates.

The unweighted average MFN tariff.

The standard deviation measures the absolute dispersion of a distribution

The coefficient of variation is a measure of relative dispersion of the distribution, defined as the standard deviation divided by the average.

Excludes tariffs on arms and ammunitions (which cover less than .4 percent of all tariff lines) for which the range can be as high as 70 percent.

The index value ranges from one to ten, with one representing the least restrictive trade regime. The calculation of the index takes into account both the level of average tariffs and the use of nontariff barriers (such as quantitative restrictions, export and import quotas, restrictive licensing, and restrictive allocation of foreign exchange). The calculation, however, ignores the degree of tariff dispersion, the number of tariff bands, and discretionary tariff exemptions. Overall, greater weight is given to nontariff barriers, as they generally result in larger economic distortions and less transparent trade regimes than high tariff rates (IMF).

Sources: Inter-American Development Bank; and Fund staff estimates.

The unweighted average MFN tariff.

The standard deviation measures the absolute dispersion of a distribution

The coefficient of variation is a measure of relative dispersion of the distribution, defined as the standard deviation divided by the average.

Excludes tariffs on arms and ammunitions (which cover less than .4 percent of all tariff lines) for which the range can be as high as 70 percent.

The index value ranges from one to ten, with one representing the least restrictive trade regime. The calculation of the index takes into account both the level of average tariffs and the use of nontariff barriers (such as quantitative restrictions, export and import quotas, restrictive licensing, and restrictive allocation of foreign exchange). The calculation, however, ignores the degree of tariff dispersion, the number of tariff bands, and discretionary tariff exemptions. Overall, greater weight is given to nontariff barriers, as they generally result in larger economic distortions and less transparent trade regimes than high tariff rates (IMF).

90. In addition, the escalating nature of Trinidad and Tobago’s tariff structure continues to provide higher protection to final consumption goods and agricultural products relative to inputs and capital goods. A lower and more uniform tariff structure would reduce the rate of tariff dispersion and effective protection.

91. As a result of trade liberalization, and growing importance of the VAT and corporate taxes in the oil and non-oil sectors, import duties have lost their importance as a source of government revenue in the 1990s. In 1992, taxes on international trade were 9.4 percent of total tax revenues, with a collected import tariff rate of 11.1 percent. In 1997-98, revenue accruing from import duties averaged 6.6 percent of total revenues, with a significantly lower collected import tariff rate of 3.5 percent, reflecting both the effect of the trade reform as well as higher imports of capital goods, most of which are accorded duty free status.16 The implementation of further reductions in import tariffs and the removal of goods from List C is likely to result in further losses of tariff revenues from import duties. Any revenue shortfalls could be offset partially by broadening the VAT base and widening the use of excise taxes to cover imports.17

92. On intraregional trade, the unfinished agenda would include eliminating remaining barriers to trade and move towards achieving economic convergence, leading to the creation of a CARICOM single market. To date, little progress had been made in the efforts to create the CARICOM Single Market Economy because of a general failure of members to meet convergence criteria as well as to ratify agreements on the free movements of services and capital in the region. The liberalization of services and the free movement of capital and labor across national borders would entail significant economic benefits, including, for instance, lower freight costs resulting from the liberalization of transportation services, a more efficient allocation of savings, and reduction of the costs of financial intermediation through greater competition and economies of scale.

STATISTICAL APPENDIX
Table 1.Trinidad and Tobago: GDP by Sectors of Origin at Constant 1985 Prices
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Real GDP (1985 prices)16,63017,26417,86318,48819,077
Petroleum sector4,2874303438743314,411
Crude oil2,9812,9752,9302,8082,782
Refining198203242215246
Service, marketing, gas596598625682687
Petrochemicals513527591626696
Nonpetroleum sector12,34312,96113,47514,15714,666
Agriculture594562602625494
Export3534413923
Domestic302290299305274
Sugar258238262281197
Manufacturing1,3231,3961,3491,5041,642
Construction1,4691,5831,6711,9182,114
Distribution, hotel1,8741,9812,1922,3772,496
Distribution1,8401,9282,1222,2832,385
Hotel34537094111
Government2,5572,5112,6002,5632,629
Financial services1,7131,7271,7471,8221,835
Other3,2323,5913,7193,8184,025
Less: imputed serv. charge-420-390-404-469-567
(Annual percentage change)
Real GDP3.63.83.53.53.2
Petroleum sector9.10.42.0-1.31.9
Crude oil6.0-0.2-1.5-4.2-0.9
Refining3.52.818.8-11.014.5
Service, marketing, gas14.60.44.69.20.7
Petrochemicals26.02.712.26.011.1
Nonpetroleum sector1.85.04.05.13.6
Agriculture7.7−5.37.13.8−21.0
Export10.6−0.919.9−5.9−40.4
Domestic−10.6−3.92.93.03.0
Sugar41.0−7.610.37.1−29.7
Manufacturing−1.75.5−3.411.59.1
Construction13.97.85.514.810.2
Distribution, hotel4.55.710.68.45.0
Distribution5.44.810.07.64.5
Hotel−27.853.433.334.018.0
Government−3.9−1.83.5−1.42.6
Financial services2.70.81.24.30.7
Other (transport etc.)0.211.13.62.65.4
Less: imputed service charge2.7−7.13.616.120.9
Sources: Central Statistical Office; and Fund staff estimates
Sources: Central Statistical Office; and Fund staff estimates
Table 2.Trinidad and Tobago: GDP by Sectors of Origin at Current Market Prices
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Nominal GDP29,31231,66534,07836,19436,491
Petroleum sector8,7618,7129,93710,2357,799
Crude oil4,5004,4964,6794,5364,463
Refining6665401,3561,485612
Service and marketing1,6791,8431,9492,1151,377
Petrochemicals1,9151,8331,9522,0991,347
Nonpetroleum sector20,55122,95324,14125,95928,692
Agriculture651701766775745
Export4141433019
Domestic359342381361399
Sugar252318342384326
Manufacturing2,2812,6082,3672,7523,016
Construction2,2342,4652,6853,2293,749
Distribution, hotel4,1244,6305,2936,0146,673
Distribution4,0054,4515,0305,6536,226
Hotel119179263361447
Government2,9543,0893,3962,9783,249
Financial services3,6203,9003,8554,0654,202
Other4,3555,0365,2565,6086,244
Less: imputed service charge-928-821-892-1,085-1,339
Plus: VAT1,2591,3451,4141,6242,154
(As a percentage of GDP)
Petroleum sector29.927.529.228.321.4
Crude oil15.414.213.712.512.2
Refining2.31.74.04.Î1.7
Service and marketing5.75.85.75.83.S
Petrochemicals6.55.85.75.83.7
Nonpetroleum sector70.172.570.871.778.6
Agriculture2.22.22.22.12.0
Export0.10.10.10.10.1
Domestic1.21.11.11.011
Sugar0.91.01.01.10.9
Manufacturing7.88.26.97.68.3
Construction7.67.87.98.910.3
Distribution, hotel14.114.615.516.618.3
Distribution13.714.114.815.617.1
Hotel0.40.60.81.01.2
Government10.19.810.08.28.9
Financial services12.412.311.311.211.5
Other14.915.915.415.517.1
Less: imputed service charge-3.2-2.6-2.6-3.0-3.7
Plus: VAT4.34.24.14.55.9
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 3.Trinidad and Tobago: GDP by Final Expenditure at Constant 1985 Prices
1994199519961997Prel.

1998
(In millions of 1985 Trinidad and Tobago dollars)
Domestic expenditure13,17413,65414,37016,76316,174
Consumption9,81410,90711,43811,75311,241
Private sector7,8188,8499,3039,6308,897
Government1,9962,0582,1352,1232,343
Gross capital formation3,3602,7472,9315,0104,933
Private sector3,0952,3702,5874,3214,370
Government265377345689564
Net exports3,4573,6103,4931,7252,903
Exports of goods and nonfactor services6,7967,7407,5728,26110,092
Imports of goods and nonfactor services-3,339-4,130-4,079-6,535-7,189
GDP at market prices16,63017,26417,86318,48819,077
(Annual percentage change)
Domestic expenditure-6.13.65.216.7-3.5
Consumption-16.411.14.92.8-4.4
Private sector-19.513.25.13.5-7.6
Government-1.03.13.8-0.610.3
Gross capital formation45.9-18.26.770.9-1.5
Private sector49.6-23.49.167.11.1
Government13.042.2-8.499.6-18.2
Net exports70.94.4-3.2-50.668.3
Exports of goods and nonfactor services42.913.9-2.29.122.2
Imports of goods and nonfactor services22.123.7-1.260.210.0
GDP at market prices3.63.83.53.53.2
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 4.Trinidad and Tobago: GDP by Final Expenditure at Current Market Prices
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Domestic expenditure25,51427,19430,09437,45338,000
Consumption19,59222,15524,50127,64628,563
Private sector16,07418,38020,42723,48924,081
Government3,5183,7754,0744,1574,482
Gross capital formation5,9225,0385,5939,8079,437
Private sector5,4554,3474,9358,4598,359
Government4676916581,3481,078
Net exports3,7984,4723,984-1,259-1,508
Exports of goods and nonfactor services13,66117,20917,87919,31119,015
Imports of goods and nonfactor services-9,863-12,737-13,895-20,570-20,523
GDP at market prices29,31231,66534,07836,19436,491
Net factor payments-2,449-2,768-3,094-2,384-2,191
Net transfers-36-97-422439
GNP at market prices26,82728,80030,94133,83334,339
(As a percentage of GDP)
Domestic expenditure87.085.988.3103.5104.1
Consumption66.870.071.976.478.3
Private sector54.858.059.964.966.0
Government12.011.912.011.512.3
Gross capital formation20.215.916.427.125.9
Private sector18.613.714.523.422.9
Government1.62.21.93.73.0
Net exports13.014.111.7-3.5-4.1
Exports of goods and nonfactor services46.654.352.553.452.1
Imports of goods and nonfactor services-33.6-40.2-40.8-56.8-56.2
GDP at market prices100.0100.0100.0100.0100.0
Net factor payments-8.4-8.7-9.1-6.6-6.0
Net transfers-0.1-0.3-0.10.10.1
GNP at market prices91.591.090.893.594.1
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 5.Trinidad and Tobago: Savings and Investment at Current Market Prices
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Gross domestic savings9,7199,5109,5778,5487,929
Private sector7,7358,2567,6297,6806,786
Public sector1,9841,2541,9488681,143
Net factor payments-2,449-2,768-3,094-2,384-2,191
Net transfers-36-97-422439
Gross national savings7,2356,6456,4406,1875,777
Private sector5,2515,3914,4925,3194,634
Public sector1,9841,2541,9488681,143
Government402617746356138
Public enterprises1,5826371,2025121,005
Gross national investment5,9225,0385,5939,8079,437
Private sector4,4643,9383,9917,2126,833
Public sector1,4581,1001,6022,5952,604
Government4676916581,3481,078
Public enterprises9914099441,2471,526
Investment savings gap-1,313-1,606-8483,6203,660
Private sector-787-1,452-5021,8932,199
Public sector-526-154-3461,7271,461
Government6574-88992940
Public enterprises-591-228-258735521
(As a percentage of GDP)
Gross domestic savings33.230.028.123.621.7
Private sector26.426.122.421.218.6
Public sector6.84.05.72.43.1
Net factor payments-8.4-8.7-9.1-6.6-6.0
Net transfers-0.1-0.3-0.10.10.1
Gross national savings24.721.018.917.115.8
Private sector17.917.013.214.712.7
Public sector6.84.05.72.43.1
Government1.41.92.21.00.4
Public enterprises5.42.03.51.42.8
Gross national investment20.215.916.427.125.9
Private sector15.212.411.719.918.7
Public sector5.03.54.77.27.1
Government1.62.21.93.73.0
Public enterprises3.41.32.83.44.2
Investment savings gap-4.5-5.1-2.510.010.0
Private sector-2.7-4.6-1.55.26.0
Public sector-1.8-0.5-1.04.84.0
Government0.20.2-0.32.72.6
Public enterprises-2.0-0.7-0.82.01.4
GDP at market prices29,31231,66534,07836,19436,491
Sources: Central Statistical Office; and Fund staff estimates
Sources: Central Statistical Office; and Fund staff estimates
Table 6.Trinidad and Tobago: Retail Price Index
Weights1994199519961997Prel.

1998
(Period average: 1985=100)
Overall index1,000170.6179.7185.7192.5203.3
Food, drink and tobacco255178.9206.0225.3246.0279.6
Housing and household supplies359168.2171.1172.8173.2177.0
Clothing and footwear104161.3159.3157.7155.8154.8
Transportation152172.6175.8177.3180.7183.7
Other services130167.3172.3175.8180.5187.1
(End of period)
Overall index175.5182.1190.0196.7207.7
Food, drink and tobacco194.7213.6239.2260.0292.7
Housing and household supplies169.0171.9173.9174.9178.7
Clothing and footwear161.0158.0158.0154.8154.8
Transportation174.4176.3177.9182.1185.2
Other Services168.9174.5177.8183.1188.7
(Annual percentage changes: Period average)
Overall index3.75.33.33.75.6
Food, drink and tobacco8.715.29.39.213.7
Housing and household supplies1.81.70.90.32.1
Clothing and footwear-0.2-1.2-1.0-1.2-0.6
Transportation4.11.90.81.9L7
Other services2.53.02.12.73.7
(End of period)
Overall index5.53.84.33.55.6
Food, drink and tobacco16.19.712.08.712.6
Housing and household supplies1.61.71.10.62.2
Clothing and footwear-0.3-1.80.0-2.00.0
Transportation3.81.10.92.41.7
Other services3.13.31.93.03.1
Sources: Central Statistical Office, and Fund staff estimates.
Sources: Central Statistical Office, and Fund staff estimates.
Table 7.Trinidad and Tobago: Index of Producer Prices by Industry
Weights1994199519961997Prel.

1998
(Period averages: October 1978=100)
Producer prices1,000317.7329.1338.5345.1350.1
Food processing191363.2386.3413.7420.0423.8
Drink and tobacco121387.4399.2397.9416.8436.2
Chemical and nonmetallic products148353.6350.3363.3378.0386.2
Assembly type industry257281.5293.5296.0297.0296.5
Other283271.3281.7288.1290.4293.3
(Annual percentage change)
Producer prices5.43.62.91.91.4
Food processing9.16.47.11.50.9
Drink and tobacco8.63.0-0.34.74.7
Chemical and nonmetallic products5.1-0.93.74.02.2
Assembly type industry4.34.30.90.3-0.2
Other1.83.82.30.81.0
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 8.Trinidad and Tobago: Domestic Prices of Selected Refined Petroleum Products
1994199519961997Prel.

1998
(In Trinidad and Tobago dollars per liter)
Super motor gasoline
Wholesale2.192.182.182.182.18
Retail2.352.352.452.452.45
Regular motor gasoline
Wholesale2.112.102.102.112.11
Retail2.242.242.342.342.34
Gas oil
Wholesale1.151.151.151.131.13
Retail1.251.251.251.281.28
Diesel oil1.071.071.071.071.07
Kerosene
Wholesale1.071.071.071.071.07
Retail1.151.151.151.151.15
(In Trinidad and Tobago dollars per pound)
Liquefied gas
Wholesale0.660.630.630.660.63
Retail1.001.001.001.001.00
Sources: National Petroleum Marketing Company; Central Statistical Office; and Fund staff estimates.
Sources: National Petroleum Marketing Company; Central Statistical Office; and Fund staff estimates.
Table 9.Trinidad and Tobago: Production and Utilization of Crude Oil and Refined Products(In thousands of barrels)
1994199519961997Prel.

1998
Crude oil and natural gas liquids
Production51,48651,50851,51949,32749,818
Crude oil48,00948,10747,23145,21444,758
AMOCO21,60921,55321,13819,88918,848
Other26,40026,55426,09325,32525,910
Natural gas liquid3,4773,7474,3394,1134,060
Natural gasoline1,0669771,2581,2291,240
Other2,4112,7703,0812,8842,820
Imports of crude oil11,75311,05213,21910,72826,348
Under processing agreement10,7314,672n.a.1,1695,723
Other1,0225,475n.a.9,55920,625
Exports25,86225,07425,60524,73122,898
Crude oil23,08621,48621,13820,32218,804
Natural gas liquid2,7763,5884,4674,4094,094
Refinery input37,55935,60040,24945,09750,280
Supply to stocks-1,910-342-1,474519-642
(Opening stocks)4,2371,8161,4743,5172,875
Refined products
Refinery output36,29934,83338,12534,42248,813
LPG6107613938871,029
Mogas6,9227,8045,4317,54810,672
Avgas4535293724
Av turbine/kerosene4,3203,6634,0723,2915,501
Gas/diesel oil6,7397,4927,6368,43811,103
Fuel oil16,77914,63715,83114,24420,088
Lubes/ greases531121650116379
Bitumen15114273156212
Petrochemicals6002-57
Unfinished1,6082284,030-286-138
Imports1,6151,2493,2203,7770
Exports31,23732,94627,63931,75345,842
Under processing agreement2,0340000
Other29,20332,94627,63931,75345,842
Domestic consumption5,0675,2115,2395,4245,846
LPG590591593317581
Mogas2,4352,3922,3912,4312,663
Avgas43223
Av turbine431533533524489
Kerosene5549454947
Gas oil1,3951,4461,5351,8031,717
Diesel oil00000
Fuel oil3737345521
Lubes/greases7982829796
Bitumen431226815619
Supply to stocks-1,3399960n.a.n.a.
(Opening stocks)5,1434,0045,000n.a.n.a.
Discrepancies, losses (-)-2,749-8000n.a.n.a.
Memorandum items:
Installed refinery capacity
(in thousands of barrels per day)260260260175175
Capacity utilization (in percent)39.637.542.170.678.8
Production of fuel oils
(in percent of total refined products)46.241.041.540.841.2
Motor gasoline (in percent of total refined products)19.121.914.221.421.9
Gas/diesel oil (in percent of total refined products)18.621.020.024.022.7
Meters drilled (thousands)130149122167173
Sources: Ministry of Energy; Central Statistical Office; and Fund staff estimates.
Sources: Ministry of Energy; Central Statistical Office; and Fund staff estimates.
Table 10.Trinidad and Tobago: Labor Force and Employment
19931994199519961997Prel.

1998
(In thousands)
Population1,2521,2571,2601,2641,2741,282
Of which:
15 years and over847.9857.4864.9876.7896.6913.4
Labor force504.6509.4521.0530.4541.0558.7
Male318.1319.0327.0325.7335.8344.6
Female186.5190.4194.0204.7205.2214.1
Employed404.6415.6431.5444.2459.8479.3
Male261.8267.6277.5282.5294.5305.5
Female142.8148.0154.0161.7165.3173.8
(As a percentage of labor force)
Unemployed19.818.417.216.315.014.2
Seeking work13.813.112.011.310.410.0
Other unemployed6.05.35.25.04.74.3
Employment by economic sector
(In thousands)
Total404.6415.6431.5444.2459.8479.3
Agriculture and fishing45.851.445.942.643.839.0
Mining and manufacturing55.457.260.861.964.370.0
Construction (incl. utilities)51.448.449.351.556.865.1
Commerce71.170.780.681.681.083.2
Transport and communication30.029.830.830.731.835.5
Other services150.9158.1164.1175.9182.1186.5
(As a percentage of employed)
Agriculture and fishing11.312.410.69.69.58.1
Mining and manufacturing13.713.814.113.914.014.6
Construction (incl. utilities)12.711.611.411.612.413.6
Commerce17.617.018.718.417.617.4
Transport and communication7.47.27.16.96.97.4
Other services37.338.038.039.639.638.9
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 11.Trinidad and Tobago: Employment in Public Enterprises(Number of employees)
1994199519961997Prel.

1998
Total employees39,16534,45735,06335,23332,526
As a share of total employment (percent)8.527.197.177.106.48
National Insurance Board810555519514510
Public utilities7,2096,6846,1135,7574,933
T&TEC3,1312,6302,4102,0912,270
WASA3,0873,1003,4633,4142,413
PTSC277254240252250
Port Authority 1/714700692641
Wholly state-owned companies20,70417,51218,27018,13617,454
Caroni9,0359,1009,3519,3479,465
National Petroleum Marketing Co. Ltd.550543576578555
National Gas Ltd.367370409480490
Lake Asphalt Ltd.14701411430
BWIA2,2210000
International Communications Network Ltd.160151181200261
NAMDEVCO99100876570
National Flour Mills Ltd.3810547478515
Trinidad and Tobago Forest Products Co. Ltd.203305264263247
Trinidad and Tobago Solid Waste Management Co. Ltd.119116125137152
Trinidad and Tobago Export Credit Ins. Co. Ltd.109141519
National Quarries Co. Ltd.6274751100
National Feed Mills Ltd.414029290
PETROTRIN6,1005,5005,4965,3604,878
Trinidad and Tobago Free Zones Co. Ltd.44444
YTEPP1,2001,200971927798
Majority-owned companies8,3907,8098,2188,3756,905
Pt. Lisas Industrial Port Dev. Co. Ltd.1971978181,2320
Trinidad and Tobago Methanol Co. Ltd.24320220500
Trinidad Nitrogen Co. Ltd.34455
National Fisheries Co. Ltd.320000
National Helicopter Services Ltd.4745454963
First Citizens Bank 1/1,1609891,0081,009
Telecommunications Services of Trinidad and Tobago2,8222,8222,8162,8252,903
National Maintenance Training and Security Co. Ltd.3,5372,7102,5493,0003,688
Trinidad and Tobago Mortgage Finance Co. Ltd.4747556362
Agricultural Development Bank230188117137126
Power Generation Co. of Trinidad and Tobago Ltd.056654400
Reinsurance Co. of Trinidad and Tobago Ltd.360000
Small Business Development Co. Ltd.2831464547
Trinidad and Tobago Export Trading Co. Ltd.88111011
Sources: Ministry of Finance; Central Personnel Office; and Fund staff estimates.

Figures were not available for the Port Authority nor First Citizens Bank in 1998.

Sources: Ministry of Finance; Central Personnel Office; and Fund staff estimates.

Figures were not available for the Port Authority nor First Citizens Bank in 1998.

Table 12.Trinidad and Tobago: Overall Nonfinancial Public Sector
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Total revenue and grants9,2188,8609,97210,12610,621
Current revenue9,0878,6549,9079,23710,392
Central government7,5058,4569,5379,1269,678
Operating surplus of rest of nonfinancial public sector1,582199370111714
Capital revenue and grants13020566889228
00000
Total expenditure and net lending83278,4299,48310,54911,547
Current expenditure7,1037,8388,7918,7709,540
Less government current transfers234438832401291
Capital expenditure1,4581,0281,5242,1792,298
Central government4686205801,142860
Less government capital transfers00021087
Rest of the nonfinancial public sector9914099441,2471,525
Current balance2,2181,2541,9488,681,143
Overall balance 1/890431489-422-927
Total financing-890-431-489422927
External-651-1,617178-1,498-524
Central government-285-90696-1,599-668
Rest of the nonfinancial public sector-366-71182101144
Domestic-2391,186-6671,9201,451
Central government291853-2671,5591,244
Rest of the nonfinancial public sector-530334-400362207
(As a percentage of GDP)
Current balance7.64.05.72.43.1
Overall balance 1/3.01.41.4-1.2-2.5
Total financing-3.0-1.4-1.41.22.5
External-2.2-5.10.5-4.1-1.4
Central government-1.0-2.90.3-4.4-1.8
Rest of the nonfinancial public sector-1.2-2.20.20.30.4
Domestic-0.83.7-2.05.34.0
Central government1.02.7-0.84.33.4
Rest of the nonfinancial public sector-1.81.1-1.21.00.6
Memorandum items:
Overall balance on cash basis3.01.92.4-0.2-0.5
Overall balance with capital revenue as financing2.60.71.2-3.6-3.2
Overall balance on cash basis with capital revenue as financing2.61.32.2-2.7-1.2
Sources: Ministry of Finance; and Fund staff estimates.

Central government and the rest of the nonfinancial public sector which includes public utilities, public enterprises and statutory boards.

Sources: Ministry of Finance; and Fund staff estimates.

Central government and the rest of the nonfinancial public sector which includes public utilities, public enterprises and statutory boards.

Table 13.Trinidad and Tobago: Central Government Operations
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Total revenue and grants7,5658,5119,5429,9549,823
Current7,5058,4569,5379,1269,678
Oil1,4782,2212,7271,555673
Non-oil6,0276,2356,8107,5719,005
Capital and grants 1/60566828145
Total expenditure and net lending7,5718,45893719,91310,400
Current expenditure7,1037,8388,7918,7709,540
Wages and salaries 2/2,7672,8843,1553,2273,522
Other goods and services751891919930960
Interest payments 3/1,5741,5771,5811,6901,916
Transfer and subsidies2,0122,4873,1372,9233,143
Capital expenditure and net lending 3/4686205801,142860
Current account balance402617746356138
Overall balance-65417141-577
Total financing6-54-171-41577
Foreign financing-285-90696-1,599-668
Domestic financing291853-2671,5591,244
Financial system-479157-324702-990
Other 3/770695578572,234
(As a percentage of GDP)
Total revenue and grants25.826.928.027.626.9
Oil5.07.08.04.31.8
Non-oil 1/20.619.720.021.024.7
Total expenditure and net lending25.826.727.527.428.5
Current 2/ 3/24.224.825.824.326.1
Capital expenditure and net lending 3/1.62.01.73.22.4
Current balance1.41.92.21.00.4
Overall balance0.00.20.50.1-1.6
Total financing0.0-0.2-0.5-0.11.6
External financing-1.0-2.90.3-4.4-1.8
Domestic financing1.02.7-0.84.33.4
Memorandum items:
Overall balance on cash basis0.00.71.51.10.4
Overall balance with capital revenue as financing-0.20.00.5-2.2-2.0
Overall balance on cash basis with capital revenue as financing-0.20.61.5-1.20.0
Sources: Trinidad and Tobago authorities; and Fund staff estimates and projections.

From 1997 on, privatization is treated as capital revenue. This includes the 1997 Methanol Company sale for TT$753.3 million.

In 1995-98, wage arrears bonds are included in current spending as issued (they mature two years after issue).

In 1998, the maritime project is included in capital spending ($121 million), interest ($169.9 million), and nonbank financing although debt service begins in 1998/99 on a cash basis.

Sources: Trinidad and Tobago authorities; and Fund staff estimates and projections.

From 1997 on, privatization is treated as capital revenue. This includes the 1997 Methanol Company sale for TT$753.3 million.

In 1995-98, wage arrears bonds are included in current spending as issued (they mature two years after issue).

In 1998, the maritime project is included in capital spending ($121 million), interest ($169.9 million), and nonbank financing although debt service begins in 1998/99 on a cash basis.

Table 14.Trinidad and Tobago: Central Government Revenue(In millions of Trinidad and Tobago dollars)
1994199519961997Prel.

1998
Total revenue7,5658,5119,5429,9549,823
Petroleum revenue1,4782,2212,7271,555673
Corporation tax1,0041,4691,902941173
Withholding tax1420182029
Oil royalties380528679527450
Oil impost112014185
Unemployment levy701661134914
National recovery impost019202
Nonpetroleum revenues6,0276,2356,8107,5719,005
Tax revenue5,1475,5346,0346,6497,746
Taxes on income2,2872,6613,0333,1323,382
Companies6007489041,0671,082
Individuals1,4311,5331,7871,7651,894
Unemployment levy32001
National health surcharge98106131128120
National recovery impost00000
Business levy86115898588
Income tax surcharge20000
Withholding tax1414511279191
Insurance surrender tax710587
Social security contributions888910
Taxes on property11061595760
Taxes on goods and services2,0872,2522,3702,7393,426
Purchase taxes10001
Excise duties668604610“758794
Petrol391335336458484
Other277269274300310
Betting and entertainment5412315
Liquor and miscellaneous licenses779109
Motor vehicle taxes114130173202302
VAT1,2591,3451,4141,6242,154
Alcohol and tobacco taxes1114000
Other 1/23148151143152
Taxes on international trade610494496607781
Import duties376474489564735
Stamp duty1665201
Import surcharge/ consolidated special levy3614554
Airport departure tax3233343740
Other 2/01101
Stamp duties45586810588
Nontax revenue8807007769221,259
Fees service charges and rentals 3/213166194258731
Property income667534582665529
Profits from nonfinancial enterprises446361490474256
Interest12813174184196
Profits from public financial institutions924518679
Central bank profits924315477
Profits from other financial institutions03322
Capital revenues and grants60566828145
Sources: Ministry of Finance; and Fund staff estimates.

Includes all other taxes on goods and services except for the port and airport departure taxes.

Includes export tax, port, and miscellaneous trade taxes.

Excludes oil impost but includes post office profits and other nontax revenue.

Sources: Ministry of Finance; and Fund staff estimates.

Includes all other taxes on goods and services except for the port and airport departure taxes.

Includes export tax, port, and miscellaneous trade taxes.

Excludes oil impost but includes post office profits and other nontax revenue.

Table 15.Trinidad and Tobago: Ratios of Central Government Revenue
1994199519961997Prel.

1998
(As a percentage of GDP)
Total revenue and grants25.826.928.027.626.9
Oil5.07.08.04.31.8
Corporation tax3.44.65.62.60.5
Royalties1.31.72.01.51.2
Unemployment levy0.20.50.30.10.0
National recovery0.00.10.00.00.0
Impost0.00.10.00.00.0
Withholding tax0.00.10.10.10.1
Non-oil20.619.720.021.024.7
Taxes17.617.517.718.421.2
Income7.88.48.98.79.3
Goods and services7.17.17.07.69.4
VAT4.34.24.14.55.9
Other2.82.92.83.13.5
International trade2.11.61.51.72.1
Import duties 1/2.01.51.41.62.0
Other 2/0.10.10.00.10.1
Property0.40.20.20.20.2
Other 3/0.20.20.20.30.3
Nontaxes3.02.22.32.63.5
Fees, charges and rentals0.70.50.60.72.0
Public enterprise profit1.51.11.41.30.7
Central bank profit0.30.10.00.00.2
Interest receipts0.40.40.20.50.5
Capital revenue and grants0.20.20.02.30.4
(As a percentage of total revenue and grants)
Total revenue and grants100.0100.0100.0100.0100.0
Oil19.526.128.615.668
Corporation tax13.317.319.99.51.8
Royalties5.06.27.15.34.6
Unemployment levy0.91.91.20.50.1
National recovery0.00.20.00.00.0
Impost0.10.20.10.201
Withholding tax0.20.20.20.20.3
Non-oil79.773.271.476.191.7
Taxes68.065.063.266.878.9
Income30.231.331.831.534.4
Goods and services27626.524.827.534.9
VAT16.615.814.816.321.9
Other10.910.710.011.212.9
International trade8.15.85.26.17.9
Import duties 1/7.65.65.15.77.5
Other 2/0.40.20.10.40.5
Property1.40.70.60.60.6
Other 3/0.70.80.81.11.0
Capital revenue and grants0.80.70.18.31.5
Sources: Ministry of Finance and Fund staff estimates.

Includes stamp tax on bills of entry and consolidated special levy/import surcharge.

Airport and port departure taxes, export tax, and miscellaneous trade taxes.

Stamp duties and social security contributions.

Sources: Ministry of Finance and Fund staff estimates.

Includes stamp tax on bills of entry and consolidated special levy/import surcharge.

Airport and port departure taxes, export tax, and miscellaneous trade taxes.

Stamp duties and social security contributions.

Table 16.Trinidad and Tobago: Central Government Expenditure(In millions of Trinidad and Tobago dollars)
1994199519961997Prel.

1998
Total expenditure7,5718,4589,3719,91310,400
Current expenditure7,1037,8388,7918,7709,540
Wages and salaries 1/2,7672,8843,1553,2273,522
Other goods and services751891919930960
Interest payments1,5741,5771,5811,6901,916
Domestic9358259209511,207
External640752661739710
Transfers and subsidies2,0122,4873,1372,9233,143
Households8279569539971,122
Public sector bodies8471,0671,5471,2361,151
Local governments544566646658707
Statutory authorities6963706680
State enterprises135200554161222
Public utilities99239278351143
Nonprofit organizations229268281359434
Abroad6888776267
Other1667278268368
Capital expenditure and net lending4686205801,142860
Capital formation4676916581,3481,078
Capital transfers00000
Net lending0-72-78-206-219
Sources: Ministry of Finance; and Fund staff estimates.

Includes contributions to the National Insurance Board.

Sources: Ministry of Finance; and Fund staff estimates.

Includes contributions to the National Insurance Board.

Table 17.Trinidad and Tobago: Ratios of Central Government Expenditure
1994199519961997Prel.

1998
(As a percentage of GDP)
Total spending25.826.727.527.428.5
Current24.224.825.824.326.1
Wages and salaries 1/9.49.19.38.99.7
Other goods and services2.62.82.72.62.6
Interest payments5.45.04.64.75.3
Domestic3.22.62.72.63.3
External2.22.41.92.01.9
Transfers and subsidies6.97.99.28.18.6
Public sector 2/2.93.44.53.43.2
Households2.83.02.82.83.1
Other 3/1.11.51.91.92.4
Capital1.62.21.93.73.0
Capital formation1.62.21.93.73.0
Capital transfers0.00.00.00.00.0
Net lending-0.0-0.2-0.2-0.6-0.6
(As a percentage of total expenditure)
Total spending100.0100.0100.0100.0100.0
Current93.892.793.888.591.7
Wages and salaries 1/36.534.133.732.633.9
Other goods and services9.910.59.89.49.2
Interest payments20.818.616.917.118.4
Domestic12.39.89.89.611.6
External8.58.97.17.56.8
Transfers and subsidies26.629.433.529.530.2
Public sector 2/11.212.616.512.511.1
Households10.911.310.210.110.8
Other 3/4.45.56.87.08.4
Capital6.28.27.013.610.4
Capital formation6.28.27.013.610.4
Capital transfers0.00.00.00.00.0
Net lending0.0-0.9-0.8-2.1-2.1
Sources: Trinidad and Tobago authorities; and Fund staff estimates.

Includes contributions to the National Insurance Board.

Statutory bodies, state enterprises (including public utilities), and local governments.

Includes nonprofit organizations.

Sources: Trinidad and Tobago authorities; and Fund staff estimates.

Includes contributions to the National Insurance Board.

Statutory bodies, state enterprises (including public utilities), and local governments.

Includes nonprofit organizations.

Table 18.Trinidad and Tobago: Central Government Transfers to Public Enterprises, Public Utilities, and Statutory Boards 1/
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Total transfers234420863512260
Current transfers234420863512260
Public utilities99239278351143
Port authority1617354630
Public Transport Service Company4821364662
Water and sewerage authority3519420726051
Other enterprises135200554161222
BWIA0208690
Caroni Ltd.355529545137
Coastal steamers1414141427
Industrial Development Corporation40000
National housing authority2316221913
Methanol plant00000
Solid Waste Management Co. Ltd.81381111
Other528112864124
(As a percentage of GDP)
Total transfers0.81.32.S1.40.7
Sources: Ministry of Finance; and Fund staff estimates.

Beginning in 1994, the data no longer distinguish capital transfers from current transfers.

Sources: Ministry of Finance; and Fund staff estimates.

Beginning in 1994, the data no longer distinguish capital transfers from current transfers.

Table 19.Trinidad and Tobago: Summary of Central Government Financing
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Total6-54-171-41577
Foreign financing-285-90696-1,599-668
Net borrowing-285-90696-1,599-668
Disbursements1,3491441,260376386
o/w Commercial loans1,185088600
Amortization1,6331,0501,1641,9751,054
Domestic financing-311794-3121,5591,244
Financial system-479157-324702-990
Central bank-979-916-937-580804
Commercial banks3668384371,025-1,246
Trust and mortgage finance companies134235176257-549
Other 1/168637128572,234
Other financing602594400
Divestment 2/602594400
Proceeds from abroad5968000
Domestic6514400
(As a percentage of GDP)
Total0.0-0.2-0.5-0.11.6
Foreign financing-1.0-2.90.3-4.4-1.8
Net borrowing-1.0-2.90.3-4.4-1.8
Disbursements4.60.53.71.01.1
o/w Commercial loans4.00.02.60.00.0
Amortization5.63.33.45.52.9
Domestic financing-1.12.5-0.94.33.4
Financial system-1.60.5-1.01.9-2.7
Central bank-3.3-2.9-2.7-1.62.2
Commercial banks1.22.61.32.8-3.4
Trust and mortgage finance companies0.50.70.50.7-1.5
Other 1/0.62.00.02.46.1
Other financing2.10.20.10.00.0
Divestment 2/2.10.20.10.00.0
Proceeds from abroad2.00.00.00.00.0
Domestic0.00.20.10.00.0
Sources: Trinidad and Tobago authorities; and Fund staff estimates and projections.

This category includes other financial institutions and the nonbank public.

From 1997 on, capital asset sales are classified above the line as capital revenue.

Sources: Trinidad and Tobago authorities; and Fund staff estimates and projections.

This category includes other financial institutions and the nonbank public.

From 1997 on, capital asset sales are classified above the line as capital revenue.

Table 20.Trinidad and Tobago: Stock of Outstanding Central Government Domestic Debt 1/
December 31
1994199519961997Prel.

1998
(In millions of Trinidad and Tobago dollars)
Treasury bills983983983983983
Financial system803833791753660
Central bank06826580
Commercial banks803765765695660
Other 2/180150192230323
Government bonds4,5895,3415,3337,1737,520
Financial system8821,9892,3843,7681,992
Central bank00000
Commercial banks3141,1841,4112,5781,434
Trust and mortgage finance companies5688059731,190558
Other financial system and nonbank public3,7083,3522,9483,4055,528
Total domestic debt5,5726,3246,3168,1568,503
Financial system1,6852,8223,1754,5212,652
Nonfinancial system3,8883,5023,1413,6355,851
(As a percentage of GDP)
Treasury bills3.43.12.92.72.7
Financial system2.72.62.32.11.8
Central bank0.00.20.10.20.0
Commercial banks2.72.42.21.91.8
Other 2/0.60.50.60.60.9
Government bonds15.716.915.619.920.6
Financial system3.06.37.010.45.5
Central bank0.00.00.00.00.0
Commercial banks1.13.74.17.13.9
Trust and mortgage finance companies1.92.52.93.31.5
Other financial system and nonbank public12.610.68.79.415.1
Total domestic debt19.020.018.522.623.3
Financial system5.78.99.312.57.3
Nonfinancial system13.311.19.210.116.0
Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Financing flows do not match stock changes owing to adjustments to the stock to reflect revaluation, stock operations, and so on.

This category includes other financial institutions and the nonbank public.

Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Financing flows do not match stock changes owing to adjustments to the stock to reflect revaluation, stock operations, and so on.

This category includes other financial institutions and the nonbank public.

Table 21.Trinidad and Tobago: Summary of Major Nonfinancial Public Enterprise Operations 1/(In millions of Trinidad and Tobago dollars)
1994199519961997Prel.

1998
Total revenue12,22511,1458,31015,64513,415
Operating revenues12,15410,9958,25015,58413,332
Other 2/71150606283
Total expenditure11,56311,2068,82416,71914,142
Current expenditure10,57210,7977,88015,47212,617
Wages and salaries 3/2,0501,7971,6041,9681,816
Other goods and services7,0437,3714,8388,7717,955
Interest payments436359300461479
Other10032,0221,251
Taxes and dividends1,0331,2701,1362,2511,116
Capital expenditure9914099441,2471,525
Current balance1,8176371,2025121,005
Operating balance1,582199370111714
Government current transfers234438832401291
Government capital transfers 4/00021087
Overall balance896377318-464-350
Sources: Trinidad and Tobago authorities; and Fund staff estimates.

Comprises most major enterprises, public utilities, and statutory boards.

Includes other income and capital contributions and revenues.

Includes contributions to NIB, pensions and gratuities, and severance payments.

The central government does not distinguish current and capital transfers.

Sources: Trinidad and Tobago authorities; and Fund staff estimates.

Comprises most major enterprises, public utilities, and statutory boards.

Includes other income and capital contributions and revenues.

Includes contributions to NIB, pensions and gratuities, and severance payments.

The central government does not distinguish current and capital transfers.

Table 22.Trinidad and Tobago: Operations of the National Insurance Board (NIB) 1/(In millions of Trinidad and Tobago dollars)
1994199519961997Prel.

1998
Total revenue504545552661669
Contributions233229242267258
Investment income270316311394411
Total expenditure and net lending525588569689863
Current expenditure931441145545
Capital expenditure77344
Net lending 2/21822723040732
Benefits payments207210221223234
Overall balance-21-43-16-28354
Sources: National Insurance Board; and Fund staff estimates.

For years ending in June.

Includes net increases in investment. 1998 is not comparable to earlier years owing to changes in the treatment of net lending in 1998.

Sources: National Insurance Board; and Fund staff estimates.

For years ending in June.

Includes net increases in investment. 1998 is not comparable to earlier years owing to changes in the treatment of net lending in 1998.

Table 23.Trinidad and Tobago: Summary of the Consolidated Financial System 1/(In millions of Trinidad and Tobago dollars; end of period)
December 31
19941995199619971998
Net foreign assets3,0532,7604,3435,2666,127
Net domestic assets11,36614,44116,20320,01417,331
Net claims on public sector1,2702,1471,9142,9271,079
Central government2,2272,3842,0602,7621,993
Local government-68-83-83-132-103
Statutory bodies-186255185264-254
Public enterprises-24195584924688
National Insurance Board Deposits 2/-679-604-832-891-1,245
Credit to private sector8,9579,49710,12113,45614,074
Official capital-2,794-2,687-1,098-1,193-1,432
Interfinancial claims-1,300-231,039371-732
NIB deposits: Contra-entry6796048328911,245
Other foreign assets2,4962,474913923910
Medium- and long-term foreign liabilities-276-97-28-23-46
SDR allocation-390-432-398-394-391
Other assets (net)2,7252,9572,9083,0562,624
Central bank1,6231,6701,4961,5061,158
Commercial bank8231,0491,1081,3231,442
Trust and finance mortgage companies183137156218197
Unclassified971011499-172
Liabilities to private sector14,41917,20120,54625,28123,458
Broad money11,61013,92316,41819,57318,160
Money and quasi-money11,61012,80214,05715,63717,005
Money2,8963,0203,2963,8543,645
Currency in circulation7458339101,0631,047
Demand deposits2,1512,1872,3862,7912,598
Quasi-money8,7149,78210,76111,78313,360
Time deposits4,6005,0355,5745,8086,698
Savings deposits4,1884,7475,1875,9756,662
Securitized instruments01,1212,3613,9361,155
Private capital and reserves2,8093,2784,1285,7085,298
Memorandum item:
Foreign currency deposits1,8172,1952,9683,3523,885
Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Comprises monetary authorities, commercial banks, and trust and mortgage finance companies.

In the aggregated accounts of the financial system, the accounts of the National Insurance Board are classified with other public financial institutions.

Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Comprises monetary authorities, commercial banks, and trust and mortgage finance companies.

In the aggregated accounts of the financial system, the accounts of the National Insurance Board are classified with other public financial institutions.

Table 24.Trinidad and Tobago: Origin; Destination, and Financing of Credit Extended by the Consolidated Financial System
19941995199619971998
(Flows in millions of Trinidad and Tobago dollars)
Total net credit-4092,9381,6593,803-2,663
Origin-4092,9381,6593,803-2,663
Monetary authorities-881-128-891-558284
Commercial banks-7981,0741,0623,951-893
Trust and mortgage finance companies332620577939-539
Float and residual9391,372910-529-1,514
Destination-4092,9381,6593,803-2,663
Public sector (net)-1,044802-51,072-1,494
Central government-478156-324702-769
Local governments-22-14-1-4929
Statutory bodies-95441-7078-517
Public enterprises-448219389340-236
Private sector-4985416243,335619
Net interfinancial claims1111,2781,061-667-1,103
Other (including official capital and surplus)1,022317-2163-684
Financing-4092,9381,6593,803-2,663
Liabilities to the private sector1,6792,7823,3454,735-1,823
SDR allocation1241-34-4-3
Medium- and long-term foreign liabilities-246-179-69-523
Net international reserves (- increase)-1,853293-1,583-923-861
(As a percentage of GDP)
Total net credit-1.49.34.910.5-7.3
Public sector (net)-3.62.50.03.0-4.1
Private sector-1.71.71.89.21.7
(Percentage change)
Credit to the private sector, rate of change in real terms-12.82.12.228.5-0.9
Sources: Data provided by the Central Bank of Trinidad and Tobago; and Fund staff estimates.
Sources: Data provided by the Central Bank of Trinidad and Tobago; and Fund staff estimates.
Table 25.Liabilities of the Financial System to the Private Sector
19941995199619971998
(In millions of Trinidad and Tobago dollars)
Liabilities to private sector14,41917,20120,54625,28123,458
Broad money11,61013,92316,41819,57318,160
Money and quasi-money11,61012,80214,05715,63717,005
Money2,8963,0203,2963,8543,645
Currency in circulation7458339101,0631,047
Demand deposits2,1512,1872,3862,7912,598
Quasi-money8,7149,78210,76111,78313,360
Time deposits4,6005,0355,5745,8086,698
Savings deposits4,1884,7475,1875,9756,662
Less: nonresident deposits-740000
Securitized instruments01,1212,3613,9361,155
Private capital and reserves2,8093,2784,1285,7085,298
(Annual percentage changes)
Liabilities to private sector13.219.319.423.0-7.2
Broad money14.119.917.919.2-7.2
Money and quasi-money14.110.39.811.28.7
Money21.14.39.116.9-5.4
Currency in circulation-0.511.89.216.8-1.5
Demand deposits31.01.79.117.0-6.9
Quasi-money11.912.310.09.513.4
Securitized instruments110.666.7-70.7
Private capital and reserves9.716.725.938.3-7.2
(As a percentage of GDP)
Liabilities to private sector49.254.360.370.064.3
Broad money39.644.048.254.249.8
Money and quasi-money39.640.441.243.346.6
Money9.99.59.710.710.0
Currency in circulation2.52.62.72.92.9
Demand deposits7.36.97.07.77.1
Quasi-money29.730.931.632.636.6
Securitized instruments0.03.56.910.93.2
Private capital and reserves9.610.412.115.814.5
(Structure of private sector deposits by type, in percent of total deposits plus securitized instruments)
Demand deposits19.716.715.415.115.2
Savings deposits42.138.535.931.439.1
Time deposits38.336.333.432.338.9
of which: Foreign currency deposits16.616.819.118.122.7
Memorandum item:
Liabilities to the private sector, percentage change in real terms 1/4.214.914.518.9-12.1
Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Deflated by the retail price index (1982=100); end of period.

Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Deflated by the retail price index (1982=100); end of period.

Table 26.Trinidad and Tobago: Summary Accounts of the Monetary System(In millions of Trinidad and Tobago dollars; end of period)
December 31
19941995199619971998
I. Monetary System
Net foreign assets3,0532,7604,3435,2666,127
Monetary authorities1,5541,7763,1574,2864,751
Commercial banks1,4999841,1869801,376
Net domestic assets8,84711,36112,29215,01213,128
Net claims on public sector 1/1,0531,8071,5422,4361,590
Central government (net) 1/1,6571,5791,0791,5241,303
Treasury bills6056356731,101631
Other government securities3141,2551,7232,5781,434
Other credit (net)738-311-1,317-1,567-762
Local governments-68-83-83-132-103
Statutory bodies-186255185264-253
Public enterprises-35055361780643
Official capital-2,794-2,687-1,098-1,193-1,432
Credit to other financial institutions-1,2824813-33-982
Credit to private sector7,2857,2547,56010,13410,645
Interbank float309319404342247
Other foreign assets2,4962,474913923910
SDR allocation-390-432-398-394-391
Medium- and long-term foreign liabilities-276-97-28-23-46
Other assets (net)2,4462,7182,5842,8192,588
Liabilities to the private sector11,90014,12116,63520,27819,254
Broad money10,15212,31914,50717,64116,367
Money and quasi-money10,15211,19812,14613,70515,212
Money2,8963,0203,2963,8543,645
Currency in circulation7458339101,0631,047
Demand deposits2,1512,1872,3862,7912,598
Quasi-money7,2568,1788,8509,85111,567
Time deposits3,1423,4313,6643,8764,905
Savings deposits4,1884,7475,1875,9756,662
Less: nonresident deposits-740000
Securitized instruments01,1212,3613,9361,155
Private capital and reserves1,7481,8022,1292,6372,888
II. Monetary Authorities
Net foreign assets1,5541,7763,1574,2864,751
Assets2,1032,1123,3844,4194,889
Liabilities549336227132137
Net domestic assets-605-711-1,992-2,963-3,416
Net claims on public sector 1/466114-907-1,389-831
Central government (net) 1/714-202-1,139-1,719-693
Treasury bills068263840
Other government securities00000
Loans to government7230000
Government consolidated funds 2/-9-270-1,165-1515-694
Statutory bodies-254313228327-141
Public enterprises64444
Official capital-2,794-2,687-1,098-1,193-1,432
Credit to commercial banks (net)-1,608-1,629-1,738-2,134-2,393
Credit to nonbank financial inst. (net)-120-125-232-259-389
Other foreign assets2,4962,474913923910
Medium and long-term foreign liabilities-276-97-28-23-48
SDR allocation-390-432-398-394-391
Other1,6231,6701,4961,5061,158
Currency issue9491,0651,1651,3231,335
Currency in circulation7458339101,0631,047
Currency with banks205232255260289
III. Commercial Banks
Net international reserves1,4999841,1869801,376
Assets1,9251,8002,4252,6052,519
Liabilities4278161,2381,6251,143
Monetary reserves and currency holdings2,3202,2452,3702,7733,059
Local cash in hand205232255260289
Deposits with central bank2,1162,0132,1152,5122,770
Net domestic assets7,84310,44312,56515,85114,161
Net claims on public sector5881,6922,4483,8252,421
Central government9431,7812,2183,2431,998
Treasury bills605567648717631
Other government securities3141,2551,7232,5781,434
Loans to government302205
Deposits-6-43-154-52-73
Local governments-68-83-83-132-103
Statutory bodies68-58-43-63-112
Public enterprises-35552357776639
Credit to private sector7,2857,2547,56010,13410,645
Credit to other financial inst. (net)-1,1621291,045227-593
Interbank float309319404342247
Other8231,0491,1081,3231,442
Liabilities to central bank507385395388387
Liabilities to the private sector11,15513,28815,72619,21518,209
Deposit liabilities9,40710,36511,23612,64214,166
Demand deposits2,1512,1872,3862,7912,598
Savings deposits4,1884,7475,1875,9756,662
Time deposits3,1423,4313,6643,8764,905
Less: nonresident deposits-740000
Securitized instruments1,1212,3613,9361,155
Private capital and reserves1,7481,8022,1292,6372,888
Memorandum item:
Foreign currency deposits1,8172,1952,9683,3523,885
Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Inclusive of the government blocked account containing funds from open market operations.

Government consolidated funds is comprised of government liquid funds, government special funds, and the government blocked account.

Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

Inclusive of the government blocked account containing funds from open market operations.

Government consolidated funds is comprised of government liquid funds, government special funds, and the government blocked account.

Table 27.Trinidad and Tobago: Commercial Bank Loans and Advances
December 31
19941995199619971998
(In millions of Trinidad and Tobago dollars)
Total loans and advances7,1587,6638,14710,00411,455
Public sector649692841685925
Central government30278615
Local governments22002
Public financial institutions0232168
Statutory boards137971363936
Public enterprises480544676634864
Private sector6,5096,9717,3069,31910,530
Businesses3,5063,9444,1724,7645,372
Agriculture9899103107117
Petroleum73937782157
Manufacturing9451,0891,0821,0871,424
Construction165189212337383
Real estate1751461368285
Services2,0502,3282,5623,0693,206
Of which:
Distribution699752860816879
Financial services8241,0321,0461,5391,172
(Adjustment) 1/-221-212-266-196-264
Financial institutions220212266196264
Consumers3,0043,0273,1344,5555,158
(As a percentage of total loans and advances)
Public sector9.19.010.36.88.1
Private sector90.991.089.793.291.9
Businesses49.051.551.247.646.9
Agriculture1.41.31.31.11.0
Petroleum1.01.20.90.81.4
Manufacturing13.214.213.310.912.4
Construction2.32.52.63.43.3
Real estate2.41.91.70.80.7
Services28.630.431.430.728.0
Of which:
Distribution9.89.810.68.27.7
Financial services11.513.512.815.410.2
(Adjustment) 1/-3.1-2.8-3.3-2.0-2.3
Financial institutions3.12.83.32.02.3
Consumers42.039.538.545.545.0
Source: Central Bank of Trinidad and Tobago.

This is to adjust for the inclusion of loans to financial institutions under loans to businesses.

Source: Central Bank of Trinidad and Tobago.

This is to adjust for the inclusion of loans to financial institutions under loans to businesses.

Table 28.Trinidad and Tobago: Liquidity Position of Commercial Banks(As a percentage of total deposit liabilities; end of period)
December 31
19941995199619971998
Local currency deposits (in millions of TT$)8,4719,1228,92210,18012,102
Required ratios 1/20.021.128.029.026.0
Statutory reserve requirement20.020.023.024.021.0
Accepted securities and cash 2/0.00.05.05.05.0
Voluntary reserve 3/0.01.10.00.00.0
Actual reserves37.127.231.326.526.1
Deposits with central bank25.022.023.124.121.1
Treasury bills7.14.67.51.83.2
Special deposits 4/5.00.60.70.61.8
Excess reserves17.16.13.3-2.50.1
Statutory reserve requirement5.02.00.10.10.1
Accepted securities and cash7.14.62.5-3.2-1.8
Voluntary reserve/special deposits5.0-0.50.70.61.8
Foreign currency deposits (in millions of TT$)1,8172,1942,9683,3523,885
Suggested liquid reserve33.325.025.025.025.0
Actual liquid reserve 5/30.013.032.01.016.0
Of which:
Foreign government securities 6/0.32.35.50.00.1
Currency and bank deposits 7/19.515.08.91.53.8
Memorandum items:
(In percent)
Loan-deposit ratio63.962.063.270.670.7
Investment-deposit ratio24.433.645.353.327.7
Source: Central Bank of Trinidad and Tobago.

As a percentage of total deposits in local currency.

Effective February 28, 1996, the central bank introduced a special reserve requirement equivalent to 5 percent of deposit liabilities to be held either in Treasury bills, cash, or both.

In December 1995, the Central Bank required commercial banks to hold specified amounts in interest-free deposits at the Central Bank, above the required reserve. This amount was fixed at TT$100 million and was pro-rated to all banks. This implied additional reserves equivalent to 1.1 percent of deposit liabilities of banks at that time.

Does not count toward reserve requirement.

Ratio of foreign currency notes and coins plus balances with other institutions plus investment in government foreign securities (under six months) minus contingent liabilities to foreign currency deposits.

Of less than 6-month maturity.

Includes deposits at domestic banks.

Source: Central Bank of Trinidad and Tobago.

As a percentage of total deposits in local currency.

Effective February 28, 1996, the central bank introduced a special reserve requirement equivalent to 5 percent of deposit liabilities to be held either in Treasury bills, cash, or both.

In December 1995, the Central Bank required commercial banks to hold specified amounts in interest-free deposits at the Central Bank, above the required reserve. This amount was fixed at TT$100 million and was pro-rated to all banks. This implied additional reserves equivalent to 1.1 percent of deposit liabilities of banks at that time.

Does not count toward reserve requirement.

Ratio of foreign currency notes and coins plus balances with other institutions plus investment in government foreign securities (under six months) minus contingent liabilities to foreign currency deposits.

Of less than 6-month maturity.

Includes deposits at domestic banks.

Table 29.Trinidad and Tobago: Accounts of the Nonbank Financial Institutions (NBFIs)(In millions of Trinidad and Tobago dollars)
December 31
19941995199619971998
I. Consolidated Accounts
Net foreign assets108159147293451
Monetary reserves and currency holdings149173267274411
Net domestic assets4,0534,3585,3536,5056,294
Net claims on public sector1,1319791,2841,478742
Securities8699361,1581,333659
Central government-66-116-10310-193
Public enterprises328158229135277
Credit to private sector2,6573,1633,5724,5195,348
Investments4296998941,4012,080
Loans2,2282,4652,6783,1183,268
Claims on commercial banks314349706580636
Claims on other financial institutions-502-585-432-292-527
Liabilities to commercial banks-12-38-46-50-62
Liabilities to other financial institutions-134-117-72-147-259
Other assets (net)599607341416416
Liabilities to private sector4,2804,5495,6447,0697,264
Deposit liabilities2,0042,0962,4432,6052,967
Time deposits1,9882,0802,4272,5892,951
Savings deposits1616161616
Other liabilities1,7011,8742,5673,6683,220
Private capital and reserves5765806357961,078
IIa. Finance Houses
Net foreign assets101152139286444
Balances abroad7211181114
Securities30141122276449
Nonresident deposits-100-1-19
Monetary reserves and currency holdings46659279154
Currency3222881
Reserve deposits43436471153
Net domestic assets1,7121,4771,6811,8562,806
Credit to public sector-71-102-104-51-97
Central government-74-121-110-41-329
Credit105168138138204
Deposit-179-289-248-179-533
Public enterprises3195-10232
Credit3222141247
Deposit-30-4-8-11-15
Credit to private sector9408769691,1591,879
Investments261166146212921
Loans679710823947958
Claims on commercial banks12280415345460
Claims on other financial institutions1019223742
Fixed assets1511427884104
Other assets560461301281417
Liabilities to commercial banks1138465062
Liabilities to central bank07193645
Liabilities to private financial institutions13411772147259
Liabilities to public financial institutions00000
Liabilities to private sector1,6831,3911,6541,9852,980
Time deposits5264725116511,151
Other liabilities1,1589191,1431,3341,829
Capital and reserves278230264419602
Other8806898799151,227
III. Trust and Mortgage Finance Companies
Monetary reserve and currency holdings96101168188250
Net domestic assets2,4232,9793,7434,8153,952
Credit to public sector8969441,2041,382735
Central government5708059811,238690
Credit31245130
Securities5688059791,194560
Deposits0-1-1-10
Rest of public sector32514022314445
Credit2862497719
Securities30113117813695
Deposits-4-68-3-69-69
Credit to private sector1,6722,2432,5613,3213,430
Investment1685337471,1901,159
Loans1,5041,7101,8132,1322,271
Credit to commercial banks (net)186261280225164
Credit to private financial inst. (net)-286-397-339-295-515
Credit to public financial inst. (net)-227-209-119-37-58
Other assets (net)183137156218197
Liabilities to private sector2,5193,0803,9105,0034,203
Time deposits1,4581,6041,9111,9321,793
Other liabilities7841,1481,6532,7201,959
Capital and reserves277328347351451
IV. Thrift Institutions
Net foreign assets77777
Currency holdings66666
6566676868
Net domestic assets6566676868
Net claims on central government55575
Credit to private sector4545424343
Mortgages4544413939
Loans and advances00111
Securities11144
Claims on commercial banks78111012
Demand deposits12425
Time deposits66777
Other deposits01110
Other assets88988
Liabilities to commercial banks00000
Liabilities to private sector7879808181
Deposit liabilities2020212222
Time deposits44566
Savings deposits1616161616
Other liabilities5859605959
Shares3737353334
Other liabilities including reserves2122242625
Sources: Central Bank of Tinidad and Tobago; and Fund staff estimates.
Sources: Central Bank of Tinidad and Tobago; and Fund staff estimates.
Table 30.Summary Accounts of Development Banks 1/(In millions of Trinidad and Tobago dollars; end of period)
December 31
19941995199619971998
Net foreign assets-172-192-191-38-34
Currency holdings00005
Net domestic assets1721931913829
Net claims on public sector−474−453−447−440−437
Local balances due to central government−267−267−267−267−267
Local balances due to public bodies−207−187−180−174−171
Other liabilities−63−133−127−145−147
Credit to private sector791830845853896
Securities07799
Loans and advances790823838844887
Net claims on commercial banks941324818
Other assets108109927973
Official capital and reserves−198−201−204−356−374
Sources: Central Bank of Tinidad and Tobago; and Fund staff estimates.

Includes the Agricultural Development Bank (ADB); Development Finance Limited (DFL); and the Trinidad and Tobago Mortgage Finance Company (TTMFC).

Sources: Central Bank of Tinidad and Tobago; and Fund staff estimates.

Includes the Agricultural Development Bank (ADB); Development Finance Limited (DFL); and the Trinidad and Tobago Mortgage Finance Company (TTMFC).

Table 31.Trinidad and Tobago: Commercial Bank Performance Indicators(In percent; at end of period)
19931994199519961997
Profitability ratios
Ratios to average total assets
Operating income12.410.910.210.911.0
Profits before tax1.91.51.51.62.1
Profits after tax1.21.01.11.31.7
Net interest margin4.23.83.63.33.8
Non-interest income3.12.42.22.42.3
Overhead expense3.22.82.62.54.4
Ratios to equity capital
Profits before tax25.020.922.121.924.3
Profits after tax17.113.415.417.720.5
Asset quality ratios
Ratios to average total loans
Nonperforming loans13.210.09.79.57.5
Accumulated loan loss provisions6.75.25.44.83.9
Liquidity ratios
Ratios to average total deposits
Total loans81.369.761.561.663.5
Total liquid assets23.527.727.826.726.5
Capital adequacy ratio
Ratio of qualifying capital to total risk-adjusted assets14.014.713.416.617.5
Source: Central Bank of Trinidad and Tobago.
Source: Central Bank of Trinidad and Tobago.
Table 32.Trinidad and Tobago: Interest Rates 1/(In percent per annum; end of period)
19941995199619971998
Commercial banks
Savings deposits
Ordinary2.82.52.52.42.5
Special6.36.05.04.65.5
Time deposits
0-3 months7.26.36.06.47.7
3-6 months7.97.07.96.98.1
6 months-1 year8.37.57.97.48.6
Deposits in U.S. dollars 2/3.34.85.14.96.3
Prime lending rate
Basic prime rate15.915.015.515.317.5
Term15.715.915.515.117.5
Demand15.515.015.515.017.5
Overdraft15.515.015.515.317.5
Real estate mortgage15.515.015.515.318.5
Weighted average deposit rate6.55.75.45.35.8
Weighted average lending rate13.812.913.511.912.4
Thrift institutions
Savings deposits5.05.05.05.05.0
Time deposits (1-3 years)7.87.57.57.57.5
Mortgage loans, residential13.013.313.313.413.5
Trust and mortgage finance companies
Time deposits
1-3 years10.48.79.19.010.0
Mortgage loans
Residential12.312.112.513.111.3
Commercial14.014.414.015.015.3
Finance houses and mortgage banks
Time deposits10.39.48.79.59.7
Installment loans12.911.212.010.69.8
Nonbank financial institutions
Weighted average deposit rate10.79.99.310.110.5
Weighted average lending rate12.912.412.412.412.4
Central Bank rate13.013.013.013.013.0
Treasury bill rate 3/10.28.510.59.811.9
Memorandum items: 4/
Treasury bill rates
United Kingdom5.26.35.86.56.8
United States4.35.55.05.14.8
Barbados7.38.06.93.65.7
Jamaica43.027.738.021.125.7
Eurodollar in London (3 months)4.76.05.45.75.6
Sources: Central Bank of Trinidad and Tobago; IMF International Financial Statistics.

Median rates, unless otherwise specified.

Weighted average deposit rate.

Weighted average discount rate for the year.

Period averages.

Sources: Central Bank of Trinidad and Tobago; IMF International Financial Statistics.

Median rates, unless otherwise specified.

Weighted average deposit rate.

Weighted average discount rate for the year.

Period averages.

Table 33.Trinidad and Tobago: Official International Reserves(In millions of U.S. dollars; end of period)
19941995199619971998
Total net international reserves514460701854980
Total net official reserves262296510685761
Central government 1/33334
Central bank259293507682758
Foreign assets352349543703779
Foreign currency11110
Balances with banks abroad350288376450270
Adjustment for valuation of gold-----
Securities766170254511
SDR holdings00000
Reserve position in the Fund-----
Minus: loans to Caribbean countries65322
CSFP collateral0021210
Foreign liabilities-93-56-37-21-22
Of which:
Use of Fund credit-91-50-24-6-4
Commercial banks253164192170219
Foreign assets325300391414402
Foreign liabilities-72-136-200-245-182
Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

With Crown Agents.

Sources: Central Bank of Trinidad and Tobago; and Fund staff estimates.

With Crown Agents.

Table 34.Trinidad and Tobago: Summary Balance of Payments
1994199519961997Prel.

1998
(In millions of U.S. dollars)
Current account balance221270138-579-583
Trade balance598592415-494-677
Exports, f.o.b.1,9722,4772,5062,5422,335
Fuels7701,1311,2611,1711,002
Chemicals525621568609495
Other677725677763838
Imports, c.i.f.-1,374-1,885-2,090-3,036-3,012
Consumer goods-392-365-410-428-500
Raw material and intermediate goods-414-714-990-1,147-1,198
Capital goods-338-650-552-1,372-1,206
Services (net)-370-306-271-8988
Nonfactor service43159245293437
Factor service-413-465-515-381-349
Current transfers (net)-6-16-746
Capital account (net)-34-3636830460
Investment assets and liabilities177149307807451
Official, medium and long term70-12119-137-98
Disbursements3261082546062
Amortization-376-242-226-310-135
Other12114-9113-25
Private sector (net)227181316922599
Commercial banks (net)-12189-2722-50
Short term (net)-211-185-271239
Net errors and omissions-6-20240-76199
Overall balance1813321317577
Financing-188-43-214-175-77
Change in net official reserves (increase)-188-43-214-175-77
Of which:
IMF-72-43-25-18-4
Exceptional financing 1/710000
Memorandum items:
Gross international reserves (end of period)354352546727800
(in months of goods and nonfactor services imports) 2/2.01.82.02.63.2
(As a percentage of GDP)
Current account balance4.55.12.4-10.0-10.0
Trade balance12.111.27.3-8.6-11.6
Exports39.946.744.344.140.2
Imports27.835.536.952.651.8
Capital account balance-0.7-0.70.614.47.9
Overall balance3.70.63.83.01.3
Sources: Central Bank of Trinidad and Tobago; Central Statistical Office; and Fund staff estimates.

Proceeds from debt conversion and debt forgiveness operations.

The denominator is the value for the following year.

Sources: Central Bank of Trinidad and Tobago; Central Statistical Office; and Fund staff estimates.

Proceeds from debt conversion and debt forgiveness operations.

The denominator is the value for the following year.

Table 35.Trinidad and Tobago: Details of the Capital Account
1994199519961997Prel.

1998
(In millions of U.S. dollars; unless otherwise indicated)
Capital account (net)-34-3636830460
Public sector capital (net)70-12119-137-98
Government borrowing-51-15225-235-70
Disbursements228242106062
Of which:
Project loans2824626062
IDB2618614744
World Bank1711415
Commercial borrowing 1/200014800
Amortization due-279-177-185-296-132
Amortization rescheduled00000
Government lending (net) 2/30-9-20-36
Public enterprise medium- and long-term-251514-86
Disbursements92844400
Amortization due-49-28-27-140
Amortization rescheduled00000
Public enterprises deposits abroad-69-41-466
Financial public sector-43-38-14-1-3
Disbursements60000
Amortization-48-38-14-1-3
Other long term (including CSFP collateral)1875431275
Private sector capital (net)-1048517967558
Direct investment278274356895693
Retained profits190155169125111
Other88119187770581
Debt (net)-261-269-31950-84
Long-term (net)-51-84-4828-93
Short-term (net)-211-185-271239
Of which:
Trade credits-63-108-146239
Portfolio investment (net)0-9700
Commercial banks (net)-12189-2722-50
(In percent)
Memorandum items:
Foreign direct investment/GDP5.65.26.315.511.9
Foreign direct investment/investment27.832.336.671.245.5
Reinvested earnings/total earnings0.70.50.50.50.5
Sources: Central Bank of Trinidad and Tobago; Ministry of Finance; and Fund staff estimates.

Includes Eurobond and Caribbean bond issuances.

Government loans and repayments to foreign governments (mainly Guyana).

Sources: Central Bank of Trinidad and Tobago; Ministry of Finance; and Fund staff estimates.

Includes Eurobond and Caribbean bond issuances.

Government loans and repayments to foreign governments (mainly Guyana).

Table 36.Trinidad and Tobago: Summary of Exports, F.O.B.(In millions of U.S. dollars; unless otherwise indicated)
1994199519961997Prel.

1998
Total exports1,9722,4772,5062,5422,335
Re-exports19685110116166
Domestic exports1,7762,3942,3952,4262,169
Fuels7701,1331,2611,1711,002
Crude petroleum
Volume (million barrels)2221212019
Value347383429443247
Unit value1618212015
Natural gas liquids
Volume (million barrels)34445
Value4646526263
Unit value1712131513
Refined petroleum products
Volume (million barrels)2034322841
Value377705780666692
Unit value1821242417
Chemicals52562156