The 5 top facts about the Caricom market

by Sasha Murray

Published in CONTACT Magazine


 

The Caribbean Community (Caricom) consists of 15 member states and five associate members. It claims to be the “oldest surviving integration movement in the developing world”. The main economic activities are fuel and mining (notably oil, gas, bauxite and gold), agriculture, forestry and tourism.

1. How big is the Caricom market?

Caricom is home to about 18 million citizens, 60% of whom are under the age of 30. Haiti (about 11 million) has the largest population, followed by Jamaica and Trinidad and Tobago. Montserrat has the smallest population (about 5,000), followed by Anguilla and the British Virgin Islands

2. Which is the fastest growing economy in Caricom?

According to the Caribbean Development Bank (2018 Caribbean Economic Review and 2019 Outlook), Grenada is the fastest growing economy in Caricom, at 5.2% (2018). It is closely followed by Antigua and Barbuda at 3.5%, and Guyana at 3.4%. Grenada also has a positive medium-term outlook, with the CDB projecting 4.5% economic growth in 2019.

3. Which Caricom state topped the world for conventional oil discoveries in 2018?

ExxonMobil has made 13 discoveries (at the time of writing) in Guyana, and will begin producing up to 120,000 barrels of oil per day from the Liza Phase 1 development in early 2020. There is potential for at least five floating production, storage and offloading vessels in the Stabroek Block, producing more than 750,000 barrels of oil per day by 2025. Growth projections for 2020 and 2021 are 29.8% and 22.1%.

4. Who is the biggest trader in goods in Caricom?

In 2016 Trinidad and Tobago’s exports to Caricom were worth US$734 million. They represented 32% of Caricom’s intra-regional exports and 10% of T&T’s global exports. Trade in services also forms a significant part of Trinidad and Tobago’s trade with the region.

5. How developed is agricultural trade between Caricom members?

Agricultural imports from other member states are only 16.6% of Caricom’s total global agro-imports. Intra-Caricom trade in agriculture is moderately diversified. Trinidad and Tobago and St Vincent & the Grenadines are the top exporters of agri-food products within Caricom, while Jamaica and T&T are the top destination markets. Trinidad and Tobago was the largest source of Jamaica’s agro-imports (55%), while Guyana was the largest source of Trinidad and Tobago’s (36%).

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