‘Bird eggs’ in $2,096M January TT food import bill

The value of goods imported into TT in January, 2003 amounted to $2,096 million, while total exports (domestic and foreign) were worth $3,382 million according to a study conducted by the Central Statistical Office of the Ministry of Planning and Development. A favourable balance of $1,286 million in merchandise trade was also recorded during this period, with a trade surplus of $1,286 million.

The value of imports is said to have increased by $435 million or 26.3 percent from $1,660 million in 2002 to $2,096 million in 2003. This was mainly due to an increase in imports of mineral fuels, lubricants and related materials by $472 million. Other major imports for January 2003 were machinery and transport equipment which stood at $672 million and manufactured goods which registered $294 million. The food import bill during January 2003 accounted for 6.4 percent of total imports compared with 8.2 percent in January 2002. Food imports were valued at $134 million and comprised dairy products and bird eggs, vegetables and fruits as well as cereal and cereal preparations. Total exports for January 2003 were valued at $3,382 million of which domestic imports were worth $3,325 million. The value of domestic exports increased from $1,448 million in 2002 to $3,325 million in 2002, a surplus of $1,876 million or 129.6 percent. This was the result of a significant increase of $2,039 million in the exports of mineral fuels, lubricants and related materials.  Increases were reported in mineral fuels, lubricants and related materials by $2,039 million and manufactured goods by $31 million. However, there was a decrease in chemicals by $180 million. Domestic exports of Food and Beverages were valued at $92 million.

Where imports from Caricom sources during this period were concerned, the value increased by $3 million to stand at $39 million, while domestic exports increased by $477 million to the present figure of $806 million, when compared with the corresponding month in 2002. Domestic exports to Caricom countries during January 2003 accounted for 24.2 percent of total domestic exports, whereas imports comprised 1.8 percent of all imports. The main Caricom markets for export goods during this period were Jamaica which accounted for $327 million or 40.6 percent of total domestic imports to Caricom states, Barbados and Guyana which accounted for $148 million or 18.4 percent and $62 million or 7.7 percent respectively. Barbados was one of the chief Caricom suppliers, accounting for $15 million or 38.9 percent of imports from Caricom countries. Jamaica followed with 10 million or 25.2 percent and Guyana with $6 million or 16.6 percent. During January 2003, TT principal extra-regional import sources were the US which accounted for $510 million or 24.3 percent of total imports. Brazil and Venezuela recorded $281 million or 13.4 percent and $216 million of 10.3 percent respectively. The US was also TT’s principal extra-regional export market registering $1,337 million or 40.2 percent of total domestic exports. Honduras also figured prominently accounting for $132 million or 4.0 percent of exports.