Trade within CARICOM has not prospered

THERE continues to be a staggering trade deficit between the Caribbean and the rest of the world.

Pamela Coke-Hamilton, the executive director of the International Trade Centre in Geneva, has provided figures showing how the Caribbean has been doing in the area of trade with the rest of the world. She has said that 2019 figures on trade show that while exporting some $21 billion worth of goods and services to markets around the world, the Caribbean imported some $36 billion from those markets.

“This means that our deficit is $15 billion and of course our food imports are just out of the way,” she said during a webinar that looked at how countries in this region are performing when it comes to international trade.

The former head of the Shridath Ramphal Centre said that trade within CARICOM has not taken off even when taking into consideration the Caribbean Single Market and Economy (CSME). According to her, trade among CARICOM countries amounts to only $7 million. She said that the bigger issue for the Caribbean is what it is that is preventing the region from making further advances on the trade front. (JB)