T&T is currently experiencing a trade deficit with the UK and efforts are being made by various stakeholders to close this gap not only in the area of goods but also services.
According to figures from the Trade Ministry, as it relates to T&T’s trade performance with the UK in 2023, non-energy imports were $1.10 billion while exports amounted to $71.49 million resulting in a trade deficit of $1.03 billion.
Regarding the food and beverage sector, the import figure was $189.82 million while exports were $25.05 million, reflecting a trade deficit of $164.77 million.
In 2022, non-energy imports were $967.15 million while exports tallied at $74.06 million showing a trade deficit of $893.08 million.
As it relates to food and beverage imports from the UK, in 2022 it totalled $205.88 million while exports were $28.22 million resulting in a trade deficit of $177.66 million.
In this vein, T&T is seeking to increase its export capacity to the UK, according to Trade and Industry Minister Paula Gopee-Scoon who spoke to the Sunday Business at the inaugural Great British Food and Drink Showcase. The event was hosted last week by British High Commissioner Harriet Cross who also welcomed the move to strengthen commercial ties.
Gopee-Scoon said efforts are being made to have more local goods enter the UK market particularly non-energy exports such as curries and other novelty items.
She said even though this country exports energy and non-energy products to the UK, there was a trade deficit, signalling that commercial activity needs to be ramped up.
As a result, a commercial office was created in the UK to ensure two-way trade is increased.
Among the more popular local items exported to the UK include Angostura Bitters and Chief Brand products.
“We need to get some other products into the UK market,” Gopee-Scoon said, adding, “It’s a great focus of ours but again, bilateral trade both ways is what we want to improve and again utilise the UK-Cariforum Economic Partnership Agreement, which allows all of our products into the UK almost all tariff-free...We feel we can expose our curries and some of our distinctive products that find their way into restaurants as well. We have to look at the entire value chain and consider what would work best in finding a place in the UK market.”
To assist local manufacturers, Cross advised they can work with the T&T High Commission’s trade team in London as well as a similar team at the British High Commission in Port-of-Spain.
“If a company has an idea as to how it can innovate. For example, if they want to be greener but they don’t know how to do that, then there is somebody in the UK who could support the greening of that T&T company. And vice versa, if there is a company that has a really interesting innovation then tell the UK about it and ask us to find investors,” Cross further suggested.
She further noted that in terms of the UK investment in T&T, there are funding streams such as the UK Export Finance which provides the local facility for financing projects in this country as long as they have the “20 per cent UK element.”
“Which might be insurance, it might be a piece of the product,” she added.
Cross also hailed local chocolates, which are found in the UK, noting they were made with high-quality Trinitario cocoa, which some UK chefs were keen to get their hands on.
Additionally, Cross noted that the local petrochemical industry is also an area of interest for the UK.
“Particularly in terms of green energy, so green hydrogen is a really good example of that,” she added.
Some of the brands at the event were Twinings Tea, Beanie’s Flavour Coffee, Dash Sparkling Water, Bombay Gin, Whitley Neill Gin, Highclere Castle Gin, Johnnie Walker Gold Label Whisky, Wee Smoky Scotch Whiskey, Tunnock’s Wafers, Cadbury, Campbell’s Shortbread, Grandma Wild’s Biscuits and Kestrel Liner Agencies.
New Twinings tea for local palate
Among the top item imported in T&T from the UK is tea and more specifically the Twinings brand.
The company’s teas have become so popular that it will be introducing a new blend to the local market inspired by the tastebuds of T&T.
Stephen Twining, the tenth generation of his family in the tea business, shared details about the new offering which contains ginger; a staple in most local households and used in a variety of ways from seasoning meats to brewing in a concoction of other ingredients.
About the new blend Twining explained, “It’s on a very, light delicate green tea. Green tea is known to be very refreshing and you have the right climate for needing hydration and refreshment. Carefully balanced two different sorts of green tea because when you process green tea you either steam or use pan firing. Steaming makes it lighter while the pan fire has a little more body to it and that combination carries the ginger and Twinings never uses artificial ingredients.”
Twining also paid kudos to its partner in Trinidad, distribution company L J Williams, which realised that ginger had become increasingly popular and while there were many other ginger products on the shelves, Twinings could offer its own unique product.
This particular ginger tea was a making an out “a year or so ago” according to Twining and will be on local shelves in October.
The product, however, is not only limited to T&T a it will also be introduced to other countries in the region.
On how much the tea company exports to T&T annually, Twining said he “never discusses such figures” However, noted that it is a “seizable amount,” adding that the company makes billions of tea bags a year.
Regarding what’s to come, Twining said there will be a change to its Chai blend, which is also popular in this country.
He said the company currently has two of these blends which it is going to “amalgamate.”
“Both sell equally well so we think we will bring them together and that will be an innovation for Trinidad and Tobago,” Twining said.
Additionally, a “Lady Grey” which is a lighter version of Earl Grey, another popular flavour consumed locally, will soon be introduced to the market.
Tea is just one of several products being imported into T&T from the UK.
Chocolates such as Cadbury are also high on the list as well as premium alcohol such as Johnny Walker.
Then there’s cement and equipment imported from the UK , which have been growing in sales, said Martha O’Brien-Ferguson, sales manager at the T&T branch of Kestrel Liner Agencies.
“We have been seeing an increase in LCL (less than container load) cargo in terms of food products, trucks and cement. Over the last two years, we have seen an increase of just under 50 per cent of food items imported out of the UK. Items such as tea, chocolate and the Johnny Walker brand of alcohol,” O’Brien-Ferguson said.
Regarding the cement, she said this was of a different kind being “concentrated specifically for the needs of customers” imported by large companies which require it in huge quantities.