Despite the imposition of tariffs from the United States on Trinidad and Tobago, new Head of the Trinidad and Tobago Manufacturers’ Association, Dale Parson, believes “not all is lost.”
He was speaking at a TTMA Conference where he was elected as President of the Association, taking over from Roger Roach.
Speaking to reporters, he said that given the recent revocation of the OFAC licences and tariffs imposed by the United States, the manufacturing industry is feeling the mounting pressure to improve in the non-energy sector.
“We know what we have to do, and non-energy export is the way to go for the long-term benefit of the country, and not only for manufacturers but for the whole population.”
He also promised to increase non-energy exports significantly by 2030.
“Firstly, and perhaps the most significant is I will set a strategic goal to grow non-energy exports from $6.2 billion at the close of 2024 to $10.6 billion by the end of 2030, reflecting a conservative 71% increase in non-energy exports over the next five and a half years.”
Prime Minister Stuart Young also lauded the goal of the TTMA, noting the impact that might be realised on the non-energy sector following the recent tariffs imposed by the US.
“So that kicked in at midnight last night. I am certain, because you’re seeing it in other countries of the world that you here, as Trinidadians and Tobagonians and manufacturers, are still trying to work out how does that affect you because it’s going to affect your cost of input. It is going to affect the goods that we import. It is going to affect what you export now into the United States.”
Trade Minister Paula Gopee-Scoon said non-energy exports continue to make a dent in this country’s economy.
“Non-energy export of goods accounting to 26%, but that export figure would include manufacturers and distributors. But again, that’s a significant contribution increasing to 24%, no a significant increase from the 18% contribution recorded in 2014. So an 18% growth on the non-energy export side.”
However, the TTMA President said the sector is seeing the imposition of the tariffs as an opportunity to go into other markets.
“We have to look for the lower-hanging fruit and exploit them to their full potential. But all is not lost because we are on a competitive landscape with regards to other countries exporting to the US. And I think we got 10% is the lowest of the whole region. So we are still in a better standing for exporting to the United States than the other CARICOM countries.”