The food and beverage sector has seen consistent growth over the last few years, and, according to Minister of Trade and Industry Paula Gopee-Scoon, more growth is expected.
The beverage water sector alone, she said, reached $521 million in 2023.
Quoting figures for the non-energy, food, and beverage sector from 2019 to 2023, she noted that even further growth is expected between the 2023 and 2025 period.
“And comparing to 2019, we’ve moved from a figure of $2.4 billion in exports. This is talking about non energy, food and beverage sector exports, to a remarkable $3.2 billion. Essentially, you’re seeing a growth of 30%.”
During a tour of Blue Waters Products Ltd in Orange Grove on Monday, she said the non-energy sector continues to show potential.
“Overall, the non-energy exports are doing very well, and you would note in the last Moody’s report that the growth in the Trinidad and Tobago economy has been driven largely by the non-energy sector, although the energy sector is also showing strong performance.”
Executive Chairman of Blue Waters Products Limited, Dominic Hadeed, said the company continues its drive into extra-regional markets.
“Yes we’ve been pushing a lot of exports, it’s necessary. Flavours are what we do more in exports now than water. Believe it or not, water is cheap, so the freight is a deterrent sometimes and then we serve the OECS via our St. Lucia plant. So Trinidad does all the flavours throughout the CARICOM region but water from Trinidad just goes to Guyana, Barbados, Jamaica, and St. Maarten and the surrounding small islands of St. Maarten. So we do that and new equipment is coming to expand again, and more jobs, more taxes.”
The company’s Chief Executive Officer, Pradeep Subrian, said its exports of non-water products have seen consistent growth.
“Last year, our export grew by 54%, and flavours, non-water, grew approximately 45%. So, that’s the opportunity. Now, strategically, what you may or may not know, we produce, as a co-pack, all PepsiCo brands for local season distribution, of which Vemco does, and also for the Barbados market.”
Minister Gopee-Scoon said the company has a healthy relationship with EXIMBANK, noting that any future expansion could be accessed through a loan facility for the purchase of equipment and machinery.