flag Granada Granada: Perfil de comércio

Foreign Trade in Figures

The country has an open economy, with foreign trade representing about 77% of the GDP (World Bank, latest data available). According to 2022 data by ITC, Grenada's main exports include nutmeg, mace, cardamons, frozen fruits and nuts, non-fillet fresh fish, and other fruits; while imports are led by refined petroleum, poultry meat, cars, recreational boats, and other edible preparations.

Grenada's main export destinations in 2022 were the United States (33%), Antigua and Bermuda (9.9%), India (3.9%), Saint Vincent and the Grenadines (3.8%), France (3.4%), and Barbados (3.3%); whereas imports came chiefly from the U.S. (36.6%), Trinidad and Tobago (11.3%), the Cayman Islands (11.1%), China (4.5%), and the UK (3.1% - data ITC). The country's trade policy aims at moving away from an agricultural economy to a service-based economy. The Government also seeks to reduce the manufacturing costs of goods to become more competitive. Imports destined for government institutions are free of customs duty. Customs duties are not very high and trade barriers are limited. Grenada is a member of CARICOM, and as such, other member countries are given special treatment. The country also has agreements with Costa Rica, the Dominican Republic, Colombia, Venezuela, the European Community, and the UK.

According to the latest available data by WTO, Grenada exported USD 37 million in goods in 2022, while it imported USD 589 million (+5.7% and +31.7% year-on-year, respectively). On the other hand, Grenada is a net exporter of services: the 2022 services exports amounted to USD 661 million (mostly thanks to the tourism sector) while imports stood at USD 300 billion (+91.6% and +22.4% y-o-y, respectively). Challenges include the country's dependence on key imports (oil products, foodstuffs, vehicles, medication, consumer goods, etc.) due to its relatively limited market.

 
Foreign Trade Indicators 20192020202120222023
Imports of Goods (million USD) 480395447589609
Exports of Goods (million USD) 3425353746
Imports of Services (million USD) 310242245300n/a
Exports of Services (million USD) 614393345661n/a
Trade Balance (million USD) -370-317-349-467n/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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To go further, check out our service Import controls and Export Controls

To go further, check out our service Import-Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

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List of tariffs and local taxes that apply to your product on our service Customs Duties

 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Caribbean Community (CARICOM)
Member of Free Trade Area of the Americas (FTAA)
Useful Resources
National customs website
National Organisation of Intellectual Property
You can contact the Corporate Affairs and Intellectual Property Registrar’s Office by Email.
 
 
 

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Latest Update: May 2024