a Composition of trade 32 Due to the boom in the hydrocarbons industry the

A composition of trade 32 due to the boom in the

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(a) Composition of trade 32. Due to the boom in the hydrocarbons industry, the composition of exports has undergone some changes during the period under review. While exports were distributed almost equally between manufactures and fuels in 1998, the share of fuels had increased to 66.7% of total exports in 2003 (Table AI.1). As a consequence, the share of primary products increased strongly to reach more than 71% of total exports, with agriculture accounting for just 4.5% of total exports. Exports of manufactures also showed a relative decline, to 28.6% in 2003, although they increased sharply in absolute terms. Chemicals remained the major category of manufactured exports, with more than 17% of the total in 2003. 33. The composition of imports was subject to the same overall evolution as exports, including a substantial increase in the share of fuels, in particular petroleum (Table AI.2). Petroleum's share of total imports increased to 24.4% in 2003, as Trinidad and Tobago's refining activities, for which it uses partly imported petroleum, increased during 1998-03 (Chapter IV(3)). Manufactures, despite posting a reduction of 22 percentage points over the period, continued to account for the largest share of imports, at some 60% of the total in 2003. Machinery and transport equipment remained the main imported product group, with around 32% of total imports in 2003. (a) Direction of trade 34. The direction of exports at the regional level remained relatively stable between 1998 and 2003. Trading partners in the Americas maintained their share of 88% of Trinidad and Tobago's exports, while that of Europe declined slightly, to about 8% (Table AI.3). The United States consolidated its position as the major individual market for Trinidad and Tobago's exports, its share increasing to almost 55% in 2003. This was partly due to Trinidad and Tobago's extensive use of the Caribbean Basin Initiative (CBI) benefits, and to the increase in exports of natural gas to the U.S. market. The share of other countries in the Americas declined from 47.8% to about 33%, Jamaica appearing as the single most important other destination, accounting for some 7% of exports (Table AI.3). 35. Despite a reduction in its share over the 1998-03 period, the United States remained the main supplier of merchandise imports to Trinidad and Tobago with about 30% of the total in 2003. On account of this decline, the share of the Americas fell from 71% to 58% over the period. Among other countries in the Americas, the share of Brazil increased to 9%, to become the second single largest source of imports. The European Union's share of imports increased slightly, to 18% in 2003, while Asia's share stayed stable, at some 10%. Africa's share of total imports by Trinidad and Tobago increased from 0.2% in 1998 to 11% in 2003: Gabon and Nigeria accounted for 5% and almost 3% of total imports, respectively. Imports from these countries consist mainly of petroleum to be processed in Trinidad's refinery (Chapter IV(3)(i)).
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WT/TPR/S/151 Trade Policy Review Page 12 (ii) Trade in services 36. Trinidad and Tobago runs a traditional surplus in trade in services, which, after a decline in 2000, has resumed an increasing trend.
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