Trinidad and Tobago Service Exports
2006 - 2010
Ministry of Planning and Sustainable Development Socio-Economic Policy Planning Division
10/5/2012
This document outlines the historical trend of service export data for Trinidad and Tobago over the period 2006 – 2010 and the subcategories that comprise it.
SERVICE EXPORTS
Exports of services were much lower than goods and have remained relatively constant compared the export of goods which fluctuated over the period 2006 – 2010 as shown in the graph below.
Source: Central Statistical Office and the Central Bank of Trinidad and Tobago
The graph below illustrates the categories of services exported by Trinidad and Tobago over the period 2006 – 2010: Transportation, Travel, Communication, Insurance, Other Government and Other Services. Travel services led total service exports, contributing approximately 46.9% in 2006 and 51.4% in 2010 to total service exports followed by transportation services and insurance. In 2006, overall Travel exports were TT$ 2,400.56 million and increased to TT$ 2,854.06 million in 2010.
Transportation exports increased marginally from 2006 to 2010 moving from TT$ 1,270.63 million to TT$ 1,416.87 million respectively. Insurance service exports fluctuated over the period under review but increased overall from TT$ 837.24 million in 2006 to TT$ 884.91 million in 2010. Communications, Other Government and Other Services categories remained relatively flat over the period from TT$ 212.92 million, TT$ 305.88 million and TT$ 83.54 million in 2006 to TT$ 158.07 million, TT$ 201.23 million and TT$ 34.28 million in 2010 respectively.
Source: Central Statistical Office and the Central Bank of Trinidad and Tobago
Under Travel exports the graph below shows, Private Home and Others and Business Visitors contributed the highest percentages to the Travel category which both fluctuated considerably over the period. Private Home and Others was TT$ 1,342.23 million in 2006, fell to TT$ 790.8 million in 2008 and increased sharply to TT$ 1,816.16 million in 2010. Business Visitors declined by approximately 43% over the period from TT$ 597.31 million in 2006 to TT$ 338.98 million in 2010. Hotel visitors increased overall during the period almost doubling from TT$ 302.74 million in 2006 to TT$ 566.88 million in 2010.
Source: Central Statistical Office and the Central Bank of Trinidad and Tobago
Overall, Transportation exports increased slightly by approximately 5.6% from 2009 – 2010 moving from TT$ 1,340.63 million to TT$ 1,416.87 million respectively. Exports in this category were led by Passenger Fares followed by Port Disbursements; namely cargo charges as shown in the graph below. Export revenue earned from Passenger fares increased by 35% overall starting at TT$ 844.78 million and reached TT$ 1,140.70 million in 2010.
Port Disbursements encompassed the following categories; port charges, airport charges, pilotage, cargo charges and other port disbursements. Overall, it declined steadily from TT$ 359.9 million in 2006 to TT$ 191.07 million in 2010. Sale of Consignment Notes increased marginally over the period from TT$ 63.44 million in 2006 to TT$ 84.43 million in 2010 while Sale of Consignment Notes on behalf of Foreign Airlines remained at zero for the entire period and Other Miscellaneous Receipts recorded less than TT$ 1 million over the period.
Source: Central Statistical Office and the Central Bank of Trinidad and Tobago
In the graph below, Other, which consists of the residual items within this category, dominated service exports however, export revenues declined over the period by approximately 13.2% from TT$ 141.95 million in 2006 to TT$ 123.15 million in 2010. While there was an increase in export revenue in this category from 2006 – 2008, it began to decline steadily to 2010. Revenues from Agents Fees declined steadily over the period by approximately 50.9% starting at TT$ 86.68 million in 2006 and falling to TT$ 42.53 million in 2010. Oil Processing Fees also declined considerably (71.1%) over the same period from TT$ 13.19 million to TT$ 3.81 million in 2010.
Source: Central Statistical Office and the Central Bank of Trinidad and Tobago
Under Other Government Services, Receipts from Other International Institutions was the main contributor to service export revenue under this category. It increased from TT$ 72.23 million in 2006 to TT$ 102.6 million in 2008; it then plummeted to TT$ 34.28 million in 2010 representing a 66.5% decline in revenue from 2008 – 2010. Receipts from Foreign Diplomatic Agencies also declined over the period from TT$ 11.31 million in 2006 to nothing in 2010. No revenues were earned for Signature Bonuses over the period under review.
Source: Central Statistical Office and the Central Bank of Trinidad and Tobago
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