Radhica De Silva
Trade Minister Paula Gopee-Scoon says research on the list of items imported from Russia and Ukraine is now being compiled as the Russian war on Ukraine escalates.
Gopee-Scoon is expected to release further information as the situation unfolds.
In a statement on Thursday, Gopee-Scoon said, “The Ministry of Trade and Industry is actively monitoring events in Ukraine as it relates to a possible disruption of international trade.”
She added, “The ministry has commenced research as to the specific items which may be impacted and will work with all relevant stakeholders to mitigate against any negative impact.”
Meanwhile, Agriculture Minister Clarence Rambharat told Guardian Media that it was too early to assess the impact that the war will have on T&T.
“Russia and Ukraine are significant players in the global market for wheat and corn,” he said.
“It is too early to say how T&T will be affected but it is something that is always on my radar and something Minister of Trade and Industry and I discuss with our local importers.”
Research done by agriculture economist Omardath Maharaj says T&T has an important direct trade relationship with Russia.
He said T&T imported just about US$4 billion in mineral fuels and oils from the Russian Federation between 2011 and 2018; an annual average of about US $495 million.
This crashed in 2019 perhaps with the closure of the Petrotrin refinery.
“Over the last five years (2016-2020), Russia supplied 2.36 per cent of China’s total imports across key sectors including food and energy. This trade accounted for 12.36 per cent of Russia’s total exports,” Maharaj added.
The Observatory of Economic Complexity (OEC) website which tracks trade with world economies said in November 2021 Russia exported US$220,000 and imported US$57.5k from T&T, resulting in a positive trade balance of $163k.
“Between November 2020 and November 2021, the exports of Russia have increased by $208k (1.64k%) from $12.7k to $220k, while imports decreased by $-81.2k (-58.5%) from $139k to $57.5k,” the OEC reported.
In November 2021, the top exports of Russia to Trinidad and Tobago were machinery, vegetable parchment, unglazed ceramics, and insulated wire while the top imports from T&T to Russia were hard liquor and iron pipe fittings. (RDS)
