2022 Annual Results Report

FOCUSED EXPORT DEVELOPMENT AND PROMOTION

Caribbean Export has been supporting the transition of private sector firms from national to regional and ultimately international businesses with the export of goods and services as a strategic mode to achieve this. Export can lead to increased economic growth and development across the Caribbean helping to create jobs, increase productivity, and improve the balance of trade. The International Trade Centre’s Trade Map reports that in 2021 the CARIFORUM region’s exports grew by 33.82% since 2020 with a value of $30.7 Billion USD with the United Kingdom, United States of America, Canada, and the Netherlands being among the top trading partners. This is a significant improvement after the Covid-19 pandemic which had a crippling effect on regional MSMEs, suppressing cashflows as a result of loss of demand and falling revenue, disconnecting firms from global value chains and ultimately limiting their ability to provide jobs. The United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC) compounded this reality by explaining that the value of goods exports for CARICOM Member States decreased by approximately 35.2 per cent in the month of May 2020 alone. The post pandemic data therefore demonstrates that the region has a dynamic and resilient private sector thus, the continuous development of these firms is vital for the sustainability of the Caribbean region.

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