Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

Table 2: CARIFORUM’s Top Export Products (US$ billion)

Share in Exports (%, 2020)

HS Code

Product label

2018 2019

2020

All products

29.4 31.8 25.0

7.3 6.4

5.1

20.4%

27 Mineral fuels, mineral oils and products of their distillation

3.6 3.9

4.0

15.9%

71 Natural or cultured pearls, precious or semi-precious stones, precious metals

1.0 1.1

1.6

6.6%

90 Optical, photographic, cinematographic, medical or surgical equipment

28 Inorganic chemicals 29 Organic chemicals

2.4 1.9 2.0 1.8

1.2 1.2

4.9% 4.7%

1.1 1.4

1.1

4.4%

85 Electrical machinery and equipment and parts thereof 61 Articles of apparel and clothing accessories, knitted or crocheted 24 Tobacco and manufactured tobacco substitutes

1.3 1.4

1.1

4.4%

0.9 1.0 1.1 1.2 0.4 0.5 0.6 0.5 0.5 0.6 0.1 1.9 0.4 0.5 0.5 0.5

1.0 0.9 0.7 0.6 0.5 0.4 0.4 0.4

3.9% 3.6% 2.7% 2.2% 1.9% 1.7% 1.6% 1.5%

72 Iron and steel

8 Edible fruit and nuts 30 Pharmaceutical products 22 Beverages, spirits and vinegar 89 Ships, boats and floating structures

31 Fertilisers

39 Plastics and articles thereof

Source: ITC Trademap; India Exim Bank Analysis

The following table (Table 3) presents the top exporting items from the top five exporting countries of the region namely Dominican Republic, Trinidad and Tobago, Guyana, Suriname and Bahamas. In the last decade, one of the most important international discovery of commercially viable crude oil has taken place off the coast of Guyana. Thus, Guyana is soon expected to become a net oil exporter.

International Trade Scenario of the CARIFORUM Countries

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