Trinidad and Tobago - Balance of payments

Between 1974 and 1981, largely because of the huge increase in the value of petroleum exports, Trinidad and Tobago's payments balance was favorable. With the weakening of the market for the country's petroleum and oil refinery products in 1982, however, a deficit was recorded for the first time since the early 1970s. Foreign exchange reserves, which had reached $3.3 billion in 1981, were depleted rapidly through the 1980s, as expenditures reduced revenues (caused by lower oil prices). By 1988, foreign exchange reserves had plummeted to–$5.7 million, forcing the government to reschedule its commercial and official debt. During the 1990s, Trinidad ran a balance of payments surplus from 1992 until 1997 due to a rise in foreign direct investment, but ran a deficit after 1997 because of low oil prices, and high industrial imports. The country's balance of payments subsequently improved, in part spurred by increases in world oil prices. Trinidad's balance of payments surplus stood at $441 million in 2000.

The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of Trinidad and Tobago's exports was $4.1 billion while imports totaled $3.5 billion resulting in a trade surplus of $600 million.

The International Monetary Fund (IMF) reports that in 1998 Trinidad and Tobago had exports of goods totaling $2.26 billion and imports totaling $3 billion. The services credit totaled $672 million and debit $255 million. The following table summarizes Trinidad and Tobago's balance of payments as reported by the IMF for 1998 in millions of US dollars.

Current Account	-644
Balance on goods	-741
Balance on services	416
Balance on income	-341
Current transfers	22
Capital Account	…
Financial Account	472
Direct investment abroad	…
Direct investment in Trinidad and Tobago	730
Portfolio investment assets	0
Portfolio investment liabilities	…
Other investment assets	1
Other investment liabilities	-259
Net Errors and Omissions	252
Reserves and Related Items	-80