Until the 1990s, most bananas were shipped to Britain, Grenada's traditional trading partner. Gradually, the island has come to depend increasingly on the United States, both for its manufactured exports and imports. The United States accounted for almost 40 percent of imports (US$78.9 million) and 35 percent of exports (US$64.1 million) in 1998, according to the Caribbean Development Bank. Other important trading partners are the European Union and fellow members of the Caribbean Community (CARICOM), which provided 27 percent of imports and took 20 percent of exports in 1998.
Grenada continues to import much more than it exports, with 1999 exports of $55 million and imports of
|Trade (expressed in billions of US$): Grenada|
|SOURCE: International Monetary Fund. International Financial Statistics Yearbook 1999.|
$230 million. Despite the recent upsurge in nutmeg exports, this is a source of concern to the government and international financial institutions alike. Tourism revenue and income from other services partly offset this imbalance, but Grenada is vulnerable to mounting debt and economic factors beyond its control.