TRADE

With the recent and rapid increase in globalization countries around the globe have become progressively more interconnected. A lot of this is as a result of economic trade. Due to the global integration of economies, there may be potential enhancements in productivity and standards of living. For this matter, many developing counties welcome the globalization process.

(1) Photos a and b show the Port Authority of Trinidad and Tobago, Port of Spain and photo c shows the CARICOM wharf which is also a part of the PATT.

The Port Authority of Trinidad and Tobago has three terminals which are used for different purposes. The container terminal is used for storage of full and empty containers and bulk cargo, as well as berthing space. The storage containers can be seen in 1a with numerous cranes in the background which transfer them from the ships into storage. The photo was taken a bit far away because access to the compound was restricted. The cruise ship terminal has berthing space and buildings and carparks for ship passengers. The government shipping service terminal also has berthing space, as well as different jetties for different purposes. Photo 1b shows a cargo ship docked at the port, most likely at this terminal. Because I had no access to the compound, this photo was taken at the adjacent Hyatt Hotel so that I could capture the scene at a height without hindrances such as the gate barrier to the port. I took this photo in such a way that the name of the ship and the cranes in the background are visible.

Photo1c shows the CARICOM wharf where goods are traded between CARICOM member countries.

According to Trading Economics, Trinidad and Tobago’s main export items include natural gas and oil, petroleum and petroleum products, Liquefied natural gas (LNG), ammonia, alcohols, fertilizers, iron, steel and some agricultural products such as citrus, cocoa and sugar. Their main trading partners include the USA (which accounts for 45% of all exports), Jamaica, Spain, Colombia, Mexico, the Netherlands, Russia, the Dominican Republic and the European Union (EU). Most of their imports are from the EU and Japan. Figures show that Trinidad spends more money on imports than they receive for exports.

To learn about Trinidad’s Economic Partnership Agreement with the EU, visit the following link to a report about the trade agreement: 

http://www.tradeind.gov.tt/Portals/0/Documents/EPA/EPA2/EPA%20Summary.pdf

(2) This is a photo of ALCOA, Chaguaramas.

ALCOA is one of the world’s leading producers of aluminium. The industry also engages in refining, smelting, fabricating and recycling other materials. ALCOA deals with a variety of materials in different businesses. This industry contributes to the country’s revenue as products are traded with foreign countries such as USA and Europe.

Click the following link to view a list of these businesses and their details:

http://www.alcoa.com/trinidad_tobago/en/alcoa_trinidad_tobago/businesses.asp

References:

Trading Economics. "Trinidad and Tobago Balance of Trade." http://www.tradingeconomics.com/trinidad-and-tobago/balance-of-trade (accessed April 6, 2014).