Trinidad and Tobago - Country Commercial Guide
Market Challenges

Discusses key economic indicators and trade statistics, which countries are dominant in the market, and other issues that affect trade.

Last published date: 2022-08-18

Access to foreign exchange remains the biggest challenge to bilateral trade with TT.  Due to an overvalued currency and excess demand for foreign exchange, smaller local companies and those that do not generate their own U.S. dollars through exports often face lengthy delays in acquiring foreign exchange to pay U.S. suppliers.  Red tape within the regulatory framework can be a challenge.  The decision-making process for tenders and contract awards can at times turn opaque without warning, despite best efforts by the bidder to fulfill compliance requests. Adding to the difficulties, more than 100 agencies handle procurement, each with its own procedures.  Implementation of a public procurement law creating a centralized government procurement office remains incomplete.  Up-to-date information required for decision-making is often unavailable, resulting in the need to recruit good market research services.  Crime remains a concern and security measures add to the cost of doing business.