Trinidad and Tobago’s export revenue soared to a record high in 2022, as the Caribbean country shipped millions of barrels of oil to European countries following the Russian invasion of Ukraine.
The island’s export revenues increased by 68% in the first 11 months of 2022, according to an estimate by the Inter-American Development Bank (IDB).
T&T “maintained a remarkable growth rate in 2022, driven by high oil and gas prices,” the bank noted in a report.
T&T’s economy is estimated to have expanded by 2% in 2022 after two years of contraction. The IDB says the country may achieve a moderate level of growth in the next two years, adding that it expects energy prices to remain high through 2024.
In recent months, T&T stepped up its efforts to attract foreign investment in the energy sector, hoping to capitalize on the rising demand for liquefied natural gas in European countries.
The country has received 16 bids for oil and natural gas exploration in recent months, according to the country’s energy ministry.
With a daily processing capacity of more than 4 billion cubic feet of gas, T&T is now Latin America’s largest exporter of liquefied natural gas.