Grenada’s economy is relatively diversified, with several sectors making tangible contributions to GDP annually. In the past, agriculture was the most dominant sector and the main foreign exchange earner for the country. Today, however, the economy has shifted to being more service-based, with tourism, construction, transport, and private education being the leading contributors to GDP.
Grenada At A Glance
Geography & Economy
The country’s principal export crops are spices – nutmeg, and mace – from which it gets its reputation as “the spice island.” Other crops for export include cocoa, soursop, citrus fruits, cloves, and cinnamon. Grenada also exports large amounts of fish, specifically, yellow-fin tuna, to the United States and Europe.
Manufacturing industries in Grenada operate mostly on a small scale, including the production of beverages, flour and other foodstuffs, textiles, and animal feed. Notwithstanding the relatively small scale of manufacturing, Grenada is becoming known for its organic chocolate, which is growing in popularity worldwide.
Key Economic Indicators
from XCD to $1 USD
Movement of Goods
Grenada’s main trade partners are the United States, Germany, the United Kingdom, the Netherlands, Barbados, China, and Saint Vincent, and the Grenadines. Customs duties are not very high, trade barriers are limited, and imports destined for government institutions are free of customs duty. The country’s trade policy aims at moving away from an agricultural economy to a service-based economy, with the government pledging to reduce manufacturing costs of goods in a bit to become more competitive.
Grenada’s main export products are Coca, Nutmeg, Mace, Fish, Fresh Fruits and Vegetables, Wheat Bran, Flour, Animal Feed, Malt and Beverages, Clothing, Paints and Varnish and Paper Products
The primary imports to the island are Fuel, Crude Material, Chemicals, Machinery, Food and Live Animals, Manufactured Goods, Equipment and Transport.
Grenada exports and imports products between several countries throughout the OECS, CARICOM, Caribbean, Americas, and the European Community.
|Countries & Regions||Imports||Exports|
|OECS||St. Vincent, Dominica, St. Lucia|
|CARICOM||Jamaica, Guyana, Barbados, Bahamas, Trinidad and Tobago||Trinidad & Tobago, St. Lucia|
|Caribbean||Dominican Republic, Curaco|
|European Community||United Kingdom, Germany, Denmark, France, Ireland, Netherlands, Italy||United Kingdom, Germany, France, Netherlands, Italy|