Posted: Monday, September 15, 2025. 3:43 am CST.
By Breaking Belize News Staff: The Caribbean could slash its import bill by US$1.3 billion every year if it reduces dependence on the United States, according to a new private sector study.
The CARICOM Private Sector Organization (CPSO) report warns that the region’s heavy reliance on American imports, nearly 70 percent of all goods, exposes member states to rising tariffs and economic risks.
Between 2022 and 2024, CARICOM’s goods trade deficit with the US grew by US$500 million. Forecasts show the gap expanding by another US$500 million in 2025 as 10–15 percent tariffs on goods take full effect. The report also noted that US tariffs on Trinidad and Tobago and Guyana this year alone could cut regional export revenues by more than US$650 million.
The study identified opportunities to source goods from alternative markets, including Brazil, the Netherlands, Spain, Turkey, South Africa, and Mexico. These countries could provide goods ranging from food to fuel to industrial machinery at prices up to 50 percent lower than US suppliers.
The CPSO emphasized that unlocking these benefits will require stronger port logistics and infrastructure upgrades, particularly in Eastern Caribbean states. ECCB Governor Timothy Antoine urged CARICOM to use its location as a hub between the Americas, Africa, and Europe to reshape trade flows and strengthen competitiveness.
The findings, presented at a forum hosted in St. Kitts and Nevis, call for urgent policy changes to diversify trade and shield regional economies from escalating US tariffs.
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The post CARICOM study: Region could save US$1.3 billion by cutting US imports appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Monday, September 15, 2025. 3:43 am CST. By Breaking Belize News Staff: The Caribbean could slash its import bill by US$1.3 billion every year if
The post CARICOM study: Region could save US$1.3 billion by cutting US imports appeared first on Belize News and Opinion on www.breakingbelizenews.com.
