Story perspectives

CARICOM Could Save $1.3B by Diversifying Imports

9/14/2025

30 6

Summary

Story summary

CARICOM could save US$1.3 billion annually by diversifying imports from the US, which currently accounts for nearly 70% of its imports.
The trade deficit rose by US$200 million from 2022 to 2023, with a projected increase of US$500 million by 2025.
New US tariffs may result in a US$653 million loss in export revenue for the region.
CPSO suggests sourcing from Malaysia and Brazil to cut costs.
Upgrading port infrastructure is crucial for successful import diversification.

1 of 1

Story summary

CARICOM could save US$1.3 billion annually by diversifying imports from the US, which currently accounts for nearly 70% of its imports.
The trade deficit rose by US$200 million from 2022 to 2023, with a projected increase of US$500 million by 2025.
New US tariffs may result in a US$653 million loss in export revenue for the region.
CPSO suggests sourcing from Malaysia and Brazil to cut costs.
Upgrading port infrastructure is crucial for successful import diversification.