In order to reduce Barbados’ huge $2.60 billion trade deficit, businesses are going to have to take advantage of trading on the global marketplace.
This is coming from the Minister of International Business and Industry, Ronald Toppin, who delivered the Opening Remarks at the Barbados Investment and Development Corporation’s Export Readiness Programme Graduation Ceremony on Wednesday afternoon at the Bagnall Point Gallery.
However, before they can do this, they must ensure that they are export ready and this would cover areas such as producing products and/or services that are of a high calibre and providing excellent customer service, among other things.
“The Barbados Statistical Department reports that from 2013 to 2017, average domestic exports stood at BDS$526 million while imports for the same period averaged $3.15 billion, indicative of a trade deficit of $2.60 billion. This is the benchmark against which the need to nurture and export culture, and to engage exporters to strive for excellence in quality, value and customer service, becomes the hallmark of a marketable export product or service. These are the attributes which the programme teaches and must be foremost in your ambition if sustainability is to be achieved.”