Nevertheless, in 1995 oil and gas sales accounted for 49 percent of Trinidad's total exports, and other petrochemicals contributed an additional 26 percent. Part of its economic policies included liberalizing the import regime, which has provided new opportunities for food and agricultural imports. Other macroeconomic indicators are more or less favorable. At the end of 1995 unemployment remained high at 16.4 percent, but inflation low at 5.3 percent. The domestic economy favors continued agricultural imports.
Macroeconomic indicators point to sustained growth in demand.
Domestic agriculture is limited, with little diversification. Major crops are sugar cane and cocoa, and the other crops are insufficient for local needs. In addition, there is a good food processing industry which relies heavily on imported raw materials. There are few trade restrictions on consumer ready food products. A few years ago import policy was amended to tariffy quantitative restrictions on food imports, and the tariffs are being progressively lowered.