Timor Oriental: Perfil comercial
Timor-Leste is a country open to foreign trade, which represented 163% of its GDP in 2020 (World Bank, 2022). Crude petroleum (64.6%) and Petroleum Gas (15.8%) represented more than 80.4% of total exports in 2020 (OEC, 2022). The main non-oil export product is limited to coffee (12.2%), which does not compensate for the bill of food imports. Imports are led by Refined Petroleum (12.1% of all imports in 2020), rice (4,4%), cars (2.6%) and excavation machinery with 2.5% (OEC, 2022).
According to 2022 figures from OEC, the country's principal import sources in 2020 were Indonesia (35.6% of total imports), China (30.6%), Singapore (10.6%) and Malaysia (4.8%). Principal export destinations were Singapore (41.1%), South Korea (25.1%) and Japan (16.5%). The factors that limit trade include poor infrastructure, weak development of its financial sector, high interest rates in private banks and the lack of a skilled labour force. The country has very few trade barriers and customs duties are low (the average applied tariff rate is 2.5%). Timor-Leste is a member of the IMF, the World Bank and the Asian Developmental Bank, and is currently pursuing negotiations to become a member of the ASEAN.
Timor-Leste has a structural trade deficit. Imports (excluding services) reached 622 million USD in 2020, while exports (in decrease on the previous year) were only about 97.8 million USD, resulting in a trade balance of 524.2 million USD (WTO, World Bank, 2021).
| Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 780 | 554 | 520 | 591 | 625 |
| Exports of Goods (million USD) | 20 | 23 | 45 | 154 | 264 |
| Imports of Services (million USD) | 607 | 316 | 344 | 320 | 209 |
| Exports of Services (million USD) | 77 | 77 | 82 | 76 | 33 |
| Imports of Goods and Services (Annual % Change) | 8 | -9 | 3 | 23 | n/a |
| Exports of Goods and Services (Annual % Change) | 8 | -39 | 17 | 1,247 | n/a |
| Trade Balance (million USD) | -539 | -664 | -589 | -566 | -510 |
| Foreign Trade (in % of GDP) | 60 | 57 | 63 | 84 | n/a |
| Imports of Goods and Services (in % of GDP) | 57 | 54 | 60 | 56 | n/a |
| Exports of Goods and Services (in % of GDP) | 3 | 2 | 3 | 28 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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| 0.1 bn USD of services exported in 2018 | |
|---|---|
| 79.76% | |
| Personal travelPersonal travel | 64.17% |
| Business travelBusiness travel | 15.59% |
| OtherOther | 15.59% |
| 16.10% | |
| 2.24% | |
| 1.21% | |
| Telecommunications servicesTelecommunications services | 1.21% |
| 0.70% | |
| 0.5 bn USD of services imported in 2018 | |
|---|---|
| 28.24% | |
| Construction in the compiling...Construction in the compiling economy | 28.24% |
| 25.76% | |
| Personal travelPersonal travel | 24.69% |
| Business travelBusiness travel | 1.07% |
| 23.03% | |
| 15.07% | |
| Sea transportSea transport | 11.44% |
| FreightFreight | 11.44% |
| Air transportAir transport | 3.63% |
| PassengerPassenger | 3.52% |
| FreightFreight | 0.10% |
| 3.94% | |
| Freight insuranceFreight insurance | 3.94% |
| 1.94% | |
| 1.44% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 1.44% |
| 0.33% | |
| Computer servicesComputer services | 0.33% |
| 0.25% | |
| Telecommunications servicesTelecommunications services | 0.25% |
| 0.01% | |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: April 2022
