Pharma, chicken companies top users of foreign exchange in Trinidad over last five years
(Trinidad Express) Phamaceutical and chicken companies have topped the list of foreign exchange (forex) users who obtained money from the EximBank over the last five years.
Between 2020 and June 30, 2025, the companies were allocated funds under the special forex window of the EximBank’s Forex Allocation System (FAS), which was created in 2020 during the Covid-19 pandemic for essential imports.
The figures are contained in a bundle of documents which also details total forex sold to the manufacturing sector from 2018 to June 30, 2025.
These documents form part of a comprehensive report being prepared with data from the EximBank and other sources submitted to the Ministry of Trade, Investment and Tourism.
According to the data, a handful of major companies secured the most forex, with many small and medium-sized enterprises (SMEs) behind.
Top recipients under the essential window (2020-June 30, 2025):
1. Smith Robertson and Company Ltd (now Aventa Trinidad and Tobago Ltd)—US$100,184,273
2. Nutrimix Feeds Ltd—US$78,503,000
3. Arawak and Company Ltd—US$76,203,000.
Some companies were able to “double-dip”, receiving allocations under both the essential window and the bank’s regular operations.
Top recipients under the normal operations window:
1. Arawak and Company Ltd—US$64,416,110 (2022-June 30, 2025)
2. Trinrico Steel and Wire Products Ltd—US$60,785,290 (2019-June 30, 2025)
3. Nutrimix Feeds Ltd—US$53,500,000 (2022-June 30, 2025).
From 2020 to mid-2025, the EximBank distributed US$1.4 billion in forex to 123 companies under the essential window.
Separately, US$1.2 billion was sold to manufacturers under normal operations between 2018 and June 2025.
The special forex window was created by the former People’s National Movement (PNM) government in 2020 to facilitate essential imports during the pandemic.
In a November 2024 media release, the Ministry of Finance said that this window had allocated US$30 million monthly over a four-year period since inception.
Essential imports covered by the window included cleaning supplies, sanitary items, protective gear, toothpaste, hand sanitisers, face masks, tissue paper, deodorants, vaccines, over-the-counter medications, pharmaceuticals, and key food products.
Last year, the Express exclusively reported complaints from businesses unable to access forex through the special window.
Then-finance minister Colm Imbert explained that the facility was initially meant to be temporary.
However, after significant public outcry, the Cabinet agreed on November 1, 2024, to resume the forex window in a restructured format.
The release said that the list of qualifying items—foods, pharmaceuticals, and essential hygiene products such as sanitary napkins—would remain unchanged, but subject to periodic review.
“However, it will be subject to periodic review to see whether items should be added or deleted, as necessary. For example, retaining borderline food items (on the margin between essential and non-essential) such as sausages is arguable. For the avoidance of doubt, Covid-19 pandemic-related items such as hand soap, toothpaste, face masks, deodorant, respirators, and hand sanitisers are no longer considered to be ‘essential’ imports,” said the release.
New Govt probes
forex crisis
During the election campaign, Prime Minister Kamla Persad-Bissessar had promised to address the ongoing forex crisis should the United National Congress (UNC) win the April 28 general election.
On May 15, at a post-Cabinet news conference at the Red House, Port of Spain, Persad-Bissessar confirmed the Government would compile a comprehensive report on forex distribution and leakages over the last decade as she vowed to frontally treat with forex “cartels”.
Finance Minister Davendranath Tancoo, Planning Minister Kennedy Swaratsingh, and Trade Minister Satyakama Maharaj have been tasked with producing the report.
