Identifying opportunities for blue economy exports in caribbean small states

The blue economy balances oceanic economic activity with sustainable development. It includes harvesting and extractive industries, such as fishing, resource generation (energy and water), trade and health. Existing literature has linked the blue economy to positive economic growth when its potential is maximised. Despite the importance of the subject, there are few studies on the economic benefits and opportunities that Small States can derive from the blue economy. This paper uses the case of the CARICOM region, whose combined exclusive economic zones is 4.5 times larger than the land area. This study analysed the potential economic benefits of the blue economy in CARICOM by investigating the comparative advantages of blue exports in ocean goods traded for the region and the individual member states. The results suggest that CARICOM countries have a comparative advantage in their traditional industries and opportunities to exploit many other blue industries.