Country profiles:
The Bahamas is very open to trade, which represents 70% of its GDP. However, the country aims to reduce its dependence on a single sector and to further develop its foreign trade, so the Government is actively pursuing a policy of diversification and liberalisation of its economy. In spite of its high custom duties, complex rules and regulations on imports, the country has a liberal trade policy. The Bahamas mainly imports petroleum oils (17.1%), motor cars (4.1%), furniture (1.9%), meat (1.4%), and medicaments (1.3%). Its main exports are petroleum oils (28.4%), styrene polymers (16.6%), crustaceans (9.6%), carpets (8.5%), and yachts (5.4%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 32.9% in 2022 and is expected to continue increasing in 2023, when that rate should reach 17.1%. As for imports, the volume of imports of goods and services decreased by 3.2% in 2022 and is expected to increase to 12.6% in 2023.
The Bahamas maintains close economic and political ties with the United States, which is by far its largest trade partner, both in terms of trade and investment. The country's main partners besides the United States, are France, Turks and Caicos, Canada, China, and Japan. The Bahamas participates in a number of trade agreements, including the Caribbean Basin Initiative (CBI) and the Caribbean-Canada Free Trade Agreement (CARICOM), and is working towards joining the WTO. The Bahamas – along with 14 more Caribbean countries – signed with the EU the CARIFORUM-EU Economic Partnership Agreement, aimed at making it easier for people and businesses from the two regions to invest in and trade with each other, and thus to help Caribbean countries grow their economies and create jobs. The agreement also comes with substantial EU aid for trade.
Most of the country's industries are concentrated in Freeport, the second biggest city after Nassau, where a free trade zone has been operational since 1955. Due to low domestic production and high demand drawn by tourism, the Bahamas is very dependent on imports. The country's trade balance is structurally negative, a situation which should continue in the coming years. According to the latest available data from the WTO and the World Bank, in 2021, imports of goods totalled USD 3,2 billion, while exports equalled USD 565 million, resulting on a negative balance of USD 2,6 billion. Concerning the trade of services, the Bahamas imported USD 1,6 billion and exported USD 2,9 billion, resulting on a negative balance of USD 1,7 billion.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 3,108 | 3,317 | 3,073 | 1,937 | 3,201 |
Exports of Goods (million USD) | 571 | 642 | 669 | 354 | 565 |
Imports of Services (million USD) | 1,730 | 1,664 | 1,651 | 1,196 | 1,655 |
Exports of Services (million USD) | 2,809 | 4,072 | 4,414 | 1,253 | 2,995 |
Imports of Goods and Services (Annual % Change) | 8 | -1 | -4 | -26 | 22 |
Exports of Goods and Services (Annual % Change) | -2 | 11 | 2 | -45 | 20 |
Trade Balance (million USD) | -2,538 | -2,675 | -2,314 | -1,631 | -2,632 |
Foreign Trade (in % of GDP) | 72 | 76 | 72 | 59 | 70 |
Imports of Goods and Services (in % of GDP) | 40 | 40 | 36 | 34 | 42 |
Exports of Goods and Services (in % of GDP) | 32 | 36 | 36 | 25 | 27 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2020 |
---|---|
United States | 79.3% |
France | 6.2% |
Turks and Caicos Isds | 3.9% |
United Kingdom | 0.8% |
Germany | 0.8% |
Canada | 0.4% |
Finland | 0.2% |
Japan | 0.1% |
Mexico | 0.1% |
South Korea | 0.1% |
Netherlands | 0.1% |
Ireland | 0.1% |
Italy | 0.1% |
Spain | 0.1% |
Cayman Islands | 0.0% |
Greece | 0.0% |
Thailand | 0.0% |
Hong Kong SAR, China | 0.0% |
Dominican Republic | 0.0% |
China | 0.0% |
See More Countries | 9.0% |
Main Suppliers (% of Imports) |
2020 |
---|---|
United States | 79.8% |
Canada | 2.3% |
Turks and Caicos Isds | 2.3% |
China | 1.5% |
Japan | 1.0% |
United Kingdom | 0.8% |
Panama | 0.7% |
Finland | 0.7% |
Germany | 0.7% |
Brazil | 0.6% |
Mexico | 0.6% |
Netherlands | 0.5% |
Switzerland | 0.4% |
Tajikistan | 0.4% |
Spain | 0.3% |
France | 0.3% |
Türkiye | 0.3% |
Italy | 0.3% |
Costa Rica | 0.3% |
Thailand | 0.3% |
See More Countries | 13.1% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
1.3 bn USD of services exported in 2020 | |
---|---|
76.95% | |
Personal travelPersonal travel | 76.95% |
OtherOther | 76.95% |
16.74% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 16.74% |
3.51% | |
Air transportAir transport | 1.85% |
OtherOther | 1.46% |
PassengerPassenger | 0.39% |
Sea transportSea transport | 1.66% |
OtherOther | 1.66% |
2.80% |
1.4 bn USD of services imported in 2020 | |
---|---|
41.25% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 41.25% |
15.73% | |
15.61% | |
Sea transportSea transport | 8.31% |
FreightFreight | 8.17% |
OtherOther | 0.14% |
Air transportAir transport | 7.30% |
PassengerPassenger | 4.12% |
FreightFreight | 2.04% |
OtherOther | 1.14% |
11.07% | |
ReinsuranceReinsurance | 9.94% |
7.96% | |
Personal travelPersonal travel | 7.33% |
OtherOther | 5.66% |
Education-related expenditureEducation-related expenditure | 1.52% |
Health-related expenditureHealth-related expenditure | 0.15% |
Business travelBusiness travel | 0.63% |
OtherOther | 0.63% |
4.25% | |
Construction in the compiling...Construction in the compiling economy | 4.25% |
3.67% | |
Telecommunications servicesTelecommunications services | 3.67% |
0.46% | |
Franchises and similar rightsFranchises and similar rights | 0.46% |
Source: United Nations Statistics Division, Latest Available Data
Member of Caribbean Community (CARICOM)
Member of Association of Caribbean States (ACS)
Member of Caribbean Community (CARICOM)
Member of Association of Caribbean States (ACS)
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: September 2023
DISCLAIMER: The Ministry accepts no liability for any claim, liability, loss or expense arising from use of information on this site, including but not limited to tariff schedules. Reliance on this information is at the user's sole risk.
We use cookies to make your connection secure and make statistics about the number of visits. In order to get more information about cookies and find out how to refuse them, visit our cookie policy page .
This popup enables you to set your cookies preference and decide which type of cookies you want to allow on your device.