Trade Profile

flag Bahamas Bahamas: Trade Profile

Foreign Trade in Figures

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 20172018201920202021
Imports of Goods (million USD) 3,1083,3173,0731,9373,201
Exports of Goods (million USD) 571642669354565
Imports of Services (million USD) 1,7301,6641,6511,1961,655
Exports of Services (million USD) 2,8094,0724,4141,2532,995
Imports of Goods and Services (Annual % Change) 8-1-4-2622
Exports of Goods and Services (Annual % Change) -2112-4520
Trade Balance (million USD) -2,538-2,675-2,314-1,631-2,632
Foreign Trade (in % of GDP) 7276725970
Imports of Goods and Services (in % of GDP) 4040363442
Exports of Goods and Services (in % of GDP) 3236362527

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

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%
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%
See More Countries 13.1%

Source: Comtrade, Latest Available Data

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Main Products

0.3 bn USD of products exported in 2020
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 28.4%
Polymers of styrene, in primary formsPolymers of styrene, in primary forms 16.6%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption 9.6%
Carpets and other textile floor coverings, woven,...Carpets and other textile floor coverings, woven, not tufted or flocked, whether or not made up, incl. kelem, schumacks, karamanie and similar hand-woven rugs 8.5%
Yachts and other vessels for pleasure or sports;...Yachts and other vessels for pleasure or sports; rowing boats and canoes 5.4%
See More Products 31.5%
2.2 bn USD of products imported in 2020
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 17.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 4.1%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture) 1.9%
Meat and edible offal of fowls of the species...Meat and edible offal of fowls of the species gallus domesticus, ducks, geese, turkeys and guinea fowls, fresh, chilled or frozen 1.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 1.3%
See More Products 74.2%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

1.3 bn USD of services exported in 2020
76.95%
16.74%
3.51%
2.80%
1.4 bn USD of services imported in 2020
41.25%
15.73%
15.61%
11.07%
7.96%
4.25%
3.67%
0.46%

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of Commonwealth of Nations

Member of Caribbean Community (CARICOM)

Member of Association of Caribbean States (ACS)

Assessment of Commercial Policy
Bahamas and WTO
Average Customs Duty (Excluding Agricultural Products)
30.58%
 
 

Trade Compliance

International Economic Cooperation
Member of Commonwealth of Nations

Member of Caribbean Community (CARICOM)

Member of Association of Caribbean States (ACS)

Useful Resources
Bahamas Customs Department
 
 
 

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Latest Update: September 2023