Country profiles:
The Bahamas is very open to trade, which represents 80% of its GDP (World Bank). 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. The Bahamas is not part of the World Trade Organization (WTO) and abstains from offering export subsidies, participating in trade-distorting practices, or enforcing local content requirements. According to data by Comtrade, the country’s main exports in 2022 were petroleum oils (28%), unused postage, revenue, or similar stamps (19.1%), crustaceans (16.4%), polymers of styrene (5%), and salts (4.7%); whereas imports were led by petroleum oils (15.4%), motor cars (2.8%), furniture and parts thereof (2%), meat (1.5%), undenatured ethyl alcohol (1.4%).
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. In 2022, the main export destinations were the United States (63.6%) and France (3.1%), with imports coming chiefly from the United States (85%), China (1.9%), Spain (0.9%), and Japan (0.9% - data Comtrade). 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, in 2022, imports of goods totalled USD 3.7 billion, while exports equalled USD 838 million. However, the country is a net service exporter thanks to its tourism industry: in 2022, exports reached USD 3.6 billion against USD 1.9 billion in imports. In the same year, the World Bank estimated the country’s trade deficit at 5.1% of GDP, down from 10.2% one year earlier.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 3,009 | 2,205 | 3,483 | 3,758 | 4,188 |
Exports of Goods (million USD) | 695 | 335 | 543 | 610 | 708 |
Imports of Services (million USD) | 1,830 | 1,387 | 1,683 | 1,944 | 2,174 |
Exports of Services (million USD) | 4,469 | 1,257 | 2,691 | 3,906 | 4,784 |
Imports of Goods and Services (Annual % Change) | -4 | -27 | 10 | 2 | n/a |
Exports of Goods and Services (Annual % Change) | 1 | -46 | 23 | 40 | n/a |
Trade Balance (million USD) | -2,314 | -1,631 | -2,632 | n/a | n/a |
Foreign Trade (in % of GDP) | 72 | 59 | 68 | 80 | n/a |
Imports of Goods and Services (in % of GDP) | 37 | 34 | 39 | 43 | n/a |
Exports of Goods and Services (in % of GDP) | 36 | 25 | 29 | 38 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
United States | 80.2% |
China | 0.2% |
Jamaica | 0.1% |
Japan | 0.1% |
Netherlands | 0.1% |
Germany | 0.1% |
Canada | 0.1% |
Italy | 0.1% |
Finland | 0.0% |
Hong Kong SAR, China | 0.0% |
United Kingdom | 0.0% |
Turks and Caicos Isds | 0.0% |
Belgium | 0.0% |
Poland | 0.0% |
Austria | 0.0% |
Indonesia | 0.0% |
Switzerland | 0.0% |
Brazil | 0.0% |
Thailand | 0.0% |
South Africa | 0.0% |
See More Countries | 19.2% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 84.6% |
China | 1.7% |
Japan | 0.8% |
Panama | 0.8% |
Switzerland | 0.8% |
Canada | 0.8% |
United Kingdom | 0.6% |
Mexico | 0.5% |
France | 0.5% |
Italy | 0.5% |
Brazil | 0.4% |
Costa Rica | 0.4% |
Germany | 0.4% |
Netherlands | 0.4% |
Jamaica | 0.3% |
Ireland | 0.3% |
Dominican Republic | 0.3% |
India | 0.3% |
Türkiye | 0.2% |
Hong Kong SAR, China | 0.2% |
See More Countries | 11.2% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
3.9 bn USD of services exported in 2022 | |
---|---|
89.98% | |
Personal travelPersonal travel | 89.98% |
OtherOther | 7.26% |
6.09% | |
2.76% | |
1.17% |
1.9 bn USD of services imported in 2022 | |
---|---|
34.05% | |
21.47% | |
13.84% | |
12.37% | |
8.73% | |
Personal travelPersonal travel | 7.98% |
OtherOther | 69.81% |
Business travelBusiness travel | 0.74% |
6.01% | |
2.78% | |
0.76% |
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)
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