NASSAU, BAHAMAS- The Bahamas’ trade deficit widened sharply in 2024 as imports surged to nearly $5 billion, according to new figures released by the Bahamas National Statistical Institute (BNSI).
Preliminary data shows the value of imported goods rose by 18 percent—from $4.2 billion in 2023 to $4.94 billion in 2024—driven largely by increased demand for machinery, transport equipment, and food products. Meanwhile, total exports declined to $689 million, down from $736 million the previous year, deepening the country’s trade imbalance to more than $4.25 billion.
Machinery and transport equipment led the import categories, accounting for $1.2 billion or 24 percent of total imports. This was followed by food and live animals at $815 million (17 percent), mineral fuels and lubricants at $703 million (14 percent), and miscellaneous manufactured goods at $632 million (13 percent). This growth in imports signals continued investment in infrastructure and rising consumer demand but also highlights the country’s persistent reliance on foreign goods and inputs.
Total exports—which include both domestic goods and re-exports—fell 6 percent to $689 million. Domestic exports accounted for just 27 percent ($183.6 million) of the total, while re-exports made up the remaining 73 percent ($505.4 million). Domestic export activity was concentrated in food and live animals ($90.1 million) and chemicals ($49.8 million), while re-exported goods were dominated by manufactured items ($175.9 million) and miscellaneous manufactured articles ($130.3 million).
The United States continues to dominate trade with The Bahamas, supplying 83 percent of all imports ($4.1 billion) and purchasing 65 percent of exports ($447.8 million). Other top import sources included China ($123.8 million), the U.S. Virgin Islands ($99.9 million), Japan ($67.5 million), and Panama ($38.4 million). However, trade with these secondary partners still results in large imbalances. For example, while The Bahamas imported $123.8 million from China, it exported just $52,000 worth of goods there.
The merchandise trade balance has been in persistent deficit for years, and 2024 marked the largest gap on record—exceeding $4.25 billion. By comparison, the deficit stood at $3.45 billion in 2023 and $3.25 billion in 2022.
