Value of imported commodities increased nearly 60 percent in 2020

Value of imported commodities increased nearly 60 percent in 2020
(FILE)

NASSAU, BAHAMAS — The value of goods imported into The Bahamas last year increased nearly 60 percent compared to 2020, according to recently released statistics.

In its report on the country’s 2021 trade figures, the Bahamas National Statistical Institute noted that estimates on external or foreign trade revealed that during the year 2021 the value of commodities imported into The Bahamas totaled some $3.5 billion dollars resulting in a 57.9 percent increase over 2020’s total of $2.2 billion.  

“Minerals, the largest contributor to imports, totaled some $658 million (or 19 percent of all imports),” the report read.

“This was followed closely by the category of food and live animals which accounted for 18 percent or $641 million. Other categories that contributed significantly to total imports were Machinery and Transport Equipment which accounted for nearly $631 million (18 percent of total imports) and Manufactured Goods which accounted for almost $480 million nearly 14 percent of total imports,”  the report stated.

According to the Institute, total exports (domestic and re-exports) for 2021 totaled $543.4 million. Domestic exports ($269.2 million) accounted for 49.5 percent of total exports while re-exports ($274.2 million) accounted for 50.4 percent. The major categories of domestic exports consisted mainly of Food and Live Animals which accounted for 21.3 percent of total exports and chemicals (22.5 percent of total domestic export).

“Mineral Fuels ($184.6 million) and Machinery and Transport Equipment ($43.3 million) together represented 83 percent of re-exports accounting for 67.3 percent and 15.8 percent  respectively.”

The United States maintained its position as The Bahamas’ number one trading partner. While The Bahamas did a significant amount of trade with China, Canada, Turks & Caicos, and Japan, the United States still represented 84.5 percent of total imports and about 75.8  percent of exports.