Bahamas Imports increase by 10.3% in 2022

By Rashaed Esson

Staff Writer

#TheBahamas, May 19, 2023 – The Bahamas National Statistical Institute stated in a press release that the country’s imports and exports for 2022 increased from 2021.

According to the report, estimates on external and foreign trade show that the value of commodities imported into the island for 2022, totaled $3,839,660 trillion, a 10.3 percent  increase from 2021’s $3,482,606 trillion.

The largest contributors to imports were food and live animals with $690 million in total, 18 percent of all imports, followed by mineral fuels, lubricants, and related materials totaling 686 million, 17.9 percent of all imports.

Machinery and transport equipment were other categories that significantly contributed to the import rate, with almost $685 million, 17.8 percent of all imports,  as well as Miscellaneous Manufactured Articles with $520 million, nearly 13.5 percent of all imports.

The total of exports that are domestic and re-exports for 2022 was $585,904 million up from $543,424 million for 2021.

Domestic exports totaled $180 million, 30.7 percent of all the exports, while re-exports totaled $406 million, 69.3 percent of all exports.

The top categories under domestic exports were mainly food and live animals with a total of $106.9 million 59.4 percent of all domestic exports and crude minerals totaling $33.1 million, 18.4 percent of all domestic exports.

Additionally, Mineral  Fuels  ($161  million)  and  Manufactured  Goods  ($118  million)  together represented 68.9 percent  of re-exports accounting for 39.7 percent and 29.2 percent respectively.”

The US remained as The Bahamas’ top trading partner representing 85 percent of imports and 67 percent of exports. Meanwhile, The Bahamas conducted a significant amount of trade with China, Spain, Japan and Canada.