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Foreign Trade in Figures

The Bahamas aims to reduce its dependence on a single sector, which makes the country very open to foreign trade. The government is actively pursuing a policy of diversification and liberalization. Nevertheless, custom duties are very high and they produce almost 60% of the national income. There are not significant barriers to trade. In spite of its high custom duties, complex rules and regulations on imports, the country has a liberal trade policy. However, free trade under CARICOM (Caribbean Community and Common Market) faces a strong domestic opposition.

Due to the low domestic production and the high existing demand drawn by the tourism, the Bahamas is very dependent on imports. Its trade balance is in structural deficit, a situation which should continue in the coming years.

The main Bahamian imports are fuels, equipment & machinery, consuming goods, manufacturing goods and foodstuffs. The Bahamas exports mainly polystyrene and other plastic materials, fishing products and organic chemical products.

The government established in 1955 a free-tax port, Freeport. This free trade zone, which is also the second most populated city after Nassau, is where most of the country's industries are concentrated. Due to its geographical location, the Bahamas keeps direct economic and political relations with the United States. As a fact, the United States is, by far,  the first partner of the Bahamas, as well as in trade (about 80% of its total) as in investments. However, since the United States has gone through economic difficulties, China has become more present. The bilateral trade balance of the Bahamas is in large deficit. The remainder of trade is shared among several partners, for imports: Venezuela, the European Union, Asia (India, South Korea, Japan, Singapore) and for exports: Germany, Dominican Republic and Singapore.

 
Foreign Trade Indicators 20072008200920102011
Imports of Goods (million USD) 2,9563,1992,5352,4502,850
Exports of Goods (million USD) 802956711740760
Imports of Services (million USD) 1,5021,3061,0701,1011,233
Exports of Services (million USD) 2,5662,5032,2352,4562,514
Imports of Goods and Services (Annual % Change) 6----
Exports of Goods and Services (Annual % Change) 3----
Trade Balance (million USD) -2,155-2,243-1,825-1,888-
Current Account (million USD) -1,315-1,164-861--
Foreign Trade (in % of GDP) 1059592--
Imports of Goods and Services (in % of GDP) 634852--
Exports of Goods and Services (in % of GDP) 424740--

Source: WTO - World Trade Organization ; World Bank - Last Available Data.

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Main Partner Countries

Main Customers
(% of Exports)
2010
United States 76.0%
United Kingdom 5.0%
Nigeria 3.7%
France 3.5%
Canada 3.2%
See More Countries 8.6%
Main Suppliers
(% of Imports)
2010
United States 90.9%
Trinidad and Tobago 2.3%
Switzerland 0.6%
Belgium 0.6%
Canada 0.6%
See More Countries 5.1%

Source: Comtrade, Last Available Data

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Main Products

Main Exports
(% of Exports)
2010
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 25.8%
Polymers of styrene, in primary formsPolymers of styrene, in primary forms 16.8%
Heterocyclic compounds with nitrogen hetero-atom[s...Heterocyclic compounds with nitrogen hetero-atom[s] only 13.2%
Crustaceans, fit for human consumption, whether in...Crustaceans, fit for human consumption, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, incl. crustaceans in shell cooked beforehand by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption 11.4%
Perfumes and toilet waters (excl. aftershave...Perfumes and toilet waters (excl. aftershave lotions, personal deodorants and hair lotions) 3.8%
See More Products 29.1%
Main Imports
(% of Imports)
2010
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 23.3%
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) 2.1%
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) 2.0%
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) 1.4%
Food preparations, n.e.s.Food preparations, n.e.s. 1.1%
See More Products 70.0%

Source: Comtrade, Last Available Data

 

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Commercial Policy

Main 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%
 

List of tariffs and local taxes that apply to your product on our service Customs duties and local taxes

 
Useful Resources
Bahamas Customs Department
National Organization of Intellectual Property
The Registrar General's Department.
 

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Learn more about How to Export to The Bahamas on Globaltrade.net, the Directory for International Trade Service Providers.
 

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Last Updates: May 2012

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