Bahames: Perfil comercial

Foreign Trade in Figures

The Bahamas is very open to trade, which represents 76% of its GDP.  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. In spite of its high custom duties, complex rules and regulations on imports, the country has a liberal trade policy. The Bahamas mainly imports passenger and cargo ships (35.8%), refined petroleum (23.7%), special purpose ships (11.2%), crude petroleum (2.55%), and recreational boats (1.85%). Its main exports are passenger and cargo ships (49.5%), refined petroleum (8.2%), nitrogen heterocyclic compounds (7.11%), crustaceans (6.4%), and styrene polymers (5.3%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 22.3% in 2021 and is expected to continue to recover in 2022, when exports should increase by 71.2%. As for imports, the volume of imports of goods and services decreased by 0.2% in 2021 and is expected to increase to 29.8% in 2022.

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. The country's main partners besides the United States, are Poland, South Korea, Japan, China, and Ecuador. The Bahamas participates in a number of trade agreements, including the Caribbean Basin Initiative (CBI) and the CARICOM Canada Free Trade Agreement, 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 and the World Bank, in 2020, imports of goods totalled USD 1,9 billion, while exports equalled USD 354 million, resulting on a negative balance of USD 1,8 billion. Concerning the trade of services, the Bahamas imported USD 1,196 billion and exported USD 1,253 billion, resulting on a negative balance of USD 57,000.

To go further, check out our service Import Controls and Export Controls

To go further, check out our service Import Export Flows

Main Services

Source: United Nations Statistics Division, Latest Available Data

List of tariffs and local taxes that apply to your product on our service Customs Duties and Local Taxes

Trade Compliance

International Economic Cooperation

Member of Commonwealth of Nations

Member of Caribbean Community (CARICOM)

Member of Association of Caribbean States (ACS)

Useful Resources

Bahamas Customs Department

National Organisation of Intellectual Property

The Registrar General's Department.

 

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Latest Update: April 2022