Bahamas
2021 Product Exports | Imports: $1.02B | $7.03B, 161 of 226 | 127 of 226
2021 Per Capita Product Exports | Imports: $2.58k | $17.7k, 90 of 219 | 18 of 219
2020 Service Exports | Imports : $1.26B | $1.37B, 54 of 65 | 55 of 65
Overview In 2021 Bahamas was the number 161 economy in the world in terms of total exports and the number 127 in total imports.
Exports The top exports of Bahamas are Refined Petroleum ($304M), Passenger and Cargo Ships ($153M), Scrap Vessels ($85.6M), Raw Aluminium ($83.7M), and Crustaceans ($78.8M), exporting mostly to United States ($267M), Germany ($160M), Singapore ($138M), Poland ($136M), and Thailand ($95.4M).
Imports The top imports of Bahamas are Refined Petroleum ($2.39B), Passenger and Cargo Ships ($1.2B), Planes, Helicopters, and/or Spacecraft ($254M), Crude Petroleum ($252M), and Special Purpose Ships ($242M), importing mostly from United States ($2.61B), South Korea ($875M), Germany ($629M), China ($474M), and Russia ($394M).
Location Bahamas borders Cuba, Haiti, United States, and Turks and Caicos Islands by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Bahamas.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Latest Data
#permalink to sectionThe data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Refined Petroleum, $304M
Top Destination (2021): United States, $267M
In 2021, Bahamas exported a total of $1.02B, making it the number 161 exporter in the world. During the last five reported years the exports of Bahamas have changed by -$438M from $1.46B in 2016 to $1.02B in 2021.
The most recent exports are led by Refined Petroleum ($304M), Passenger and Cargo Ships ($153M), Scrap Vessels ($85.6M), Raw Aluminium ($83.7M), and Crustaceans ($78.8M). The most common destination for the exports of Bahamas are United States ($267M), Germany ($160M), Singapore ($138M), Poland ($136M), and Thailand ($95.4M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2020 - 2021)
- Thailand, $87.2M (+ 1.06k%)
- Netherlands, $28.5M (+ 299%)
- Germany, $23.8M (+ 17.5%)
Fastest Growing Import Markets (2020 - 2021)
- South Korea, $427M (+ 95.2%)
- Russia, $233M (+ 144%)
- China, $195M (+ 70%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionBahamas Exports Services (2020): $1.26B
Bahamas Imports Services (2020): $1.37B
In 2020, Bahamas exported $1.26B worth of services. The top services exported by Bahamas in 2020 were Personal travel ($967M), Miscellaneous business, professional, and technical services ($210M), Other government services ($35.2M), Air transport ($23.2M), and Sea transport ($20.8M).
The top services imported by Bahamas in 2020 were Miscellaneous business, professional, and technical services ($572M), Other government services ($218M), Reinsurance ($138M), Sea transport ($115M), and Personal travel ($102M).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionBahamas has a high level of specialization in Scrap Vessels (909), Gravel and Crushed Stone (169), Salt (105), Stranded Aluminium Wire (68.7), and Aluminium Powder (63.1). Specialization is measured using RCA, an index that takes the ratio between Bahamas observed and expected exports in each product.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Bahamas according to the product complexity index (PCI) are Tungsten (1.43), Nitrogen Heterocyclic Compounds (1.19), Boat Propellers (1.11), Locomotive Parts (0.81), and Styrene Polymers (0.71). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Bahamas according to the relatedness index, were Crude Petroleum (0.082), Gold (0.076), Petroleum Gas (0.072), Collector's Items (0.072), and Non-fillet Frozen Fish (0.072). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Bahamas is not specialized in.
Product Space
#permalink to sectionThe product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
Diversification Frontier
#permalink to sectionThe Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
