2024 Annual Trade Data Highlights
Data on merchandise trade for the year 2024 show that the value of commodities imported into The Bahamas totaled $4.9 billion resulting in an increase of 18% between 2023/2024.
The category of ‘Machinery & Transport Equipment’ which totaled $1.2 billion accounted for 23.6% of the imports in 2024. This category had an increase of 33.6% from 2023 which totaled $874.8 million. This was followed by ‘Food & Live Animals’ totaling some $815.5 million (16.5% of all imports).
(Chart 1).
Other major categories that contributed to imports were the categories of ‘Mineral Fuels, Lubricants & Related Materials’ which totaled $804.9 million representing 16.3% of total imports, ‘Manufactured Goods’ which accounted for 14.2% with a total of $703.4 million and ‘Miscellaneous Manufactured Articles’ which totaled $632.4 million also representing 12.8% of all imports for 2024.
Merchandise Balance of Trade (B$ ‘000)
| ACCOUNT |
2020 |
2021 |
2022 |
2023 |
2024 |
| EXPORTS |
377,576 |
543,424 |
585,904 |
736,166 |
689,020 |
| IMPORTS |
2,205,287 |
3,482,606 |
3,839,660 |
4,187,519 |
4,944,029 |
| BALANCE |
-1,827,712 |
-2,939,182 |
-3,253,756 |
-3,451,353 |
-4,255,009 |
The specific commodities which contributed mainly to total imports were, ‘Diesel’ valued at $251.9 million, ‘Bunker Oil’ valued at $181.4 million, and ‘Motor Gasoline (Unleaded)’ at $161 million. The combined value of these commodities represented 12% of total imports (Table i).
In 2024, total exports (domestic and re-exports) totaled $689.0 million showing a decrease of 6.4% from 2023. The major contributor to this was the category of ‘Manufactured Goods’ ($179.1 million) and ‘Miscellaneous Manufactured Articles’ ($130.3 million) which accounted for 44.9% of total exports.
Domestic exports ($183.6 million) accounted for 26.6% of total exports. The major groups contributing to domestic exports were the categories of ‘Food and Live Animals’ totaling $90.1 million (49.1% of total domestic exports), and ‘Chemicals’ totaling $49.8 million 27.1% of total domestic exports (Table 2.3). The commodities that contributed mainly to domestic exports were, ‘Spiny Lobsters’ valued at $74.7 million and ‘Blocks and shape moulding & Beads expansible polystyrene)’ at $46.2 million.
Percent Change over Previous Year
Merchandise Trade (B$ Million)
| Item |
2023 (Millions of $) |
2024 (Millions of $) |
Dollar Change over Previous Year |
Percent Change over Previous Year |
| Exports |
$736.2 |
$689.0 |
-$47.20 |
-6.4% |
| Imports |
$4,187.5 |
$4,944.0 |
$756.5 |
18.1% |
| Balance |
-$3,451.4 |
-$4,255.0 |
$803.6 |
23.3% |
Footnote: Exports include Re-exports
The balance of trade (total exports minus total imports) continued to result in a deficit. The trade deficit increased by 23.3% between 2023 and 2024 resulting in a negative balance of $4.3 billion.
Main Trading Partners
While the United States ($4.1 billion) maintained its position as The Bahamas’ main trading partner representing 83.3% of total imports, there was a fair amount of trade as it relates to imports between The Bahamas and China ($123.8 million) and US Virgin Islands ($100 million) both however combined, only representing 4.5% of total Imports.
In terms of exports the United States ($447.8 million), Ireland (Erie) ($20.1 million), and the Dominican Republic ($6.3 million) were among the top partner countries, representing 65.0%, 2.9%, and 0.9% of total exports, respectively (Table iii & iv).
The Bahamas’ Main Trading Partners
| Country |
Imports - 2023 (B$) |
Exports - 2023 (B$) |
Balance - 2023 (B$) |
Imports - 2024 (B$) |
Exports - 2024 (B$) |
Balance - 2024 (B$) |
| United States |
$3,504,006,451 |
$608,175,603 |
-$2,895,830,848 |
$4,118,925,265 |
$447,803,438 |
-$3,671,121,827 |
| China |
$72,831,319 |
$159,792 |
$72,671,527 |
$123,829,999 |
$52,266 |
-$123,777,733 |
| Us Virgin Islands |
$35,494,572 |
- |
-$35,494,572 |
$99,974,286 |
$38,136 |
-$99,936,150 |
| Japan |
$34,355,847 |
$109,814 |
-$34,246,033 |
$67,476,097 |
$57,511 |
-$67,418,586 |
| Panama |
$33,962,891 |
$32,764 |
-$33,930,127 |
$38,414,401 |
$2,500 |
-$38,411,901 |
| Switzerland |
$33,056,349 |
$59,096 |
-$32,997,253 |
$36,747,638 |
$5,328 |
-$36,742,310 |
| Canada |
$31,440,311 |
$533,376 |
-$30,906,935 |
$33,313,459 |
$444,844 |
-$32,868,615 |
| Germany |
$15,549,450 |
$907,934 |
-$14,641,516 |
$30,539,455 |
$833,341 |
-$29,706,114 |
