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Data shows decline in imports and exports

Mon, May 31st 2021, 08:27 AM
Business Finance Nassau Guardian Stories

The Bahamas imported $2.2 billion worth of goods during 2020, as the COVID-19 pandemic raged on, representing a 40 percent decline when compared to the $3.3 billion worth of imports in 2019.

Exports last year dropped to a value of $334.5 million from the $537.3 million registered in 2019.
The data was compiled in the Department of Statistics’ fourth quarter merchandise trade report for 2020, which showed that the value of commodities imported into The Bahamas in the fourth quarter totaled $645 million, a decrease of six percent when compared with the $685 million in the last quarter of 2019.
“The major groups of merchandise were machinery and transport equipment, which totaled $143 million, food and live animals at $119 million, and manufactured goods classified chiefly by materials, which totaled $96 million. The combined value of these categories represented 55 percent of total imports,” the department stated.
The trade report continued, “As it relates to total exports, data for the fourth quarter of 2020 shows that the value of commodities exported (domestic and re-export) from The Bahamas totaled $120 million, resulting in an increase of 20 percent when compared with the same period last year.
“The categories that contributed the largest proportion to the exports were mineral fuels, lubricants and related materials, which totaled $29 million, machinery and transport, which accounted for $28 million and food and live animals, that totaled $27 million and represented 70 percent of total exports. Manufactured goods classified chiefly by materials, showed a decline of 48 percent, when compared to the same period last year.”
The bulk of trade remained with the United States – $1.75 billion in imports and $267.4 million in exports.
Approximately $56 million of imports came from European Common Market countries, while about $17.6 million came from the United Kingdom.

Exports last year dropped to a value of $334.5 million from the $537.3 million registered in 2019.

The data was compiled in the Department of Statistics’ fourth quarter merchandise trade report for 2020, which showed that the value of commodities imported into The Bahamas in the fourth quarter totaled $645 million, a decrease of six percent when compared with the $685 million in the last quarter of 2019.

“The major groups of merchandise were machinery and transport equipment, which totaled $143 million, food and live animals at $119 million, and manufactured goods classified chiefly by materials, which totaled $96 million. The combined value of these categories represented 55 percent of total imports,” the department stated.

The trade report continued, “As it relates to total exports, data for the fourth quarter of 2020 shows that the value of commodities exported (domestic and re-export) from The Bahamas totaled $120 million, resulting in an increase of 20 percent when compared with the same period last year.

“The categories that contributed the largest proportion to the exports were mineral fuels, lubricants and related materials, which totaled $29 million, machinery and transport, which accounted for $28 million and food and live animals, that totaled $27 million and represented 70 percent of total exports. Manufactured goods classified chiefly by materials, showed a decline of 48 percent, when compared to the same period last year.”

The bulk of trade remained with the United States – $1.75 billion in imports and $267.4 million in exports.

Approximately $56 million of imports came from European Common Market countries, while about $17.6 million came from the United Kingdom.

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