Data on trade for the third quarter of 2022 shows that the commodities imported into The Bahamas totaled more than $1 billion, representing an eight percent increase year over year, according to information from the Bahamas National Statistical Institute's (BNSI) Foreign Trade Statistics Quarterly Report.
The data reveals that the balance of trade for that quarter stands at $-882,176,723.
According to the BNSI data, the major groups of imported goods were machinery and transport equipment, totaling $197 million; food and live animals, totaling $184 million; and mineral fuels, lubricants and related materials, totaling $167 million. The report explains that the total value of these categories represent 53 percent of total imports into the country.
"Other categories that contributed to total imports were manufactured goods classified chiefly by materials, which account for $153 million; miscellaneous manufactured articles, valued at $135 million; and chemicals, valued at $95 million. These groups together represented 37 percent of total imports," the report states.
"Categories that showed significant increases when compared to the same quarter last year were miscellaneous manufactured articles, machinery and transport equipment, and beverages and tobacco, which increased by 33 percent, 27 percent, and 21 percent respectively."
The breakdown of exports from the country reveals that the total value was $154 million, which represents a one percent decrease year over year.
According to the report, the largest export groups were manufactured goods classified chiefly by materials, which totaled $38 million; mineral fuels, lubricants and related materials, valued at $37 million; and miscellaneous manufactured articles, valued at $21 million. Those categories represent 63 percent of all exports from The Bahamas, the report states.
"Categories that showed significant increases were machinery and transport equipment, and manufactured goods classified chiefly by materials, which increased by 59 percent and 41 percent respectively when compared to the same quarter last year," the report states.
"The groups that decreased in value when compared to the same period last year were mineral fuels, lubricants and related materials; and food and live animals, which declined by 30 percent and 25 percent, respectively."
According to the data, the United States remains by far the largest source of imports into The Bahamas. The value of those trades in the third quarter of 2022 was $901,745,056, which left a balance of trade number between the two countries at $-798,461,785.
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