Reflective of the continued pressures of global inflation, the Bahamas National Statistical Institute revealed an eight percent increase in the value of imports during the third quarter of 2022.
The total value of commodities imported into the country stood at $1.036 billion, with vehicles and food and beverages topping the list for the highest value of categories.
"The major groups of merchandise, were 'machinery and transport equipment' which totaled $197 million, 'food and live animals' at $184 million and 'mineral fuels lubricants and related materials' which totaled $167 million. The combined value of these categories represented 53 percent of total imports," the BNSI stated in its Foreign Trade Statistics Quarterly Report.
"Other categories that contributed to total imports were 'manufactured goods classified chiefly by materials' which accounted for $153 million, 'miscellaneous manufactured articles' valued at $135 million, and 'chemicals' at $95 million. These groups together represented 37 percent of total imports. 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."
Data from The Central Bank of The Bahamas released earlier this week revealed that on average, consumer prices rose 5.6 percent in all of 2022, with the prices for food and non-alcoholic beverages experiencing a yearly average increase of 13.5 percent. The transportation category also saw significant increases in prices by an average of 12.4 percent in all of last year.
While import values were up, exports decreased.
In total the value of commodities exported from The Bahamas totaled $154 million, representing a one percent decrease compared to the third quarter of 2021.
"The categories that contributed the largest proportion to the exports were 'manufactured goods classified chiefly by materials' which totaled $38 million, 'mineral fuels, lubricants and related materials' at $37 million and 'miscellaneous manufactured articles' at $21 million, representing 63 percent of total exports," the BNSI stated.
"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 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."
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