As historically high inflation took hold of the globe in 2022, new data from the Bahamas National Statistical Institute (BNSI) shows that the value of imports into the country, led by higher valued food and live animal imports, increased more than ten percent last year.

The total value of commodities entering The Bahamas amounted to $3.8 billion in 2022, 10.3 percent higher than the $3.5 billion in 2021.

"Food and live animals, the largest contributor to imports, totaled some $690 million (or 18 percent of all imports). This was followed closely by the category of mineral fuels, lubricants and related materials, which accounted for 17.9 percent, or $686 million," the BNSI's annual trade highlights for 2021/2022 report states.

"Other categories that contributed significantly to total imports were machinery and transport equipment, which totaled nearly $685 million (17.8 percent of total imports); and miscellaneous manufactured articles, which accounted for almost $520 million or nearly 13.5 percent of total imports."

The value of exports from the country also increased, leaving a balance of trade of $3.25 billion for the year.

"Total exports (domestic and re-exports) for 2022 totaled $585.9 million. Domestic exports ($180 million) accounted for 30.7 percent of total exports, while re-exports ($406 million) accounted for 69.3 percent," the report states.

"The major categories of domestic exports consisted mainly of food and live animals, totaling &106.9 million (59.4 percent of total domestic exports); and crude minerals, totaling $33.1 million, 18.4 percent of total domestic export. Mineral fuels ($161 million) and manufactured goods ($118 million) together represented 68.9 percent of re-exports, accounting for 39.7 percent and 29.2 percent respectively."

At $3.26 billion in imports, the United States remained the country's largest trading partner, accounting for 85 percent of imports and 67 percent of exports, which totaled $393 million in 2022.

The BNSI also noted significant trade between The Bahamas and China, with $72 million in imports and $404,170 in exports; Spain with 34.2 million in imports and $64,206 in exports; Japan with $34.2 million in imports and $31,305 in exports; and Canada with $26 million in imports and $485,868 in exports.

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