Report: Bahamas one of region’s top exporters
The Bahamas came in as one of the region’s top export countries between 2004 and 2008, according to a recent report on the Caribbean Community’s(CARICOM)trade relations–with more than$100 billion sent out of all the countries combined.
While the U.S. remains the top exporter in the region, The Bahamas was listed as the second highest of the top four countries that saw growth in that category, according to the Office of Trade Negotiations CARICOM’s Export Overview.
“The most dynamic exporters between 2004 and 2008 were Trinidad&Tobago[with 28 percent growth per annum between 2004 and 2008], the Bahamas[with 22 percent], Barbados[with 17 percent]and Jamaica[at 16 percent],”said the report.
The report also noted that in 2008, exporters in CARICOM generated$34.3 billion in both intra-regional and extra-regional sales, with merchandise export sales now spread relatively evenly over the range of products that are exported.
It comes as recent reports indicate Bahamas trade with the U.S. alone continued to grow in 2010. The country conducted$1.9 billion of trade with the U.S. up to May, jumping eight notches on the list of trade partners and improving 64 percent in ranking.
It’s a growth detailed in a recent trade numbers report by Worldcity-a Florida media company that analyzes U.S. Census data. According to the data, the country now ranks 56 as a trade partner with the U.S., up 13 places from its ranking in 2008.
As Guardian Business noted earlier, the major factor contributing to the swing was fuel imports.
“Exports[from the U.S.]had a big jump,”Ken Roberts, the founder of WorldCity, told Guardian Business.”The export side, they’re up 91 percent and U.S exports to The Bahamas in May of 2010 was$346.7 million compared to$181.5 million(the previous May).
“Total trade through the first five months of the year was$1.9 billion, up from$1.1 billion in 2009…and that’s a 65 percent increase year over year.”
The trade balance is still swayed to the U.S., however, with 79 cents of every dollar of trade with The Bahamas for the first five months going to the U.S., and that’s up by 4 cents from a year earlier. It means that 21 cents of every dollar of that near$2 billion trade total comes to this country. The number being recorded for this country is even above the U.S.’average, which is 41 cents of every dollar.