Exports fall, imports see marginal increase
While imports into the country saw a marginal increase during the first quarter of the year, exports decreased on a much larger scale comparatively, according to recently released data contained in the Department of Statistic’s Foreign Trade Statistics Quarterly Report.
According to first-quarter data collected from the Customs Department and forwarded to the Department of Statistics, the value of commodities imported into The Bahamas totaled $851 million, an increase of less than 1 percent when compared with the first quarter of 2017, which saw $848.7 million in imports.
“As it relates to major groups of merchandise, the category of ‘machinery and transport equipment’ which totaled $173 million, accounted for 20 percent of imports. This was followed by mineral fuels, lubricants and related materials at $146 million, which totaled 17 percent of all imports,” the report states.
“Other categories that contributed to the total imports were ‘food and live animals’ which accounted for $139 million (16 percent of total imports), and ‘manufactured goods classified chiefly by materials’, which accounted for $127 million (15 percent of total imports).”
As for exports, the value of commodities exported and re-exported from The
Bahamas totaled $109 million, which is 6 percent less than the $116 million recorded during the first quarter of 2017.
“The categories that contributed the largest proportion to the exports were ‘mineral fuels lubricants and related materials’ which totaled $26 million, representing 24 percent of total exports, and ‘chemicals’ which totaled $24 million or 22 percent of total exports,” the report notes.
“Beverages and tobacco along with ‘food and live animals’ showed a declined by 26 percent and 25 percent respectively, when compared to the same period last year.”
Last month the Inter-American Development Bank’s (IDB) Trade Trends Estimates report for the region showed that The Bahamas recorded the second highest percentage of growth in exports to Latin America and the Caribbean during 2017 and the first quarter of 2018.
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