Friday, Jan 17, 2020
HomeBusinessTrade between UK and Bahamas skyrockets

Trade between UK and Bahamas skyrockets

Trade between The Bahamas and the United Kingdom increased by 138 percent in 2018, making it the country’s third largest trading partner behind China and the United States.

Trade between the two countries increased from $21.2 million in 2017 to $50.6 million in 2018, according to the Department of Statistics’ 2018 Annual Foreign Trade Statistics Report.

“While the United States ($2.9 billion) maintained its position as The Bahamas’ main trading partner, representing 83.7 percent of total imports, there was a significant amount of trade as it relates to imports between The Bahamas and China ($53.8 million) and United Kingdom ($50.6 million), which showed a substantial increase (138 percent) over 2017’s $21.2 million,” the report, that was released Wednesday, found.

“In terms of exports the United States ($371.6 million), Ireland ($29 million), Panama ($28.1 million) and Turks & Caicos Island ($18.8 million) were among the top partner countries, representing 70.9 percent, 5.5 percent, 5.4 percent and 3.6 percent of total exports, respectively.”

The total balance of imports into the country also increased by 1.3 percent between 2017 and 2018, settling at $3.5 billion at year’s end in 2018.

“The category of ‘machinery and transport equipment’ which totaled $675.1 million accounted for 19.2 percent of the imports in 2018. This category had a slight decrease from 2017, which totaled $774.9 million. This was followed by ‘mineral fuels, lubricants and related materials’ totaling some $583.6 million (16.6 percent of all imports) for 2018,” the Department of Statistics noted.

“Other major contributors to imports were the categories of ‘food and live animals’ which totaled $580.3 million, representing 16.5 percent of total imports; ‘manufactured goods’ which accounted for 15 percent with a total of $529.3 million; and ‘miscellaneous manufactured articles’ which totaled $528 million, also representing 15 percent of all imports for 2018.”

Total exports also increased in 2018 by 10.8 percent to $524.2 million.

“The major contributor to this increase was the category of ‘chemicals’ ($147.7 million), which showed an increase of 10 percent from 2017’s total of $134.3 million. The category of ‘mineral fuels, lubricants & related materials’ also showed a significant increase from 2017’s total of $72.7 million compared to $101.6 million for 2018,” the report noted.

Paige McCartney

Business Reporter at The Nassau Guardian
Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News
Rolle: Bahamas has
AG lauds progress ma