Thursday, August 11, 2022
By YOURI KEMP
Tribune Business Reporter
NEW trade data suggests a rebound for the Bahamian economy as imports and exports are up year-on-year.
The Department of Statistics in its latest Foreign Trade Quarterly report said that the value of commodities imported into The Bahamas totalled $925m resulting in a increase of 43 percent when compared with the same period last year.
“The major groups of merchandise, were ‘Mineral Fuels Lubricants And Related Materials’ which totalled $200m, ‘Food And Live Animals’ at $161m and ‘Machinery And Transport Equipment’ which totalled $139m. The combined value of these categories represented 54 percent of total imports,” the report noted.
“Other categories that contributed to total imports were ‘Miscellaneous Manufactured Articles’ which accounted for $121m, ‘Manufactured Goods Classified Chiefly By Materials’ valued at $119m and ‘Chemicals’, at $89m (these groups together represented 36 percent of total Imports).
“As it relates to total exports, for Q4 2021, data shows that the value of commodities exported (Domestic and Re-Export) from The Bahamas totalled $171m resulting in a increase of 37 percent when compared with the same period last year.
“The categories that contributed the largest proportion to the exports were ‘Food And Live Animals’ which totalled $62m, ‘Mineral Fuels, Lubricants And Related Materials’ at $34m and ‘Miscellaneous Manufactured Articles’ $25 million representing 71 percent of total exports.
“The groups that decreased in value when compared to the same period last year were ‘Chemicals’, ‘Beverages And Tobacco’ and ‘Machinery And Transport Equipment’ which declined by 71 percent, 38 percent and 26 percent, respectively.”