By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

Net imports last year increased by 18 percent while exports fell by 6.4 percent, according to new figures.

According to the 2024 Foreign Trade figures released by the Bahamas National Statistical Institute (BNSI) yesterday, some $4.9bn worth of goods were imported into the country last year, representing an 18 percent increase from 2023.

The BNSI report said machinery and transport equipment was the largest contributor of imports followed by food and live animals.

“Machinery & Transport Equipment the largest contributor to imports, totaled some $1.2 b or 24 percent of all imports. This was followed closely by the category of Food & Live Animals which accounted for 17 percent or $815m,” said the BNSI report.

“Other categories that contributed significantly to total imports were Mineral Fuels, Lubricants Goods which totaled $703m, 14 percent of total imports, and Miscellaneous Manufactured Articles which accounted for almost $632m or nearly 13 percent of total imports.

The report also revealed that exports totalled $689.0m in 2024 a 6.4 percent decrease from $736.16m in 2023.

“Domestic exports $183.6m accounted for 27 percent of total exports while re-exports $505m accounted for 73 percent. The major categories of domestic exports consisted mainly of Food and Live Animals totaling $90.1m, 49 percent of total domestic exports, and Chemicals totaling $49.8m representing 27 percent of total domestic export. Manufactured Goods $175.9m and Miscellaneous Manufactured Articles, $130.3m together represented 61 percent of re-exports accounting for 35 percent and 26 percent respectively,” said the BNSI report.

The report said the United States was the country’s top trading partner, representing 83 percent of imports and 65 percent of exports.

“The United States maintained its position as The Bahamas’ number one trading partner. While The Bahamas did a significant amount of trade with China, US Virgin Island, Japan and Panama, the United States still represented 83 percent of total imports and about 65 percent of exports,” said the BNSI.