By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas Trade Commission’s chairman yesterday said the 18 percent increase in imports for 2024 signals an economy that is expanding.

Speaking to Tribune Business, Senator Barry Griffin said the 2024 foreign trade figures released by the Bahamas National Statistical Institute (BNSI), which revealed that some $4.9bn worth of goods were imported into this nation last year demonstrates that country’s gross domestic product (GDP) is growing.

“The latest data from the Bahamas National Statistical Institute (BNSI) provides a good overview of international trade with respect to imports and exports. The United States remains the major trading partner with respect to imports and exports,” said Mr Griffin.

“With respect to the increase in imports, particularly in machinery and equipment and food, the report seems to support data published earlier by BNSI that the economy is growing and Gross Domestic Product is expanding.” The report also revealed that exports totalled $689m in 2024, a 6.4 percent decrease from $736.16m in 2023.

Mr Griffin noted that while exports to the US this year will face an added 10 percent tariff, exports to France, a large market for Bahamian seafood products, will continue to enter duty free.

“The Bahamas is a major exporter of seafood, which comprised nearly half of the value of exports in 2024. Like others in the CARICOM region and globally, these exports to the United States will face a minimum ten percent tariff,” said Mr Griffin.

“The Government continues to monitor these developments and work closely with the private sector in navigating this new environment. Seafood exports to France, an important market, will continue to enter duty-free under the provisions of the CARIFORUM-European Union (EU) Economic Partnership Agreement.”

Mr Griffin added that the Commission is working with the private sector to implement the National Trade Diversification Strategy to expand The Bahamas’ list of trading partners.

“The Bahamas Trade Commission is actively engaged with other agencies of the Government and the private sector to implement the National Trade Diversification Strategy, which seeks to look at opportunities to engage new partners in international trade,” said Mr Griffin.

According to the BNSI report, machinery and transport equipment was the largest contributor to imports, while the major categories of domestic exports consisted mainly of food and live animals.

“Machinery and transport equipment, the largest contributor to imports, totalled some $1.2bn or 24 percent of all imports. This was followed closely by the category of food and live animals, which accounted for 17 percent or $815m,” said the BNSI report.

“Other categories that contributed significantly to total imports were mineral fuels, lubricant goods, which totalled $703m or 14 percent of total imports, and miscellaneous manufactured articles, which accounted for almost $632m or nearly 13 percent of total imports.”