Flag Bermuda

Product Exports (2018): $199M, Rank 172 of 222

Exports Per Capita (2018): $3.11k, Rank 162 of 219

Product Imports (2018): $1.54B, Rank 162 of 221

Imports Per Capita (2018): $24.1k, Rank 116 of 219

Service Exports (2017): $1.33B, Rank 98 of 139

Service Imports (2017): $901M, Rank 110 of 139

Overview: In 2018 Bermuda was the number 172 in total exports and the number 162 in total imports. In 2018, Bermuda exported $199M and imported $1.54B, resulting in a negative trade balance of -$1.34B. In 2018, Bermuda's exports per capita were $3.11k and its imports per capita were $24.1k.

Trade: The top exports of Bermuda are Petroleum Gas ($83.4M), Recreational Boats ($76.3M), Gold ($8.33M), Hard Liquor ($4.14M), and Planes, Helicopters, and/or Spacecraft ($3.28M). The top imports of Bermuda are Passenger and Cargo Ships ($426M), Refined Petroleum ($117M), Recreational Boats ($101M), Railway Cargo Containers ($89.3M), and Postage Stamps ($69M).

Destinations: Bermuda exports mostly to Pakistan ($83.5M), Netherlands ($76.1M), United States ($13.4M), Switzerland ($9.32M), and Sweden ($3.58M), and imports mostly from United States ($538M), South Korea ($426M), Canada ($108M), China ($107M), and Netherlands ($83.7M).

Product Exports

#permalink to section
Depth
Value

Top Export (2018): Petroleum Gas, $83.4M

Top Destination (2018): Pakistan, $83.5M

In 2018 Bermuda exported a total of $199M, making it the number 172 exporter in the world. During the last five reported years the exports of Bermuda have changed by -$137M from $336M in 2013 to $199M in 2018.

The most recent exports are led by Petroleum Gas ($83.4M), Recreational Boats ($76.3M), Gold ($8.33M), Hard Liquor ($4.14M), and Planes, Helicopters, and/or Spacecraft ($3.28M). The most common destination for the exports of Bermuda are Pakistan ($83.5M), Netherlands ($76.1M), United States ($13.4M), Switzerland ($9.32M), and Sweden ($3.58M).

Explore Visualizations

Product Imports

#permalink to section
Depth
Value

Top Import (2018): Passenger and Cargo Ships, $426M

Top Origin (2018): United States, $538M

In 2018 Bermuda imported $1.54B, making it the number 162 trade destination in the world. During the last five reported years the imports of Bermuda changed by -$965M from $2.51B in 2013 to $1.54B in 2018.

The most recent imports of Bermuda are led by Passenger and Cargo Ships ($426M), Refined Petroleum ($117M), Recreational Boats ($101M), Railway Cargo Containers ($89.3M), and Postage Stamps ($69M). The most common import partners for Bermuda are United States ($538M), South Korea ($426M), Canada ($108M), China ($107M), and Netherlands ($83.7M).

Explore Visualizations

Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Bermuda Exports Services (2017): $1.33B

Bermuda Imports Services (2017): $901M

In 2017, Bermuda exported $1.33B worth of services. The top services exported by Bermuda in 2017 were Miscellaneous business, professional, and technical services ($443M), Personal travel ($408M), Financial services ($172M), Business travel ($105M), and Other government services ($54.6M).

The top services imported by Bermuda in 2017 were Personal travel ($244M), Miscellaneous business, professional, and technical services ($194M), Sea transport ($154M), Air transport ($117M), and Financial services ($50.5M).

Trade Forecasts

#permalink to section

This section shows forecasts for total product exports and imports for Bermuda. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

Explore Forecasts

Tariffs by Product

#permalink to section

The top product import tariffs by their MFN Ad Valorem value for Bermuda are Motor vehicle chassis fitted with engine (75%) and Other Vehicles Including Gas Turbine Powered (75%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

Explore Tariff Data

*The tariffs applied to imports for Bermuda are:
136: Most Favoured Nation duty rate treatement

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

Bermuda has a high level of specialization in Recreational Boats (438), Musical Instrument Parts (151), Petroleum Gas (25.8), Tug Boats (18.3), and Other Floating Structures (17.1). Specialization is measured using RCA, an index that takes the ratio between Bermuda observed and expected exports in each product.

Most Complex Products by PCI

#permalink to section

The highest complexity exports of Bermuda according to the product complexity index (PCI) are Instruments to check or measure electricity, radiation (1.6), Electrical machinery and apparatus, nes (1.34), Parts and accessories for musical instruments (1.27), Hand tools nes, anvils, clamps, vices, blow lamps etc (1.08), and Binoculars, monoculars, telescopes, etc (0.97). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Bermuda according to the relatedness index, are Base Metal Watches (0.05), Pearls (0.05), Crustaceans (0.047), Postage Stamps (0.047), and Coconut Oil (0.047). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Bermuda is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

#permalink to section
Depth
Filter

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.