Overview: In 2019 Bermuda was the number 147 economy in the world in terms of GDP (current US$), the number 165 in total exports, the number 171 in total imports, the number 1 economy in terms of GDP per capita (current US$) and the number null most complex economy according to the Economic Complexity Index (ECI).

Exports: The top exports of Bermuda are Planes, Helicopters, and/or Spacecraft ($465M), Petroleum Gas ($28.6M), Passenger and Cargo Ships ($24.4M), Recreational Boats ($12.2M), and Specialized Vehicles ($9.87M), exporting mostly to Ireland ($436M), Spain ($30.1M), Poland ($24.5M), United States ($24.2M), and Pakistan ($21.8M).

Imports: The top imports of Bermuda are Passenger and Cargo Ships ($271M), Refined Petroleum ($125M), Postage Stamps ($66.8M), Recreational Boats ($45.6M), and Planes, Helicopters, and/or Spacecraft ($44.8M), importing mostly from United States ($579M), South Korea ($220M), Germany ($135M), Canada ($105M), and Netherlands ($47.2M).

Historical Data

#permalink to section

Yearly Exports

#permalink to section
Value
Depth

Top Export (2019): Planes, Helicopters, and/or Spacecraft, $465M

Top Destination (2019): Ireland, $436M

In 2019, Bermuda exported a total of $574M, making it the number 165 exporter in the world. During the last five reported years the exports of Bermuda have changed by $520M from $54.1M in 2014 to $574M in 2019.

The most recent exports are led by Planes, Helicopters, and/or Spacecraft ($465M), Petroleum Gas ($28.6M), Passenger and Cargo Ships ($24.4M), Recreational Boats ($12.2M), and Specialized Vehicles ($9.87M). The most common destination for the exports of Bermuda are Ireland ($436M), Spain ($30.1M), Poland ($24.5M), United States ($24.2M), and Pakistan ($21.8M).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Depth

Top Import (2019): Passenger and Cargo Ships, $271M

Top Origin (2019): United States, $579M

In 2019 Bermuda imported $1.31B, making it the number 171 trade destination in the world. During the last five reported years the imports of Bermuda changed by -$1.81B from $3.12B in 2014 to $1.31B in 2019.

The most recent imports of Bermuda are led by Passenger and Cargo Ships ($271M), Refined Petroleum ($125M), Postage Stamps ($66.8M), Recreational Boats ($45.6M), and Planes, Helicopters, and/or Spacecraft ($44.8M). The most common import partners for Bermuda are United States ($579M), South Korea ($220M), Germany ($135M), Canada ($105M), and Netherlands ($47.2M).

Explore Visualizations

Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

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.

*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 Planes, Helicopters, and/or Spacecraft (93.5), Musical Instrument Parts (37.5), Specialized Vehicles (22), Recreational Boats (21.2), and Pearl Products (12.4). 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 Parts and accessories for musical instruments (1.28), Hand tools nes, anvils, clamps, vices, blow lamps etc (1), Cinematographic cameras and projectors (0.66), Trailers and non-mechanically propelled vehicle nes (0.52), and Yachts, pleasure, sports vessels, rowing boats, canoes (0.38). 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 Crude Petroleum (0.033), Non-fillet Fresh Fish (0.032), Fish Fillets (0.032), Scrap Iron (0.031), and Scrap Vessels (0.03). 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.

Relatedness Space

#permalink to section

This network shows the products most related to the production structure of Bermuda. These are products that tend to be co-exported with the products that Bermuda exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

#permalink to section
Filter
Depth

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.