Overview In 2020 Bermuda was the number 174 economy in the world in terms of total exports and the number 156 in total imports.

Exports The top exports of Bermuda are Recreational Boats ($200M), Musical Instrument Parts ($9.21M), Corn ($7.97M), Hard Liquor ($3.45M), and Other Vegetable Products ($1.99M), exporting mostly to Netherlands ($200M), United States ($21.3M), Zimbabwe ($7.97M), Jamaica ($2.26M), and France ($1.81M).

Imports The top imports of Bermuda are Passenger and Cargo Ships ($1.24B), Recreational Boats ($397M), Paintings ($148M), Refined Petroleum ($54.4M), and Packaged Medicaments ($24.8M), importing mostly from South Korea ($1.24B), United States ($404M), Netherlands ($217M), Seychelles ($186M), and United Kingdom ($168M).

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The following section uses the most recent trade data from partners of Bermuda.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Recreational Boats, $200M

Top Destination (2020): Netherlands, $1.24B

In 2020, Bermuda exported a total of $238M, making it the number 174 exporter in the world. During the last five reported years the exports of Bermuda have changed by -$111M from $348M in 2015 to $238M in 2020.

The most recent exports are led by Recreational Boats ($200M), Musical Instrument Parts ($9.21M), Corn ($7.97M), Hard Liquor ($3.45M), and Other Vegetable Products ($1.99M). The most common destination for the exports of Bermuda are Netherlands ($200M), United States ($21.3M), Zimbabwe ($7.97M), Jamaica ($2.26M), and France ($1.81M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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

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The top product import tariffs by their MFN Ad Valorem value for Bermuda are Undenatured ethyl alcohol > 80% by volume (11.4M%) and Vermouth and other flavoured grape wines - pack < 2l (8.77M%).

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

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Most Specialized Products by RCA Index

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Bermuda has a high level of specialization in Recreational Boats (742), Musical Instrument Parts (427), Other Vegetable Products (131), Video Cameras (71.9), and Awnings, Tents, and Sails (24.9). 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

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The highest complexity exports of Bermuda according to the product complexity index (PCI) are Fork-lift trucks, other trucks with lifting equipment (1.6), Parts and accessories for musical instruments (1.28), Hand tools nes, anvils, clamps, vices, blow lamps etc (1.18), Other clocks (0.75), and Cinematographic cameras and projectors (0.64). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Bermuda according to the relatedness index, are Scrap Aluminium (0.038), Scrap Iron (0.038), Non-fillet Frozen Fish (0.037), Surveying Equipment (0.036), and Non-fillet Fresh Fish (0.036). 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 a country currently specializes in.

Relatedness Space

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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

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.