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2023
Product
Exports | Imports $254M | $1.28B179 of 226 |  176 of 226
2023
Per Capita Product
Exports | Imports $3.92k | $19.8k74 of 220 |  13 of 220

About

Overview In 2023 Bermuda was the number 179 economy in the world in terms of total exports and the number 176 in total imports.

Exports The top exports of Bermuda are Crude Petroleum ($94M), Passenger and Cargo Ships ($80.6M), Planes, Helicopters, and/or Spacecraft ($57.1M), Hard Liquor ($4.11M), and Railway Cargo Containers ($4.06M), exporting mostly to Germany ($101M), South Africa ($96.3M), Netherlands ($37.9M), United States ($5.9M), and Angola ($4.49M).

Imports The top imports of Bermuda are Passenger and Cargo Ships ($446M), Refined Petroleum ($103M), Railway Cargo Containers ($54.1M), Packaged Medicaments ($29.6M), and Cars ($27.9M), importing mostly from United States ($490M), Cyprus ($403M), United Kingdom ($77.3M), China ($77.1M), and Canada ($53.2M).

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

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

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Crude Petroleum$94M
Top Destination (2023)Germany$101M

In 2023, Bermuda exported a total of $254M, making it the number 179 exporter in the world. During the last five reported years the exports of Bermuda have changed by -$3.61M from $257M in 2018 to $254M in 2023.

The most recent exports are led by Crude Petroleum ($94M), Passenger and Cargo Ships ($80.6M), Planes, Helicopters, and/or Spacecraft ($57.1M), Hard Liquor ($4.11M), and Railway Cargo Containers ($4.06M). The most common destination for the exports of Bermuda are Germany ($101M), South Africa ($96.3M), Netherlands ($37.9M), United States ($5.9M), and Angola ($4.49M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Germany$100M (+ 16k%)
South Africa$95.2M (+ 8.17k%)
Netherlands$37.8M (+ 40.9k%)
Fastest Growing Import Markets (2022 - 2023)
Cyprus$403M (+ 2.29M%)
Germany$31.7M (+ 180%)
United Kingdom$24.4M (+ 46.1%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2017)

Service Imports (2017)

Economic Complexity

Most Specialized Products by RCA Index

Bermuda has a high level of specialization in Passenger and Cargo Ships (115), Railway Cargo Containers (48.7), Central Heating Boilers (39.1), Planes, Helicopters, and/or Spacecraft (36), and Scrap Lead (14.1). 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

The highest complexity exports of Bermuda according to the product complexity index (PCI) are Regulating or controlling instruments and apparatus; automatic type (1.15), Boat Propellers (1.09), Paintings, drawings, pastels, executed entirely by hand; not drawings of heading no.... (0.94), Tools; hand-operated mechanical appliances, weighing 10kg or less, used in the preparation,... (0.88), and Central heating boilers; excluding those of heading no. 8402 (0.61). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Bermuda according to the relatedness index, were Refined Petroleum (0.032), Documents of title (bonds etc) and unused stamps (0.029), Other Floating Structures (0.029), Precious Metal Watches (0.028), and Scrap Aluminium (0.028). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Bermuda is not specialized in.

Product Space

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

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.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

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