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2022
Product
Exports | Imports $68.1M | $1.62B199 of 226 |  173 of 226
2022
Per Capita Product
Exports | Imports $1.07k | $25.4k192 of 220 |  15 of 220

About

Overview In 2022 Bermuda was the number 199 economy in the world in terms of total exports and the number 173 in total imports.

Exports The top exports of Bermuda are Mixed Mineral or Chemical Fertilizers ($15.9M), Recreational Boats ($5.9M), Hard Liquor ($5.38M), Nitrogenous Fertilizers ($4.12M), and Vaccines, blood, antisera, toxins and cultures ($2.76M), exporting mostly to Zambia ($17.5M), United States ($11.1M), Angola ($7.13M), France ($6.99M), and Tanzania ($5.76M).

Imports The top imports of Bermuda are Passenger and Cargo Ships ($605M), Refined Petroleum ($129M), Special Purpose Ships ($65.4M), Railway Cargo Containers ($62.8M), and Packaged Medicaments ($29.8M), importing mostly from United States ($555M), Norway ($310M), South Korea ($302M), China ($85.3M), and Canada ($77.2M).

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 (2022)Mixed Mineral or Chemical Fertilizers$15.9M
Top Destination (2022)Zambia$17.5M

In 2022, Bermuda exported a total of $68.1M, making it the number 199 exporter in the world. During the last five reported years the exports of Bermuda have changed by -$75.9M from $144M in 2017 to $68.1M in 2022.

The most recent exports are led by Mixed Mineral or Chemical Fertilizers ($15.9M), Recreational Boats ($5.9M), Hard Liquor ($5.38M), Nitrogenous Fertilizers ($4.12M), and Vaccines, blood, antisera, toxins and cultures ($2.76M). The most common destination for the exports of Bermuda are Zambia ($17.5M), United States ($11.1M), Angola ($7.13M), France ($6.99M), and Tanzania ($5.76M).

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Exports (2022)
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Destinations (2022)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2021 - 2022)
Zambia$11.4M (+ 187%)
France$6.74M (+ 2.72k%)
Angola$6.46M (+ 959%)
Fastest Growing Import Markets (2021 - 2022)
United States$93.9M (+ 20.4%)
Greece$14.7M (+ 550%)
Netherlands$9.98M (+ 179%)

Total Export Growth by Market (2021 - 2022)

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 Video Cameras (254), Collector's Items (161), Mixed Mineral or Chemical Fertilizers (123), Recreational Boats (123), and Railway Cargo Containers (74.6). 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 Instruments, apparatus for measuring, checking electrical quantities not meters of heading no.... (1.77), Machinery; for working rubber or plastics or for the manufacture of products... (1.71), Instruments and apparatus; for physical or chemical analysis (e.g. polarimeters, spectrometers), for... (1.68), Tools, interchangeable; for hand tools, whether or not power-operated, or for machine... (1.68), and Engravings, prints and lithographs; original (1.62). 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 Paintings (0.13), Coin (0.12), Other Measuring Instruments (0.12), Scrap Iron (0.12), and Boat Propellers (0.12). 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 (2022)

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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