Overview: In 2019 Barbados was the number 152 economy in the world in terms of GDP (current US$), the number 166 in total exports, the number 164 in total imports,
the number 49 economy in terms of GDP per capita (current US$) and the number null most complex economy according to the Economic Complexity Index (ECI).
In 2019, Barbados exported a total of $464M, making it the number 166 exporter in the world. During the last five reported years the exports of Barbados have changed by -$117M from $581M in 2014 to $464M in 2019.
In 2019 Barbados imported $1.6B, making it the number 164 trade destination in the world. During the last five reported years the imports of Barbados changed by -$346M from $1.94B in 2014 to $1.6B in 2019.
In 2016, Barbados exported $1.41B worth of services. The top services exported by Barbados in 2016 were Personal travel ($955M), Other business services ($241M), Business travel ($82.8M), Transportation ($66M), and Government services, n.i.e. ($20.5M).
The top services imported by Barbados in 2016 were Other business services ($349M), Transportation ($107M), Computer and information services ($57.1M), Personal travel ($40.9M), and Financial services ($37.5M).
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 Barbados are:136: Most Favoured Nation duty rate treatement154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states219: Preferential tariff for European Union countries (AA) Association Agreement
Barbados has a high level of specialization in Fishing Ships (481), Other Paints (329), Cement (103), Paper Labels (91), and Margarine (69.9). Specialization is measured using RCA, an index that takes the ratio between Barbados observed and expected exports in each product.
The top export opportunities for Barbados according to the relatedness index, are Scrap Copper (0.15), Collector's Items (0.15), Scrap Lead (0.15), Soap (0.15), and Non-fillet Fresh Fish (0.15). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Barbados 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.
This network shows the products most related to the production structure of Barbados. These are products that tend to be co-exported with the products that Barbados exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.
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.