Barbados
2021 Product Exports | Imports: $357M | $2.12B, 171 of 226 | 164 of 226
2021 Per Capita Product Exports | Imports: $1.27k | $7.53k, 186 of 220 | 72 of 220
Overview In 2021 Barbados was the number 171 economy in the world in terms of total exports and the number 164 in total imports.
Exports The top exports of Barbados are Hard Liquor ($60.8M), Passenger and Cargo Ships ($25.2M), Packaged Medicaments ($23.1M), Cement ($14.1M), and Paper Labels ($13.3M), exporting mostly to United States ($70.4M), Jamaica ($41.4M), Guyana ($28.8M), Trinidad and Tobago ($26.4M), and Italy ($23.2M).
Imports The top imports of Barbados are Refined Petroleum ($331M), Crude Petroleum ($277M), Railway Cargo Containers ($137M), Cars ($42.7M), and Passenger and Cargo Ships ($40.3M), importing mostly from United States ($702M), Guyana ($283M), China ($236M), Trinidad and Tobago ($126M), and United Kingdom ($74.9M).
Location Barbados borders France, Guyana, Saint Lucia, Saint Vincent and the Grenadines, and Trinidad and Tobago by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Barbados.
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.
Latest Data
#permalink to sectionThe 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.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Hard Liquor, $60.8M
Top Destination (2021): United States, $70.4M
In 2021, Barbados exported a total of $357M, making it the number 171 exporter in the world. During the last five reported years the exports of Barbados have changed by -$208M from $565M in 2016 to $357M in 2021.
The most recent exports are led by Hard Liquor ($60.8M), Passenger and Cargo Ships ($25.2M), Packaged Medicaments ($23.1M), Cement ($14.1M), and Paper Labels ($13.3M). The most common destination for the exports of Barbados are United States ($70.4M), Jamaica ($41.4M), Guyana ($28.8M), Trinidad and Tobago ($26.4M), and Italy ($23.2M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2020 - 2021)
- Italy, $22.6M (+ 3.91k%)
- United States, $19.5M (+ 38.4%)
- Jamaica, $8.73M (+ 26.7%)
Fastest Growing Import Markets (2020 - 2021)
- China, $157M (+ 199%)
- Guyana, $147M (+ 108%)
- United States, $141M (+ 25.1%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionBarbados Exports Services (2016): $1.41B
Barbados Imports Services (2016): $667M
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).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionBarbados has a high level of specialization in Other Paints (225), Video Cameras (168), Paper Labels (139), Bitumen and asphalt (119), and Hard Liquor (101). Specialization is measured using RCA, an index that takes the ratio between Barbados observed and expected exports in each product.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Barbados according to the product complexity index (PCI) are Electric (electrically heated gas) soldering, brazing, welding machines and apparatus, capable or... (1.94), Instruments, apparatus for measuring, checking electrical quantities not meters of heading no.... (1.78), Tools, hand; (including glaziers' diamonds) n.e.c.; blow lamps; vices, clamps etc, other... (1.48), Lifting, handling, loading or unloading machinery; n.e.c. in heading no. 8425, 8426... (1.1), and Newspapers, journals and periodicals, whether or not illustrated or containing advertising material (1.07). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Barbados according to the relatedness index, were Scrap Lead (0.17), Soap (0.16), Collector's Items (0.16), Other Vegetables (0.16), and Refined Petroleum (0.16). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Barbados is not specialized in.
Product Space
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
