Overview In 2020 Barbados was the number 172 economy in the world in terms of total exports and the number 161 in total imports.

Exports The top exports of Barbados are Hard Liquor ($48.7M), Packaged Medicaments ($23.6M), Cement ($21.1M), Pesticides ($20.8M), and Orthopedic Appliances ($20.1M), exporting mostly to United States ($50.9M), Jamaica ($32.7M), Guyana ($27.7M), Trinidad and Tobago ($23.4M), and China ($17.8M).

Imports The top imports of Barbados are Refined Petroleum ($240M), Crude Petroleum ($126M), Passenger and Cargo Ships ($84.4M), Packaged Medicaments ($37.5M), and Cars ($35.9M), importing mostly from United States ($561M), Trinidad and Tobago ($197M), Guyana ($136M), Japan ($117M), and United Kingdom ($68.8M).

Location Barbados borders France, Guyana, Saint Lucia, Saint Vincent and the Grenadines, and Trinidad and Tobago by sea.

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The 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.

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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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Yearly Exports

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Top Export (2020): Hard Liquor, $48.7M

Top Destination (2020): United States, $50.9M

In 2020, Barbados exported a total of $330M, making it the number 172 exporter in the world. During the last five reported years the exports of Barbados have changed by -$146M from $476M in 2015 to $330M in 2020.

The most recent exports are led by Hard Liquor ($48.7M), Packaged Medicaments ($23.6M), Cement ($21.1M), Pesticides ($20.8M), and Orthopedic Appliances ($20.1M). The most common destination for the exports of Barbados are United States ($50.9M), Jamaica ($32.7M), Guyana ($27.7M), Trinidad and Tobago ($23.4M), and China ($17.8M).

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Yearly Imports

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Top Import (2020): Refined Petroleum, $240M

Top Origin (2020): United States, $561M

In 2020 Barbados imported $1.69B, making it the number 161 trade destination in the world. During the last five reported years the imports of Barbados changed by $84.2M from $1.6B in 2015 to $1.69B in 2020.

The most recent imports of Barbados are led by Refined Petroleum ($240M), Crude Petroleum ($126M), Passenger and Cargo Ships ($84.4M), Packaged Medicaments ($37.5M), and Cars ($35.9M). The most common import partners for Barbados are United States ($561M), Trinidad and Tobago ($197M), Guyana ($136M), Japan ($117M), and United Kingdom ($68.8M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Barbados 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).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Barbados are Undenatured ethyl alcohol > 80% by volume (845%)and Homogenized or reconstituted tobacco (415%).

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 treatement
154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states
219: Preferential tariff for European Union countries (AA) Association Agreement

Economic Complexity

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Most Specialized Products by RCA Index

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Barbados has a high level of specialization in Other Paints (254), Paper Labels (145), Margarine (92.2), Cement (86.3), and Hard Liquor (85.7). 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

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The highest complexity exports of Barbados according to the product complexity index (PCI) are Microscopes except optical, diffraction apparatus (1.86), Instruments to check or measure electricity, radiation (1.83), Spectacles, goggles etc., corrective or protective (1.41), Tools for working in the hand, non-electric motor (1.37), and Composite diagnostic or laboratory reagents, nes (1.31). 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 Barbados according to the relatedness index, are Soap (0.15), Scrap Copper (0.15), Collector's Items (0.15), Scrap Lead (0.15), and Precious Metal Scraps (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 a country currently specializes in.

Relatedness Space

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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.

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.