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).

Exports: The top exports of Barbados are Hard Liquor ($51M), Passenger and Cargo Ships ($49.5M), Orthopedic Appliances ($33.5M), Cement ($32.1M), and Packaged Medicaments ($25.4M), exporting mostly to United States ($98M), Poland ($66.5M), Jamaica ($35M), Guyana ($30.4M), and Trinidad and Tobago ($26.9M).

Imports: The top imports of Barbados are Refined Petroleum ($323M), Passenger and Cargo Ships ($61.2M), Cars ($52.8M), Shipping containers ($35.1M), and Packaged Medicaments ($26.3M), importing mostly from United States ($556M), Trinidad and Tobago ($223M), China ($142M), Netherlands ($74.8M), and Japan ($66.6M).

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

Historical Data

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Yearly Exports

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Top Export (2019): Hard Liquor, $51M

Top Destination (2019): United States, $98M

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.

The most recent exports are led by Hard Liquor ($51M), Passenger and Cargo Ships ($49.5M), Orthopedic Appliances ($33.5M), Cement ($32.1M), and Packaged Medicaments ($25.4M). The most common destination for the exports of Barbados are United States ($98M), Poland ($66.5M), Jamaica ($35M), Guyana ($30.4M), and Trinidad and Tobago ($26.9M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $323M

Top Origin (2019): United States, $556M

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.

The most recent imports of Barbados are led by Refined Petroleum ($323M), Passenger and Cargo Ships ($61.2M), Cars ($52.8M), Shipping containers ($35.1M), and Packaged Medicaments ($26.3M). The most common import partners for Barbados are United States ($556M), Trinidad and Tobago ($223M), China ($142M), Netherlands ($74.8M), and Japan ($66.6M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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 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.

Most Complex Products by PCI

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The highest complexity exports of Barbados according to the product complexity index (PCI) are Instruments to check or measure electricity, radiation (1.77), Knives, cutting blades, for machines and appliances (1.5), Orthopaedic appliances (1.24), Newsprint (1.18), and Converters, ladles, ingot moulds etc, for metallurgy (1.11). 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 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.

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 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.