Flag Barbados

Product Exports (2018): $414M, Rank 165 of 222

Exports Per Capita (2018): $1.44k, Rank 176 of 219

Product Imports (2018): $1.65B, Rank 159 of 221

Imports Per Capita (2018): $5.76k, Rank 169 of 219

Service Exports (2016): $1.41B, Rank 96 of 152

Service Imports (2016): $667M, Rank 122 of 152

GDP (2018): $5.15B, CURRENT US$
Rank 156 of 196

GDP growth (2008 - 2018): 7.53%, CURRENT US$
Rank 150 of 196

GDP PC (2018): $17,949, CURRENT US$
Rank 51 of 196

GDP PC GROWTH (2008 - 2018): 5.01%, CURRENT US$
Rank 130 of 196

Overview: This page contains the latest international trade data for Barbados, including service trade data, and tariffs. In 2018 Barbados was the number 156 economy in the world in terms of GDP (current US$), the number 165 in total exports, and the number 159 in total imports. In 2018, Barbados exported $414M and imported $1.65B, resulting in a negative trade balance of -$1.24B. In 2018, Barbados's exports per capita were $1.44k and its imports per capita were $5.76k.

Trade: The top exports of Barbados are Hard Liquor ($54.6M), Packaged Medicaments ($21.6M), Gold ($21.5M), Passenger and Cargo Ships ($20.6M), and Cement ($20.5M). The top imports of Barbados are Refined Petroleum ($375M), Gold ($55.7M), Cars ($47.7M), Railway Cargo Containers ($41.2M), and Packaged Medicaments ($25.9M).

Destinations: Barbados exports mostly to United States ($102M), Trinidad and Tobago ($28.9M), Guyana ($27.5M), Jamaica ($22.3M), and Saint Lucia ($20.8M), and imports mostly from United States ($601M), Trinidad and Tobago ($275M), China ($130M), United Kingdom ($64.6M), and Colombia ($63.1M).

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

Yearly Exports

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Top Export (2018): Hard Liquor, $54.6M

Top Destination (2018): United States, $102M

In 2018 Barbados exported a total of $414M, making it the number 165 exporter in the world. During the last five reported years the exports of Barbados have changed by -$57.3M from $471M in 2013 to $414M in 2018.

The most recent exports are led by Hard Liquor ($54.6M), Packaged Medicaments ($21.6M), Gold ($21.5M), Passenger and Cargo Ships ($20.6M), and Cement ($20.5M). The most common destination for the exports of Barbados are United States ($102M), Trinidad and Tobago ($28.9M), Guyana ($27.5M), Jamaica ($22.3M), and Saint Lucia ($20.8M).

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Yearly Imports

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Top Import (2018): Refined Petroleum, $375M

Top Origin (2018): United States, $601M

In 2018 Barbados imported $1.65B, making it the number 159 trade destination in the world. During the last five reported years the imports of Barbados changed by -$336M from $1.99B in 2013 to $1.65B in 2018.

The most recent imports of Barbados are led by Refined Petroleum ($375M), Gold ($55.7M), Cars ($47.7M), Railway Cargo Containers ($41.2M), and Packaged Medicaments ($25.9M). The most common import partners for Barbados are United States ($601M), Trinidad and Tobago ($275M), China ($130M), United Kingdom ($64.6M), and Colombia ($63.1M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

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).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Barbados. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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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.

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*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 (348), Paper Labels (116), Margarine (77.8), Cement (77.7), and Hard Liquor (74.5). 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 (1.6), Hand tools nes, anvils, clamps, vices, blow lamps etc (1.08), Orthopaedic appliances (1.03), Electric filament, discharge lamps (0.99), and Articles of iron or steel nes (0.96). 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 (0.17), Collector's Items (0.17), Scrap Lead (0.17), Soap (0.16), and Non-fillet Fresh Fish (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.

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.

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.