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2023
Product
Exports | Imports $421M | $2.48B171 of 226 |  160 of 226
2023
Per Capita Product
Exports | Imports $1.49k | $8.78k193 of 220 |  34 of 220

About

Overview In 2023 Barbados was the number 171 economy in the world in terms of total exports and the number 160 in total imports.

Exports The top exports of Barbados are Hard Liquor ($77M), Refined Petroleum ($46.5M), Packaged Medicaments ($25.2M), Alcohol > 80% ABV ($15.5M), and Margarine ($14.8M), exporting mostly to United States ($91M), Jamaica ($71.2M), Trinidad and Tobago ($33.7M), Canada ($26.6M), and Guyana ($24.6M).

Imports The top imports of Barbados are Refined Petroleum ($551M), Crude Petroleum ($93.4M), Cars ($84.5M), Passenger and Cargo Ships ($53.3M), and Packaged Medicaments ($42.6M), importing mostly from United States ($797M), Trinidad and Tobago ($460M), Netherlands ($145M), United Kingdom ($142M), and Guyana ($123M).

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

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The 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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Hard Liquor$77M
Top Destination (2023)United States$91M

In 2023, Barbados exported a total of $421M, making it the number 171 exporter in the world. During the last five reported years the exports of Barbados have changed by -$81M from $502M in 2018 to $421M in 2023.

The most recent exports are led by Hard Liquor ($77M), Refined Petroleum ($46.5M), Packaged Medicaments ($25.2M), Alcohol > 80% ABV ($15.5M), and Margarine ($14.8M). The most common destination for the exports of Barbados are United States ($91M), Jamaica ($71.2M), Trinidad and Tobago ($33.7M), Canada ($26.6M), and Guyana ($24.6M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Jamaica$26.9M (+ 60.9%)
Turkey$5.67M (+ 4.37k%)
United Kingdom$4.2M (+ 43.5%)
Fastest Growing Import Markets (2022 - 2023)
Trinidad and Tobago$121M (+ 35.6%)
Guyana$111M (+ 931%)
Japan$57.4M (+ 110%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2016)

Service Imports (2016)

Economic Complexity

Most Specialized Products by RCA Index

Barbados has a high level of specialization in Paper Labels (113), Video Cameras (109), Hard Liquor (96.3), Margarine (95.5), and Gravel and Crushed Stone (72.2). Specialization is measured using RCA, an index that takes the ratio between Barbados observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Barbados according to the relatedness index, were Bananas (0.18), Pasta (0.18), Fish Fillets (0.17), Non-fillet Frozen Fish (0.17), and Precious Metal Scraps (0.17). 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

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

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.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

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