Barbados’ continued heavy dependence on imported items – especially petroleum products – has sustained its $2 billion trade deficit with the rest of the world in the first nine months of this year.
New information released by the Barbados Statistical Service (BSS) showed that between January and September Barbados spent $2.5 billion on imports, while exporting $676.6 million of its own goods. An analysis prepared by BSS statistician Asokore Beckles said this meant there was a $1.91 billion “accumulated visible trade deficit” compared with $1.88 billion between January and September last year.
“Imports for January to September 2014 were $19.2 million less than imports for the same period in 2013, a decrease of 0.7 per cent.
Total exports showed a decrease of some $12.6 million or 1.8 per cent over the January to September 2013 figure. Domestic exports decreased by [$100 000] January to September 2013.
The value of re-exports decreased by $12.7 million, or 4.4 per cent over the corresponding period in 2013,” Beckles reported.
Barbados also has significant trade imbalance with CARICOM. According to the 29-page report, “For the period January to September 2014, total imports from CARICOM were valued at $811.9 million, whilst total exports were $237.3 million, resulting in an accumulated visible trade deficit of $629.5 million for the same period of 2013.
“During this period, CARICOM imports were approximately $72.4 million less than those over the same period in 2013, a decrease of 8.2 per cent.
Total exports to CARICOM for January to September 2014 were $17.4 million less than total exports for the corresponding period in 2013, a decrease of 6.8 per cent. Domestic exports decreased by approximately $12 million or 5.6 per cent over the same period in 2013.
The value of re-exports decreased by $5.4 million or 13.6 per cent over the January to September 2013 figure.”
The report showed that of the $2.5 billion spent on imports between January and September, the majority was spent on mineral fuels, lubricants, and related materials ($716 million), machinery and transport equipment ($486.8 million) and food and live animals ($401 million).
As for the countries from which Barbados bought the most of its goods, these were led by CARICOM ($811.8 million) and the United States ($801.7 million).
