Barbados’ trade deficit increases
Barbados’ trade deficit with its CARICOM neighbours and the wider world has widened.
The Barbados Statistical Service (BSS) gave details of this in its monthly trade bulletin for June, the most recently available edition of the publication.
“For the period January to June 2022, the value of imports to Barbados was $2.15 billion, whilst the value of total exports was $504.6 million representing an accumulated visible trade deficit of $1.64 billion as compared to a similar deficit of $1.12 billion for January to June 2021,” the BSS bulletin stated.
“Imports for January to June 2022 were $713.2 million more than imports for the same period 2021, an increase of 49.4 per cent. Total exports showed an increase of some $185.9 million or 58 per cent over the January to June 2021 figure.
“Domestic exports increased by $26.5 million or 12 per cent over January to June 2021. The value of re-exports increased by $159.4 million or 159 per cent over the corresponding period 2021,” it added.
Regarding trade with CARICOM, the BSS also reported a bigger trade deficit during the first six months of this year.
It stated: “For the period January to June 2022, total imports from CARICOM were valued at $526.6 million, whilst total exports were $162.7 million resulting in an accumulated visible trade deficit of $363.9 million as compared with a deficit of $82 million for the same period of 2021.
“During this period, CARICOM imports were approximately $311.3 million more than those over the same period in 2021, an increase of 144.6 per cent. Total exports to CARICOM for January to June 2022 were $29.4 million more than total exports for the corresponding period 2021, an increase of 22.1 per cent.
“Domestic exports increased by approximately $27.7 million or 25 per cent over the same period 2021. The value of re-exports increased by $1.8 million or 7.9 per cent over the January to June 2021 figure.”
The trade bulletin showed that the United States was Barbados’ main trading partner. Barbados purchased goods worth $767.3 million from the US, up from the $592.4 million worth bought in the same period last year. (SC)