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Bermuda Trade Summary

2020

Bermuda exports, imports, tariff by year.

Country and Region
Year
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Please note the exports, imports and tariff data are based on reported data and not gap filled. Please check the Data Availability for coverage.

Imports/Exports


Products

TRADE SUMMARY FOR BERMUDA 2020

Overall Exports and Imports for Bermuda 2020

Exports and imports of Bermuda in 2020 are below, along with number of countries and products

  • The total value of exports (FoB) was 19 million.
  • The total value of imports (CIF) was 904 million.
  • At the HS6 digit level, 367 products were exported to 26 countries and 3,385 products were imported from 185 countries.

Bermuda top 5 Export and Import partners 2020

Top five countries to which Bermuda exported in 2020 are below, along with the percent of total exports that went to that country:

  1. Bermuda exports to United States worth US$ 18 million, with a partner share of 94.16 percent.
  2. Bermuda exports to United Kingdom worth US$ 0 million, with a partner share of 1.54 percent.
  3. Bermuda exports to Germany worth US$ 0 million, with a partner share of 1.28 percent.
  4. Bermuda exports to Denmark worth US$ 0 million, with a partner share of 0.85 percent.
  5. Bermuda exports to Belgium worth US$ 0 million, with a partner share of 0.71 percent.

Top five countries from which Bermuda imported goods in 2020 are below, along with percent of total imports that came from the country :

  1. Bermuda imports from United States worth US$ 632 million, with a partner share of 69.92 percent.
  2. Bermuda imports from Canada worth US$ 71 million, with a partner share of 7.91 percent.
  3. Bermuda imports from United Kingdom worth US$ 45 million, with a partner share of 5.03 percent.
  4. Bermuda imports from China worth US$ 27 million, with a partner share of 3.04 percent.
  5. Bermuda imports from Netherlands worth US$ 11 million, with a partner share of 1.22 percent.

Bermuda Top 5 Productsexports imports at HS 6 digit level 2020

The top five exported HS 6 digit level products to world by Bermuda along with trade value are:

  1. Bermuda exported Strings, musical instrument , worth US$ 9,209.30 million.
  2. Bermuda exported Rum and tafia , worth US$ 2,482.61 million.
  3. Bermuda exported Special purpose motor vehicles nes , worth US$ 1,495.12 million.
  4. Bermuda exported Equipment for scaffolding, shuttering, propping , worth US$ 1,078.04 million.
  5. Bermuda exported Generating sets,diesel or semi-diesel exceeding , worth US$ 454.00 million.

The top five imported HS 6 digit level products from world by Bermuda along with trade value are

  1. Bermuda imported Petroleum oils, etc, (excl. crude); preparation , worth US$ 50,597.34 million.
  2. Bermuda imported New stamps; stamp-impressed paper; banknotes; c , worth US$ 34,903.30 million.
  3. Bermuda imported Other medicaments of mixed or unmixed products, , worth US$ 14,797.59 million.
  4. Bermuda imported Other bread, etc, nes; communion wafers, rice p , worth US$ 11,293.35 million.
  5. Bermuda imported Wine (not sparkling); grape must with by alcoho , worth US$ 9,804.73 million.

Exports and Imports of Product Groups 2020

Exports and imports of products by stages of processing in 2020 are below along with their corresponding Product Share as percent of total export or import

Tariffs 2020

Tariffs imposed by Bermuda in 2020 are below

  • The maximum rate of tariff in percentage on any product was 3,000 percent.
  • The simple average tariff across all products was 22.26 percent.
  • The trade weighted average tariff was 24.07 .
  • The total duty free imports in thousands of US dollars were 63,766.04 and duty free tariff line items share was 7.03 percent.

Development Indicators 2020

Key Development Indicators of Bermuda in 2020 are below

  • Bermuda GDP in current US dollar was 6,887 million.
  • GNI per capita, Atlas method (current US$) was 111,800.00 .
  • Bermuda Trade balance: as % of GDP was 25.08.
  • Trade balance in current US$ was 1,727.00 million.
  • Trade as percentage of GDP was 69.20 .
  • Trade in services as percentage of GDP was 26.33 .

Trade Indicators 2020

Trade Indicators for Bermuda in 2020 are below

  • Hirschman Herfindahl market concentration index was 0.57.
  • Index of export market penetration was 1.37.
  • World Growth in percentage was -3.75 and Bermuda Country Growth was -32.11 .