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Bermuda Trade Summary

2023

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 2023

Overall Exports and Imports for Bermuda 2023

Exports and imports of Bermuda in 2023 are below, along with number of countries and products

  • The total value of exports (FoB) was 22 million.
  • The total value of imports (CIF) was 1,179 million.
  • At the HS6 digit level, 450 products were exported to 32 countries and 3,359 products were imported from 166 countries.

Bermuda top 5 Export and Import partners 2023

Top five countries to which Bermuda exported in 2023 are below, along with the percent of total exports that went to that country:

  1. Bermuda exports to United States worth US$ 20 million, with a partner share of 89.91 percent.
  2. Bermuda exports to Canada worth US$ 1 million, with a partner share of 2.52 percent.
  3. Bermuda exports to United Kingdom worth US$ 1 million, with a partner share of 2.28 percent.
  4. Bermuda exports to Netherlands worth US$ 0 million, with a partner share of 1.55 percent.
  5. Bermuda exports to Finland worth US$ 0 million, with a partner share of 1.38 percent.

Top five countries from which Bermuda imported goods in 2023 are below, along with percent of total imports that came from the country :

  1. Bermuda imports from United States worth US$ 914 million, with a partner share of 77.56 percent.
  2. Bermuda imports from United Kingdom worth US$ 61 million, with a partner share of 5.17 percent.
  3. Bermuda imports from Canada worth US$ 46 million, with a partner share of 3.94 percent.
  4. Bermuda imports from China worth US$ 26 million, with a partner share of 2.19 percent.
  5. Bermuda imports from Japan worth US$ 11 million, with a partner share of 0.96 percent.

Bermuda Top 5 Productsexports imports at HS 6 digit level 2023

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

  1. Bermuda exported Rum and tafia , worth 3,882.88 (US$ Thousands).
  2. Bermuda exported Motorboats, other than outboard motorboats , worth 1,950.00 (US$ Thousands).
  3. Bermuda exported Generating sets,diesel or semi-diesel exceeding , worth 1,012.50 (US$ Thousands).
  4. Bermuda exported Warships, lifeboats, hospital ships and vessels , worth 636.06 (US$ Thousands).
  5. Bermuda exported Boring or sinking machinery nes, not self-prope , worth 463.36 (US$ Thousands).

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 95,152.56 (US$ Thousands).
  2. Bermuda imported New stamps; stamp-impressed paper; banknotes; c , worth 67,935.06 (US$ Thousands).
  3. Bermuda imported Other medicaments of mixed or unmixed products, , worth 29,086.95 (US$ Thousands).
  4. Bermuda imported Other bread, etc, nes; communion wafers, rice p , worth 13,920.19 (US$ Thousands).
  5. Bermuda imported Wine (not sparkling); grape must with by alcoho , worth 13,559.67 (US$ Thousands).

Exports and Imports of Product Groups 2023

Exports and imports of products by stages of processing in 2023 are below along with their corresponding Product Share as percent of total export or import

Tariffs 2023

Tariffs imposed by Bermuda in 2023 are below

  • The maximum rate of tariff in percentage on any product was 3,000 percent.
  • The simple average tariff across all products was 22.11 percent.
  • The trade weighted average tariff was 24.15 .
  • The total duty free imports in thousands of US dollars were 50,800.61 and duty free tariff line items share was 8.57 percent.

Development Indicators 2023

Key Development Indicators of Bermuda in 2023 are below

  • Bermuda GDP in current US dollar was 8,579 million.
  • GNI per capita, Atlas method (current US$) was 134,500.00 .
  • Bermuda Trade balance: as % of GDP was 26.87.
  • Trade balance in current US$ was 2,305.00 million.
  • Trade as percentage of GDP was 73.59 .
  • Trade in services as percentage of GDP was 31.13 .

Trade Indicators 2023

Trade Indicators for Bermuda in 2023 are below

  • Hirschman Herfindahl market concentration index was 0.28.
  • Index of export market penetration was 1.43.
  • World Growth in percentage was -3.13 and Bermuda Country Growth was 92.26 .