Bermuda Export Data

Bermuda's Import/Export Overview and Domestic Market Update

Imports & Exports

• Top Trade Partners: Bermuda's major trading partners include the United States, the United Kingdom, and China, reflecting its strategic location and economic ties.

• Imports: The top 5 import commodities consist of machinery, electrical equipment, vehicles, foodstuffs, and pharmaceuticals, collectively accounting for over 50% of total imports.

• Exports: Bermuda primarily exports reinsurance services, followed by other financial services, which together make up a significant portion of its total exports.

• Trade Deficit Analysis: Bermuda experiences a substantial trade deficit, as imports far outweigh exports, driven by the need for consumer and capital goods not produced domestically.

• Trade Policy: Bermuda's trade policy focuses on enhancing economic ties with key partners and promoting a business-friendly environment, including favorable tax conditions for multinational companies.

Domestic Market

• Consumer Spending: Consumer spending in Bermuda is robust, driven by a high standard of living and tourism, but is susceptible to fluctuations in global economic conditions.

• Interest Rates & Inflation: Interest rates and inflation in Bermuda closely follow trends in the United States, impacting borrowing costs and price levels on the island.

• Supply Chain Resilience: Bermuda's supply chain, while reliant on imports, has shown resilience through diversified sourcing and strategic stockpiling, particularly for critical supplies.

• Industry Performance: Bermuda's economy is dominated by services, particularly financial and insurance services, with tourism and real estate also playing significant roles.

Overall Outlook

Bermuda's economy, while facing challenges such as high import dependency and global economic uncertainties, remains resilient and is poised for growth, supported by thriving service sectors and strategic international partnerships.