Barbados Trade Deficit Widens to $1.6 Billion in First Half of 2024: BSS Report
September 2, 2024
Barbados' trade deficit reached $1.6 billion in the first half of the year, driven by increased imports overshadowing export growth, as per the Barbados Statistical Service's trade bulletin for June.
Barbados’ trade deficit widened to $1.6 billion in the first half of the year, with an increase in imports offsetting export growth.
This is detailed in the Barbados Statistical Service (BSS) monthly trade bulletin for June, which reported that the trade deficit between Barbados and CARICOM also expanded, ending the six months at $411.1 million.
“For the period January to June 2024, the value of imports to Barbados was $2.1 billion, whilst the value of total exports was approximately $500 million representing an accumulated visible trade deficit of $1.6 billion as compared to a similar deficit of $1.5 billion for January to June 2023,” the BSS report stated.
“Imports for January to June 2024 were $96.7 million more than imports for the same period in 2023, which represents an increase of 4.7 per cent. Total exports showed an increase of $25.5 million or 5.4 per cent over the January to June 2023 figure.”
It added: “Domestic exports decreased by $7.1 million or 2.9 per cent over January to June 2023. The value of re-exports increased by $32.6 million or 14.4
per cent over the corresponding period in 2023.”
On trade with CARICOM countries, the BSS said that “for the period January to June 2024, total imports from CARICOM were valued at $568.9 million, whilst total exports were $157.8 million resulting in a visible trade deficit of $411.1 million as compared with a deficit of $363 million for the same period of 2023”.
“During this period, CARICOM imports were approximately $34.6 million more than those over the same period in 2023, an increase of 6.5 per cent. Total exports to CARICOM for January to June 2024 were approximately $13.5 million less than total exports for the corresponding period 2023, a decrease of 7.9 per cent,” the trade bulletin stated.
“Domestic exports decreased by approximately $15.6 million or 10.6 per cent over the same period 2023. The value of re-exports increased by $2.1 million or 8.7 per cent over the January to June 2023 figure.” (SC)
