The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

Senator Barry Griffin, deputy chairman of the National Trade Committee, maintained yesterday the export of Bahamian goods remain “steady” amid reports that exports declined by 44 percent in the first quarter of the year.

The Bahamas National Statistical Institute (BNSI) quarterly foreign trade statistics revealed the export of Bahamian goods totalled $95m for the first quarter of 2024, a 44 percent decrease from the same period last year.

The quarterly foreign trade statistics said food and live animal exports totalled $24m or 25 percent of total exports, mineral fuels, lubricants and related articles exports totalled $23m or 24 percent of total exports and crude mineral exports totalled $14m or 15 percent of total exports.

Areas such as manufactured goods and machinery and transport equipment decreased by up to 82 percent

“Manufactured Goods Classified Chiefly by Materials, Machinery & Transport Equipment and Mineral Fuels, Lubricants and Related Materials showed decreases of 82 percent, 65 percent, 54 percent respectively”, said the BNSI report.

Mr Griffin explained the export data analysed both exports and re-exports and the main export, food and live animals were fisheries products exported from The Bahamas while the decline in manufactured goods and machinery and equipment were re-exports, or non-Bahamian products such as equipment used in construction and manufacturing.

He said: “The decline that is noted in ‘manufactured goods’, ‘machinery and equipment’ of 82 percent and 65 percent in first quarter 2024 appear to be in re-exports. These are non-Bahamian products that came into the country and were then re-exported out. This is the case of specialised equipment for construction and manufacturing for example.

“So in real terms, the export of what we would deem as Bahamian products remained steady.”

Mr Griffin said the Davis administration is “committed” to promoting Bahamian products globally aiming to increase exports.

He said the National Trade Facilitation Committee is reviewing all current trade agreements and is working to educate the private sector on how they can take advantage of those agreements.

He said: “The goal is educate Bahamian businesses on how to take advantage of the opportunities in these agreements. For example, under the EPA with the UK and the EPA with the EU, a number of Bahamian goods would qualify for duty free access into those markets.

“Our goal is to arm the private sector with that information so that they may take advantage of it.”

The BNSI report also revealed imports for the first quarter totalled $1,027bn, a one percent increase from the same period last year with the import of machinery and transport equipment being the largest contributor at $240m or 17 percent of total imports.

The import of food and live animals was the second largest contributor, accounting for $199m or less than one percent of total imports for the quarter.

“Other categories that contributed significantly to total imports were ‘Miscellaneous Manufactured Articles’, ‘Mineral Fuels, Lubricants & Related Materials’, and ‘Chemicals’ with a combined total of $329m, 32 percent of total imports,” said the BNSI.