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Analysis and Studies - Country Analysis

Bahamas: a look at the market

By SkyMinder Sales Enablement Team September 13th 2024

The Bahamas is an archipelago in the Atlantic Ocean, consisting of around 700 islands, most of which are uninhabited. Originally settled by the Lucayan people, piracy thrived in the 17th and 18th centuries because of proximity to shipping lanes and the territory came under British rule in 1718, and remained that way until 1973, when it gained its independence.

Today, the nation faces significant challenges from hurricanes, climate change, and its dependence on tourism. Bahamian culture is a vibrant mix of African, European, and indigenous traditions, celebrated through events like Junkanoo and deeply rooted in Christian faith. Conservation efforts play a key role in preserving its diverse ecosystems and rich marine life.

The flag consists of a black equilateral triangle at the hoist, set against three horizontal stripes in aquamarine, gold, and aquamarine. The black triangle symbolizes the power and unity of the Bahamian people, with its point facing forward to signify their determination to tap into the nation’s rich resources. The gold stripe stands for the sun, while the aquamarine represents the clear blue waters surrounding the islands.

Bahamas has a high level of specialization in Scrap Vessels ($101M), Documents of title (bonds etc) and unused stamps ($92.1M), Video Cameras ($14.8M), Special Purpose Ships ($576M), and Gravel and Crushed Stone ($27.3M).

 

 

In 2022 the Bahamas was the 139th economy in the world in terms of total exports, with a trade of $2.83B, and the 124th in total imports, with a trade of $8.55B.

 In 2022 the most exported product was Refined Petroleum, with a trade of $1.24B, ahead of Special Purpose Ships ($576M), Passenger and Cargo Ships ($196M), Raw Aluminium ($172M), and Scrap Vessels ($101M), exporting mostly to United States (49.3%), Côte d'Ivoire (20.3%), Germany (9%), Thailand (6.54%), and Poland (4.02%).

The graphic reveals the Bahamas' strategic importance in energy, specialized shipping, and industrial materials across various global markets. The export landscape is dominated by refined petroleum, mainly shipped to the United States, underscoring its key role in regional energy supply, but the country also specializes in exporting special purpose ships exclusively to Côte d'Ivoire, highlighting a unique niche in custom maritime vessels.

Additionally, passenger and cargo ships are delivered to Poland and Thailand, reflecting the Bahamas' strong position in the global shipbuilding market. Its raw aluminum exports are focused on Germany, integrating the country into European manufacturing supply chains, while scrap vessels are primarily sent to Thailand and Turkey, indicating involvement in international ship recycling.

  1. Refined Petroleum (43.8%): 83.5% United States, 3.4% Guatemala. 3.03% Brazil, 2.41% Barbados, 1.68% Dominican Republic, 0.84% Germany
  2. Special Purpose Ships (20.3%): 100% Côte d’Ivoire
  3. Passenger and Cargo Ships (6.91%): 58.1% Poland, 41.9% Thailand
  4. Raw Aluminium (6.07%): 99.2% Germany
  5. Scrap Vessels (3.56%): 86.3% Thailand, 13.7% Turkey

Refined Petroleum was also the most imported product, with a trade of $3.86B, followed by Passenger and Cargo Ships ($759M), Recreational Boats ($245M), Cars ($202M), and Special Purpose Ships ($182M), with the United States being the major source (58.6%), ahead of South Korea (6.29%), Germany (5.74%), China (4.73%), and Brazil (3.79%).

These patterns reveal the Bahamas' strategic reliance on diverse international partners for energy, maritime equipment, and vehicles. The country imports the most refined petroleum, primarily from the United States, with additional sources including Brazil and China, highlighting its dependence on energy supplies of the United States.

Passenger and cargo ships are mainly sourced from South Korea and Japan, showcasing connections with major shipbuilding countries, while recreational boats are predominantly imported from the United States, emphasizing American dominance in this market. Car imports are led by Germany, with contributions from the United States and Japan, reflecting a broad automotive supply network, whereas special purpose ships are almost entirely imported from South Korea, underscoring its leading role in this sector.

  1. Refined Petroleum (45.1%): 70.5% United States, 7.35% Brazil, 4.83% China, 4.2% Colombia, 4.08% Canada, 2.84% Italy, 1.91% Greece
  2. Passenger and Cargo Ships (8.87%): 44.6% South Korea, 29.7% Japan, 19.1% Poland, 3.35% Angola, 1.57% United States
  3. Recreational Boats (2.87%): 94.8% United States, 1.21% Poland, 1.08% France
  4. Cars (2.36%): 41.1% Germany, 31.6% United States, 12.3% Japan, 3.85% China, 2.79% South Korea, 1.41% Brazil
  5. Special Purpose Ships (2.13%): 99.3% South Korea

Between 2021 and 2022 the fastest growing exporter was the United States, with an increase of $1.11B, followed by Côte d’Ivoire ($319M) and Germany ($94.2M).

 

 

  1. United States: from $286M to $1.4B
  2. Côte d’Ivoire: from $257M to $576M
  3. Germany: from $161M to $255M

The United States was also the country which saw the fastest growth in imports, with an increase of $2.41B, ahead of Italy ($119M) and Japan ($73.8M).

 

 

 

  1. United States: from $2.61B to $5.01B
  2. Italy: from $15.1M to $134M
  3. Japan: from $199M to $273M

Sources: 

https://oec.world/en

https://www.cia.gov/the-world-factbook/countries/