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• Barbados: a look at the market

Barbados: Trade Overview (2022)

Economic Position

In 2022, Barbados ranked as the 176th largest economy in the world by total exports and the 164th by total imports. These figures highlight the nation’s modest role in global trade, with a reliance on specific niche industries and key trading partners.

Exports

Barbados' primary exports reflect a mix of traditional and specialized goods. The leading export products include hard liquor ($64.1M), packaged medicaments ($23.7M), passenger and cargo ships ($22M), high-proof alcohol (over 80% ABV) ($14.1M), and paper labels ($14.1M). These exports are primarily destined for a handful of key markets, with the United States ($88.6M) being the largest trading partner, followed by Jamaica ($43.3M), Trinidad and Tobago ($33.8M), Guyana ($29.7M), and Poland ($23.1M).

The focus on hard liquor and high-proof alcohol indicates the importance of Barbados’ spirits industry, which has historical and cultural significance. Additionally, the export of passenger and cargo ships suggests a small but notable shipbuilding or resale trade, while packaged medicaments and paper labels reflect diversified industrial capabilities.

Imports

Barbados imports a wide range of goods to meet domestic needs and support its economy. The top import categories include Refined Petroleum ($388M), Cars ($70.9M), Railway Cargo Containers ($42.2M), Packaged Medicaments ($37.3M), and Other Edible Preparations ($25.6M). The largest suppliers are the United States ($859M), followed by China ($166M), Trinidad and Tobago ($132M), the United Kingdom ($94.8M), and the Netherlands ($68M). The significant reliance on refined petroleum underscores Barbados’ energy needs, while the import of cars and cargo containers reflects the island’s dependence on transport and logistics infrastructure. The import of packaged medicaments and edible preparations indicates the demand for healthcare and food products.

 Geographic Context

Barbados is strategically located in the Caribbean, bordered by sea with several regional neighbors, including France (via its territories), Guyana, Saint Lucia, Saint Vincent and the Grenadines, and Trinidad and Tobago. This proximity fosters trade relationships within the Caribbean and beyond, leveraging the island's location as a maritime hub.

In conclusion, Barbados' trade profile is shaped by its small but specialized economy, focusing on key export industries like spirits and pharmaceuticals, while relying heavily on imports for energy, transportation, and consumer goods. Its geographic location further enhances its role in regional trade dynamics.

Highly Specialized Products by RCA Index

Barbados exhibits significant specialization in certain products based on the Revealed Comparative Advantage (RCA) index. The country is particularly specialized in Other Paints (RCA: 145), Paper Labels (RCA: 143), Video Cameras (RCA: 104), Hard Liquor (RCA: 95.5), and Bitumen and Asphalt (RCA: 94.6). The RCA index quantifies specialization by comparing the observed export levels of Barbados for each product with the expected global export levels.

Source: BACI HS6 Revision 1992 (1995–2022).

Souce: https://oec.world/