• Bahamas

    Bahamas

    Development challenges 

    Bahamas has the third largest GDP per head in America, US$ 30,900, following the United States and Canada . Its economy relies on tourism, tourism -related construction and financial services. These sectors employ more than two thirds of the workforce and contribute to approximately 50% of its GDP , estimated at US$10,8 Bn in 2011. In order to diversify its economy away from the tourism sector, the country has developed an export oriented plastics and organic chemicals industry. They represent the core of the Bahaman exports, along with fish products. As most Caribbean countries, the economy was severely affected by the global crisis. The GDP contracted by 1,5% and 5,5% in 2008 and 2009 respectively. The economy is recovering progressively, spurred by a public works program and growing tourism revenues. As a result, its GDP grew by 1% in 2010 and 1,8% in 2011 . Despite its stable democratic environment and economic strengths, the Bahamas faces some development challenges, including:

    • Vulnerability to external shocks and natural disasters
    • Provide public services and formulate growth strategies in a country with more than 30 inhabited islands
    • Diseconomies of scale and narrow production base
    • Diversify the economy

    Key trade issues  

    • Limited international commercial integration
    • As a CARIFORUM member, further implementation of the Economic Partnership Agreement between this regional group and the European Union
    • Accession to the WTO as a full member, which requires a wide range of reforms including customs legislation, new technical standards, a new Foreign Direct Investment law and changes in the intellectual property legislation among others

     Government priorities  

    • Enhance skills and encourage job creation
    • Support the development of SMEs
    • Encourage the development and improvement of medical care
    • Improve the public service through E- government
    • Enhance government revenue 
    • Improve the business climate 

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    Trade and Tariff Graphs

    Graphs of the country’s export markets, its export performance in a key sector and tariffs exporters of a sample product face.
    Trademap sample Trademap sample: The map uses color codes to illustrate the relative size of different markets in the overall exports of the country shown in pink.
    Trademap sample Trademap sample: The vertical axis shows import values by key importing countries, while the horizontal axis shows export values by the country for the same sector. I.e. the country has gained market share in the case of an importing country at the bottom right of chart and lost market share for countries top left. The size of circles is proportional to market size.
    Market access map sample Market access map sample: The world map shows trade values and tariff levels for a key export product by importing countries. Color codes indicate protection levels. Red circles denote trade volumes.

    Trade and Investment Data

    Detailed data on the country’s export performance, key imports and foreign investment, grouped by product and service categories (HS and BOP).

    Trade Information Sources

    A listing of country specific print and online publications on trade related topics. Includes information from both ITC and external sources.

    Trade Contacts

    The most important trade contacts, including importers’ and exporters’ associations, trade support institutions, trade promotion organizations and institutions providing business development assistance.