A British Overseas Territory and island in the North Atlantic Ocean, Bermuda shipped US$22.3 million worth of exported products around the world in 2023.

That dollar amount results from a -16.9% decrease from $26.8 million 5 years earlier during 2019.

Year over year, the value of all goods exported from Bermuda dropped by -33.5% compared to $33.5 million for 2022.

The top 3 most valuable exports from Bermuda are alcoholic beverages, yachts and other pleasure or sports vessels, then electric generating sets or converters. Combined, that trio of major export product categories accounts for 31% of total sales for Bermudian exported goods in 2023.

Bermuda’s Major Trading Partners

The latest available country-specific data shows that 99.6% of products exported from Bermuda was bought by importers in: United States of America (89.9% of the Bermudian total), Canada (2.5%), United Kingdom (2.3%), Netherlands (1.5%), Finland (1.4%), Germany (1%), Denmark (0.25%), Ireland (0.24%), Spain (0.16%), Portugal (0.13%), Taiwan (also 0.13%) and France (0.1%).

From a continental perspective, 92.4% of Bermuda’s exports by value was delivered to North American countries while 7.3% was sold to importers in Europe. Bermuda shipped another 0.3% worth of goods to Asia.

Tinier percentages went to buyers in Asia (0.3%), Latin America (0.03%) excluding Mexico but including the Caribbean, then Oceania’s New Zealand (0.01%).

Given Bermuda’s population of 64,069, the island shipped an average $350 worth of exported goods per capita in 2023. That metric is higher than the average $520 per capita for 2022.

Bermuda’s Top 10 Exports

The following export product groups represent the highest dollar value in Bermudian global shipments during 2023 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Bermuda.

1. Beverages, spirits, vinegar: US$4 million (17.8% of total exports)
2. Ships, boats: $2.6 million (11.6%)
3. Electrical machinery, equipment: $2.6 million (11.4%)
4. Optical, technical, medical apparatus: $2.2 million (9.8%)
5. Machinery including computers: $2.1 million (9.6%)
6. Aircraft, spacecraft: $536,000 (2.4%)
7. Gems, precious metals: $535,000 (2.4%)
8. Other base metal goods: $320,000 (1.4%)
9. Vehicles: $319,000 (1.4%)
10. Cereal/milk preparations: $162,000 (0.7%)

Bermuda’s top 10 export product categories generated over two-thirds (68.7%) of the overall value of its global shipments.

Ships and boats represent the fastest grower among the top 10 export categories, up by 129,700% from 2022 to 2023.

In second place for improving export sales was the miscellaneous base metal goods category, propelled by a 10,567% advance.

Bermuda’s shipments of aircraft and spacecraft posted the third-fastest gain in value, up by 362.1%.

The leading decliner among Bermuda’s top 10 export categories was machinery including computers, recording a -51.9% year-over-year drop.

Products Generating Bermuda’s Best Trade Surpluses

Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. This can result in a positive or negative trade balance.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

Below are exports from Bermuda that result in positive net exports or product trade balance surpluses. The positive net export reveals the product category where foreign spending on home country Bermuda’s goods exceed Bermudian importer spending on foreign products.

• Aircraft, spacecraft: US$509,000 (Up by 447.3% since 2022)

Products Causing Bermuda’s Worst Trade Deficits

Overall Bermuda incurred an -US$1.158 billion trade deficit in 2023, flatlining by -0.1% from -$1.159 billion in red ink one year earlier for 2022.

Below are exports from Bermuda that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Bermuda’s goods trail Bermudian importer spending on foreign products.

1. Mineral fuels including oil: -US$97.4 million (Down by -31.2% since 2022)
2. Machinery including computers: -$71.9 million (Down by -1.7%)
3. Books, newspapers, pictures: -$71.2 million (Up by 9.7%)
4. Electrical machinery, equipment: -$58.7 million (Up by 2.9%)
5. Vehicles: -$58.3 million (Up by 19.2%)
6. Beverages, spirits, vinegar: -$49.6 million (Down by -0.8%)
7. Furniture, bedding, lighting, signs, prefabricated buildings: -$49.4 million (Up by 0.7%)
8. Pharmaceuticals: -$34.7 million (Up by 7.6%)
9. Plastics, plastic articles: -$34.2 million (Down by -7.8%)
10. Meat: -$28.9 million (Up by 0.3%)

Bermuda has highly negative net exports and therefore deep international trade deficits for refined petroleum oils and petroleum gas under the product category mineral fuels including oil.

Bermudian Export Companies

Nine businesses with headquarters in Bermuda rank among Forbes Global 2000. Below is a sample of the world-class Bermudian companies that Forbes included.

1. Seadrill (oil services & equipment)
2. Everest Re Group (diversified insurance)
3. PartnerRe (diversified insurance)
4. Arch Capital Group (property/casualty insurance)
5. Axis Capital Holdings (diversified insurance)
6. Assured Guaranty (diversified insurance)
7. Nabors Industries (oil services & equipment)
8. Catlin Group (property/casualty insurance)
9. Signet Jewelers (jewelry stores)

Wikipedia lists exports-related companies from Bermuda. Selected examples are shown below.

• Bacardi (alcoholic beverages)
• Gosling Brothers (alcoholic beverages)
• Nabors Industries (oil, natural gas)
• Scorpion Offshore (oil, gas)

 

Bermuda’s capital city is Hamilton.

See also Cuba’s Top 10 Exports, Jamaica’s Top 10 Exports and Colombia’s Top Trading Partners

Research Sources:
FlagPictures.org, Flag of Bermuda. Accessed on November 24, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 24, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 24, 2024

Investopedia, Net Exports Definition. Accessed on November 24, 2024

Royal Gazette, Bermuda Employment statistics. Accessed on November 24, 2024

Trade Map, International Trade Centre. Accessed on November 24, 2024

Wikipedia, Bermuda. Accessed on November 24, 2024

Wikipedia, List of Companies of Bermuda. Accessed on November 24, 2024