Bermuda

Bermuda ranked No. 108 in total trade value through June with a total of $270.09 million. Exports totaled $252.01 million and Imports totaled $18.08 million, a surplus of $233.93 million.

U.S. trade with Bermuda rose to $270.09 million through June

Bermuda’s trade with the United States rose to $270.09 million through the first six months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 20.46 percent below its total trade during the same time period last year. U.S. exports to Bermuda decreased 23.4 percent while U.S. imports from Bermuda rose 71.29 percent. The U.S. surplus with Bermuda was $233.93 million.

Through June, the top five among the nation’s airports, seaports and border crossings were No. 1 Tucson International Airport, Ariz.; No. 2 Port of New York; No. 3 Port of Fernandina Beach, Fla.; No. 4 Port of Wilmington, Dela.; and No. 5 Port of Newark. During the same period the previous year, the top five were No. 1 Port of Fernandina Beach, Fla.; No. 2 Port of New York; No. 3 Low-Valued Imports and Exports; No. 4 Port of Wilmington, Dela. and No. 5 John F. Kennedy International Airport. In the current time period, the top five accounted for 69.63 percent of Bermuda’s U.S. trade.

Among those top five:

  • Trade with No. 1 Tucson International Airport, Ariz. totaled $57.02 million.
    Exports totaled $57.02 million. There were no imports.
  • Trade with No. 2 Port of New York fell 12.77 percent to $37.85 million.
    Exports fell 12.48 percent to $37.85 million. There were no imports.
  • Trade with No. 3 Port of Fernandina Beach, Fla. fell 16.93 percent to $37.08 million.
    Exports fell 14.92 percent to $37.04 million. Imports fell 96.36 percent to $40,044.
  • Trade with No. 4 Port of Wilmington, Dela. fell 13.1 percent to $30.3 million.
    Exports fell 13.13 percent to $30.29 million. Imports rose 67.43 percent to $17,120.
  • Trade with No. 5 Port of Newark fell 15.03 percent to $25.81 million.
    Exports fell 14.12 percent to $24.33 million. Imports fell 27.67 percent to $1.49 million.

Bermuda ranked No. 108 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 110.

Meanwhile, total U.S. trade with the world increased to $1.77 trillion, down 57.4 percent compared to the same period last year. The nation’s exports dropped 58.23 percent to $687.16 billion; imports dropped 56.85 percent to $1.08 trillion. The nation’s top five countries so far this year, by value, are Canada; Mexico; China; Japan and Germany. The overall trade deficit was $391.01 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Bermuda by value through June were the categories of Civilian aircraft, parts; Low value shipments; Computers; Medicines in individual dosages; and Cell phones, related equipment, respectively. They accounted for 40.3 percent of total exports to Bermuda.

The value of the top five categories of U.S. imports from Bermuda –– Returned exports, without change; Rum, gin, vodka, other liquors; Pebbles, gravel; Estimates of low-value imports; and U.S. government imports –– accounted for 97.08 percent of all inbound shipments.

Looking more closely at U.S. exports to Bermuda:

  • Civilian aircraft, parts rose 9600.47 percent compared to last year to $57.04 million.
  • Low value shipments fell 37.62 percent compared to last year to $25.65 million.
  • Computers rose 75.17 percent compared to last year to $7.34 million.
  • Medicines in individual dosages rose 302.46 percent compared to last year to $6.18 million.
  • Cell phones, related equipment fell 15.37 percent compared to last year to $5.35 million.

Looking more closely at U.S. imports from Bermuda:

  • Returned exports, without change rose 181.13 percent compared to last year to $16.05 million.
  • Rum, gin, vodka, other liquors rose 5.47 percent compared to last year to $609,676.
  • Pebbles, gravel totaled $451,202. The previous year, there were no imports in this category.
  • Estimates of low-value imports fell 38.18 percent compared to last year to $228,004.
  • U.S. government imports fell 40.6 percent compared to last year to $209,327.

In the latest annual figures available, Bermuda recorded $599.1 million in trade with the United States. Total U.S. exports to Bermuda were $ 577.65 million and imports from Bermuda were $21.45 million. The U.S. surplus with Bermuda was $556.2 million.