Bermuda

Bermuda ranked No. 108 in total trade value through March with a total of $177.12 million. Exports totaled $173.45 million and Imports totaled $3.67 million, a surplus of $169.78 million.

U.S. trade with Bermuda rose to $177.12 million through March

Bermuda’s trade with the United States rose to $177.12 million through the first three months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 21.19 percent above its total trade during the same time period last year. U.S. exports to Bermuda increased 25.15 percent while U.S. imports from Bermuda fell 51.41 percent. The U.S. surplus with Bermuda was $169.78 million.

Through March, 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 New Orleans and No. 5 Port of Wilmington, Dela.. In the current time period, the top five accounted for 75.65 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 rose 9.34 percent to $23.3 million.
    Exports rose 9.34 percent to $23.3 million. There were no imports.
  • Trade with No. 3 Port of Fernandina Beach, Fla. fell 1.52 percent to $21.37 million.
    Exports rose 1.83 percent to $21.33 million. Imports fell 94.67 percent to $40,044.
  • Trade with No. 4 Port of Wilmington, Dela. fell 0.09 percent to $17.02 million.
    Exports fell 0.13 percent to $17 million. Imports rose 93.96 percent to $14,945.
  • Trade with No. 5 Port of Newark rose 11.52 percent to $15.29 million.
    Exports rose 11.08 percent to $14.32 million. Imports rose 18.44 percent to $971,816.

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. 114.

Meanwhile, total U.S. trade with the world increased to $964.77 billion, down 4.16 percent compared to the same period last year. The nation’s exports dropped 3.07 percent to $395.69 billion; imports dropped 4.91 percent to $569.09 billion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $173.4 billion, down compared to the same period of last year when the deficit was $190.25 billion.

The top five U.S. exports to Bermuda by value through March were the categories of Civilian aircraft, parts; Low value shipments; Gold; Electric sound or visual signaling equipment; and X-ray apparatus, respectively. They accounted for 47.67 percent of total exports to Bermuda.

The value of the top five categories of U.S. imports from Bermuda –– Value added to a returned import; Pebbles, gravel; Rum, gin, vodka, other liquors; U.S. government imports; and Travel goods, including handbags, wallets, jewelry –– accounted for 87.91 percent of all inbound shipments.

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

  • Civilian aircraft, parts rose 203946 percent compared to last year to $57.02 million.
  • Low value shipments fell 17.04 percent compared to last year to $15.25 million.
  • Gold rose 57474 percent compared to last year to $3.88 million.
  • Electric sound or visual signaling equipment rose 4222.07 percent compared to last year to $3.3 million.
  • X-ray apparatus rose 1654.94 percent compared to last year to $3.22 million.

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

  • Value added to a returned import fell 37.34 percent compared to last year to $2.16 million.
  • Pebbles, gravel totaled $451,202. The previous year, there were no imports in this category.
  • Rum, gin, vodka, other liquors fell 6.55 percent compared to last year to $248,182.
  • U.S. government imports fell 40.6 percent compared to last year to $209,327.
  • Travel goods, including handbags, wallets, jewelry totaled $154,267. The previous year, there were no imports in this category.

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.