Imports surges by 49.4% during first half of 2022

Durrant Pate/Contributor

Barbados’ trade deficit with its CARICOM neighbours and the rest of the world has worsen during the first half of 2022.

The Barbados Statistical Service gave details of this in its monthly trade bulletin for June, the most recently available edition of the publication. For the period January to June 2022, the value of imports to Barbados was $2.15 billion, while total export was valued at $504.6 million.

This represented an accumulated visible trade deficit of $1.64 billion. This is a marked decline in the trade deficit, as compared to a $1.12 billion recorded for January to June 2021.

According to the Barbados Statistical Service, “imports for January to June 2022 were $713.2 million more than imports for the same period 2021, an increase of 49.4 per cent”.

Exports grew 58%

Total exports showed an increase of some $185.9 million or 58 per cent over the January to June 2021 figure. Domestic exports increased by $26.5 million or 12 per cent over January to June 2021.

The value of re-exports increased by $159.4 million or 159 per cent over the same period in 2021. For the period January to June 2022, total imports from CARICOM were valued at $526.6 million, while total exports were $162.7 million.

This caused a rise in the accumulated visible trade deficit to $363.9 million as compared with a deficit of $82 million for the same period of 2021. Domestic exports increased by approximately $27.7 million or 25 per cent over the same period 2021.

The value of re-exports increased by $1.8 million or 7.9 per cent over the January to June 2021 figure. The trade bulletin showed that the United States was Barbados’ main trading partner.

Barbados purchased goods worth $767.3 million from the US, up from the $592.4 million worth bought in the same period last year.