National

Economist: 44% Decrease In Exports Not Concerning

NASSAU, BAHAMAS – We take a closer look at the country’s economic pulse with revelations from the latest Bahamas National Statistical Institute report.

Published

2 years ago

June 21, 2024

Joshua Williams

NASSAU, BAHAMAS – We take a closer look at the country’s economic pulse with revelations from the latest Bahamas National Statistical Institute report.

New data shows exports from the country have decreased nearly 50% for the first quarter of this year while imports have risen slightly. We spoke with an economist and former cabinet minister who helped to put the numbers into perspective.

The Bahamas National Statistical Institute’s first quarter 2024 foreign trade report shows a 44% decrease in total exports from the country. However, former cabinet member and economist Zhivargo Laing suggests there is no cause for concern. Laing told our news that quarterly numbers can fluctuate and pointed out the country’s primary “export” is not tangible goods.

The report also indicates total imports increased by less than one percent compared to last year. Specifically, the country imported food and live animals totaling $199 million, whereas exports in the same category amounted to only $24 million. Yet, the question persists: are we importing too much food?

Overall, The Bahamas imported commodities totaling slightly over $1 billion, with the majority being machinery and equipment. Laing expressed a desire to see the country further diversify.