WTO Report - The Future of Trade: The Challenges of Convergence
Barbados -Trade Profile UWI's Shridath Ramphal Centre
1. Population: 256,000
BARBADOS Area: 430 sq km (166 sq miles)
MAIN ECONOMIC INDICATORS
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
GDP ($US, billions) 2.56 2.55 2.48 2.70 2.82 3.01 3.19 3.41 3.67 3.60 3.63
GDP (% change) 2.3 -2.6 0.7 2.0 4.8 3.9 3.2 3.4 0.2 -5.3 -0.5
GDP per capita ($US) 9,502 9,463 9,144 9,922 10,367 10,999 11,646 12,404 13,314 13,003 13,090
Current account balance ($US, billions) -0.14 -0.11 -0.16 -0.17 -0.34 -0.40 -0.27 -0.18 -0.38 -0.18 -0.21
Current account balance (% of GDP) -5.5 -4.1 -6.5 -6.3 -12.0 -13.1 -8.4 -5.4 -10.5 -5.1 -5.7
Inflation (% change) 2.4 2.6 -1.2 1.6 1.4 6.1 7.3 4.0 8.1 3.5 5.3
Unemployment+ (%) 9 10 10 11 10 - - - - - -
GDP (% change) Inflation (% change) GDP Current account balance
4.00
8.0
3.50
6.0 3.00
4.0 2.50
$US Billions
2.0 2.00
%
1.50
0.0
1.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-2.0
0.50
-4.0 0.00
-6.0 -0.50 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: IMF World Economic Outlook April 2010
+
Source: The World Bank - http://databank.worldbank.org
*Numbers in italics represent estimates
2. Population: 256,000
BARBADOS Area: 430 sq km (166 sq miles)
MAIN TRADE INDICATORS – GOODS
2004 2005 2006 2007 2008
Trade Balance ($US, thousands) -898,715 -1,310,622 -1,187,341 -984,427 -1,290,068
Total Exported Value ($US, thousands) 195,039 361,242 441,214 314,230 454,195
Total Imported Value ($US, thousands) 1,093,754 1,671,864 1,628,555 1,298,657 1,744,263
Top 10 Markets by % of Total Exported Value (2008) Top 10 Markets by % of Total Imported Value (2008)
United States of America 21% United States of America 37%
Trinidad and Tobago 9% Trinidad and Tobago 20%
United Kingdom 9% United Kingdom 5%
Saint Lucia 5% Japan 4%
Jamaica 4% China 4%
Netherland Antilles 3% Canada 3%
St Vincent & the Grenadines 3% Suriname 3%
Guyana 3% Germany 2%
Grenada 2% France 2%
Antigua and Barbuda 2% New Zealand 1%
Clocks Top 5 Exports by % of Total Exported Value (2008) Top 5 Imports by % of Total Imported Value (2008)
and Pharmaceutical
Sugars and Vehicles other
watches products, 4%
sugar than railway,
and
confectionery, tramway, 6%
parts, 5%
5% Mineral fuels,
oils, distillation
Mineral fuels, products, etc,
oils, distillation 18%
Pharmaceutical Electrical,
products, 26%
products, 9% electronic
equipment, 7%
Nuclear
Beverages, reactors,
spirits and boilers,
vinegar, 10% machinery, 9%
Source: International Trade Centre – www.trademap.org
3. Population: 256,000
BARBADOS Area: 430 sq km (166 sq miles)
MAIN TRADE INDICATORS – SERVICES
2003 2004 2005 2006 2007
Trade Balance ($US, thousands) 241,880 224,500 220,800 328,940 383,060
Total Exported Value ($US, thousands) 757,830 775,330 897,240 1,056,770 1,199,090
Total Imported Value ($US, thousands) 515,950 550,830 676,440 727,830 816,030
Top Exports by % of Total Exported Value (2007) Top Imports by % of Total Imported Value (2007)
Travel 73% Transportation 31%
Other business services 8% Insurance services 28%
Insurance services 8% Travel 12%
Financial services 5% Other business services 12%
Transportation 2% Government services 8%
Government services 2% Royalties and license fees 3%
Communications services 1% Communications services 2%
Construction services 1% Financial services 2%
Computer & information services 1% Construction services 2%
Personal, cultural & recreational services 0.05% Computer & information services 1%
Royalties and license fees 0.02% Personal, cultural & recreational services 0.1%
Source: International Trade Centre – www.trademap.org