Trade in the Bahamas
The Bahamian economy is based primarily on tourism, which is concentrated mainly
in Nassau and Grand Bahama. According to the Economist Intelligence Unit,
tourism and construction are largely responsible for a real GDP growth of about
4 percent annually since 1996.
Tariff rates are very high; the Bahamas raises some 65 percent of its revenues
from import tariffs. The general rate of duty charges on imports is 32.8
percent. In addition to high tariffs, the Bahamas also charges a 7 percent stamp
tax on imported goods.
There are no other significant barriers to trade. However their is a very high
level of "protectionism" (that "protects" consumers from lower prices) which
leads to the higher price of goods compared to the nearby United States.
The Bahamas seeks increased foreign investment. However, the government
restricts foreign investment in a number of sectors: wholesale and retail
operations; commission agencies engaged in import–export trade; real estate and
domestic property management agencies; media and advertising; nightclubs and
restaurants (except specialty, gourmet, and ethnic restaurants); security
services; domestic distribution and building supplies; most construction
companies; personal cosmetics and beauty establishments; some fishing
operations; auto and appliance service operations; and public transportation.
Exports of goods and services: $1.8 billion
Major export trading partners: US 22.3%, Switzerland 15.6%, UK
15.0%, Denmark 7.4%
Imports of goods and services: $2.3 billion
Major import trading partners: US 27.3%, Italy 26.5%, Japan
10.0%, Denmark 4.2%
Foreign direct investment (net): $226 million
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