Barbados trade is actually secure, which includes Barbados Trade, Barbados Exports, Barbados Imports. For instance, when it comes to Barbados exports, it is estimated than the annual amount is around $385 million. Accounting for this are various commodities to include sugar/molasses, rum, manufactured goods, electrical components, and chemicals. Then for Barbados imports, the annual volume is around $1,585 billion. The commodities imported include foods, materials for construction, consumer goods, machinery, electrical components, fuel, and chemicals.
As far as Barbados trade specific to exportation, the countries that participate most include Trinidad and Tobago, followed by Jamaica, Brazil, the United States, the UK, Saint Lucia, Saint Vincent, and the Grenadines, respectively. Pertaining to imports for Barbados, the primary partners include the United States, Trinidad and Tobago, Russia, Columbia, and Germany.
Barbados was granted independence in 1966 and since that time, the island nation has literally been able to complete a full transformation, moving from a low income economy, one that lived off production of sugar to a country with medium income, one using various offshore sectors, as well as tourism to boost the economy. While this was a remarkable feat, during the 1990s, Barbados was subjected to a serious recession, which resulted in three long years of decline due to imbalances of the fundamental macroeconomic.
However, Barbados began to stabilize and by 1993, the country was again seeing improvement in the economic position. Since that time, the growth rate has maintained 3% to 5%. Driving the boost in economic stability are the three primary drivers to include tourism, international business, and foreign direct investment. All of these economic drivers are supported by Barbados, which now has a service driven economy in operation, as well as an international business center.
Today, some of the top earners within the foreign exchange market are offshore finance and informatics. Additionally, while not as big, Barbados trade also includes light manufacturing. We see government officials of Barbados continuing efforts to lower the current unemployment rate and while improvement has been seen, it is somewhat slow in coming. Overall, improvement in Barbados trade has a lot to do with tourism. With this island nation being such a beautiful part of the world, it has quickly become a popular vacation spot. As a result, opportunity specific to tourist services has skyrocketed.