Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Barbados’s total Gross Domestic Product was $4.5 billion in 2014.
Therefore, exports accounted for about 10.7% of total Barbadian economic output.
Given Barbados’s population of 290,604 people, the total $480.8 million in 2014 Barbadian exports translates to roughly $1,654 for every person in the country.
Barbados’s Top 10 Exports
The following export product groups represent the highest dollar value in Barbadian global shipments during 2014. Also shown is the percentage share each export category represents in terms of Barbados’s overall exports.
- Oil: US$144.3 million (30% of total exports)
- Alcoholic beverages:$49.2 million (10.2%)
- Pharmaceuticals:$47.8 million (9.9%)
- Medical, technical equipment:$25.4 million (5.3%)
- Salt, sulphur, stone, cement:$19.6 million (4.1%)
- Gems, precious metals:$16.2 million (3.4%)
- Paper:$15 million (3.1%)
- Clocks and watches:$14.2 million (3%)
- Animal/vegetable fats and oils:$12.3 million (2.6%)
- Cereal, milk preparations:$12.2 million (2.5%)
Among the top 10 Barbadian exports above, oil showed the greatest increase with an impressive 11,315% gain in value since 2010. Eighty percent of exported Barbadian oil is refined petroleum as opposed to crude.
Medical and technical equipment was up 80.6% in the 5-year period ending in 2014. The gems and precious metals product category appreciated 80.3% over the same period led by jewelry and precious metal scrap. Cereal and milk preparations improved by 53.3%.
Barbadian pharmaceutical exports didn’t fare as well, down 28.6% over the 5-year period.
During 2014, Barbados’s unemployment rate was 12.7% up from 11.7% during 2013.
See also Fastest-Growing Barbadian Export Products, America’s Top Import Partners and Refined Oil Exports by Country
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 17, 2015
The World Factbook, Field Listing: Exports and World Population, Central Intelligence Agency. Accessed on September 17, 2015
Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on September 17, 2015