The 3 biggest exports from Bermuda are musical instrument parts or accessories, alcoholic beverages, and special purpose vehicles. Combined, that trio of major exports accounts for 70.7% of the overall value of Bermudian exported goods in 2020.
Bermuda’s Major Trading Partners
The latest available country-specific data shows that 99.2% of products exported from Bermuda were bought by importers in: the United States (78.3% of the global total), Denmark (7%), Canada (5.3%), United Kingdom (4%), Antigua and Barbuda (2.4%), Japan (0.7%), Switzerland (0.5%), Belgium (0.4%), China (0.3%), Germany (0.2%) and the Netherlands (0.1%).
From a continental perspective, 94.8% of Bermudian exports by value was delivered to North American countries while another 5% were sold to importers in Europe.
Bermuda shipped smaller percentages worth of goods to customers in Asia (0.1%), the Caribbean (0.03%), then the Oceanian nation (0.02%) New Zealand.
Bermuda’s unemployment rate was 9.6% at November 2020, down from an average 5.2% one year earlier according to Royal Gazette statistics.
Bermuda’s Top 10 Exports
The following export product groups represent the highest dollar value in Bermudian global shipments during 2020 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Bermuda.
- Musical instruments: US$9.2 million (48.3% of total exports)
- Beverages, spirits, vinegar: $2.9 million (15%)
- Vehicles: $1.6 million (8.3%)
- Optical, technical, medical apparatus: $1.2 million (6.2%)
- Articles of iron or steel: $1.1 million (5.7%)
- Electrical machinery, equipment: $923,000 (4.8%)
- Machinery including computers: $814,000 (4.3%)
- Gems, precious metals: $244,000 (1.3%)
- Tobacco, manufactured substitutes: $189,000 (1%)
- Plastics, plastic articles: $189,000 (1%)
Bermuda’s top 10 exports accounted for 95.9% of the overall value of its global shipments.
Musical instruments was the fastest grower among the top 10 export categories, up by 115,300% from 2019 to 2020.
In second place for improving export sales was articles made from iron or steel via a 477.4% gain.
Bermuda’s shipments of tobacco including manufactured substitutes posted the third-fastest gain in value, up by 45.4%.
The leading decliner among Bermuda’s top 10 export categories was vehicles, thanks to a -87.6% drop year over year.
Drilling down to the more granular 4-digit HTS codes, Bermuda’s most valuable exported goods are musical instruments parts or accessories (48.2% of its global total), alcoholic beverages including liqueurs (14.7%), special purpose vehicles (7.8%), miscellaneous structures made from iron or steel (5.6%) then electric sets and converters (3%), cinematographic cameras and projectors (2.7%), fork-lift trucks (1.4%) and jewelry (1.3%).
Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. This can result in a positive or negative trade balance.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
Below are exports from Bermuda that result in positive net exports or product trade balance surpluses. These positive net exports reveal product categories where foreign spending on home country Bermuda’s goods exceed Bermudian importer spending on foreign products.
- Musical instruments parts or accessories: US$8.9 million (Reversing a -$1.1 billion deficit in 2019)
- Aircraft, spacecraft: $102,000 (Down by -86.9% since 2019)
Overall Bermuda incurred an -$884.8 million trade deficit in 2020, down -19% from -$1.09 billion in red ink one year earlier.
Below are exports from Bermuda that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Bermuda’s goods trail Bermudian importer spending on foreign products.
- Machinery including computers: -US$57.2 million (Down by -10.2% since 2019)
- Mineral fuels including oil: -$53 million (Down by -47.1%)
- Electrical machinery, equipment: -$41.9 million (Down by -64.3%)
- Furniture, bedding, lighting , signs, prefab buildings: -$38.4 million (Down by -10.3%)
- Beverages, spirits, vinegar: -$38.3 million (Down by -9.6%)
- Books, newspapers, pictures: -$37.7 million (Down by -54.8%)
- Plastics, plastic articles: -$28.9 million (Up by 5.2%)
- Vehicles: -$28.8 million (Up by 3.2%)
- Meat: -$23 million (Down by -3.1%)
- Pharmaceuticals: -$20.8 million (Down by -22.2%)
Bermuda has highly negative net exports and therefore deep international trade deficits under the products category titled machinery including computers product category.
Bermudian Export Companies
Nine businesses with headquarters in Bermuda rank among Forbes Global 2000. Below is a sample of the world-class Bermudian companies that Forbes included:
- Seadrill (oil services & equipment)
- Everest Re Group (diversified insurance)
- PartnerRe (diversified insurance)
- Arch Capital Group (property/casualty insurance)
- Axis Capital Holdings (diversified insurance)
- Assured Guaranty (diversified insurance)
- Nabors Industries (oil services & equipment)
- Catlin Group (property/casualty insurance)
- Signet Jewelers (jewelry stores)
Wikipedia lists exports-related companies from Bermuda. Selected examples are shown below.
- Bacardi (alcoholic beverages)
- Gosling Brothers (alcoholic beverages)
- Nabors Industries (oil, natural gas)
- Scorpion Offshore (oil, gas)
Bermuda’s capital city is Hamilton.
See also Cuba’s Top 10 Exports, Jamaica’s Top 10 Exports and Colombia’s Top Trading Partners
FlagPictures.org, Flag of Bermuda. Accessed on September 11, 2021
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 11, 2021
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 11, 2021
Investopedia, Net Exports Definition. Accessed on September 11, 2021
Government of Bermuda, Bermuda Employment statistics. Accessed on September 11, 2021
Trade Map, International Trade Centre. Accessed on September 11, 2021
Wikipedia, Bermuda. Accessed on September 11, 2021
Wikipedia, List of Companies of Bermuda. Accessed on September 11, 2021