Bermuda Major Exports
Bermuda is a small island nation located in the North Atlantic Ocean, known for its advanced financial sector, tourism, and high-income economy. Due to its size and lack of significant natural resources, Bermuda’s export economy is somewhat limited compared to larger nations. The country relies heavily on imports for its domestic needs, but it does have a number of key export categories. The most significant exports from Bermuda include re-exports, financial services, insurance, tourism-related services, and some niche manufactured goods.
Re-exports
Petroleum Products
As an international shipping hub, Bermuda plays a significant role in the re-export of petroleum products. The country serves as an intermediary between global suppliers and regional markets, particularly in the Caribbean and the Americas. Petroleum products, including refined fuels, oils, and lubricants, are among the major exports.
- Key Export Destinations: Bermuda primarily re-exports petroleum products to nearby Caribbean nations and the Americas, including the United States, Canada, and the Dominican Republic.
- Export Characteristics: The petroleum re-exports mainly involve refined oil products, such as jet fuel, diesel, and gasoline.
Trade Value:
- Petroleum product re-exports account for about $300 million USD annually, making them one of Bermuda’s largest export categories.
Re-exports of Machinery and Equipment
Bermuda also re-exports a variety of machinery and equipment, especially in the sectors of construction, telecommunications, and industrial goods. The country’s advanced logistics and port infrastructure support the movement of such goods, which are often sourced from larger manufacturing nations.
- Key Export Destinations: Bermuda’s machinery and equipment are mainly re-exported to the Caribbean, Central America, and occasionally to markets in North America.
- Export Characteristics: Re-exports often include heavy machinery, telecommunications equipment, electrical machinery, and consumer electronics.
Trade Value:
- Machinery and equipment re-exports contribute approximately $150 million USD to Bermuda’s annual export revenue.
Financial Services and Insurance
Insurance Services
Bermuda is globally recognized as a leading insurance and reinsurance market, with a robust financial services sector that serves clients worldwide. The country’s insurance services are a critical part of its export economy, as many international businesses and institutions choose Bermuda as their base for conducting insurance operations due to its favorable regulatory environment and tax policies.
- Key Export Destinations: Bermuda’s insurance services are primarily exported to North America, Europe, and parts of the Caribbean.
- Export Characteristics: Bermuda exports services related to life, health, reinsurance, and property insurance, along with specialized services in captive insurance.
Trade Value:
- Insurance services make up a large portion of Bermuda’s exports, generating approximately $4.5 billion USD annually, driven by its role as an international insurance and reinsurance hub.
Investment Management and Financial Advisory Services
Bermuda’s financial sector extends beyond insurance to include investment management and financial advisory services. The country is home to a wide range of asset managers, private equity firms, and financial consultants who serve global clients. Its financial services industry benefits from the country’s strategic location, favorable tax policies, and strong regulatory standards.
- Key Export Destinations: The main export markets for Bermuda’s financial services include the United States, Canada, and the United Kingdom.
- Export Characteristics: Bermuda exports services in wealth management, investment advising, tax consulting, and cross-border financial structuring.
Trade Value:
- Financial services, including investment management and advisory services, contribute approximately $1 billion USD to Bermuda’s export economy each year.
Tourism Services
Tourism and Hospitality
Tourism is another significant contributor to Bermuda’s export economy, with the island being a popular destination for affluent travelers seeking luxury experiences, historical sites, and a tropical climate. The island’s tourism sector includes hotels, resorts, cruise ship visits, and leisure activities such as golfing, water sports, and high-end retail. Bermuda’s tourism services are crucial to its economy, attracting visitors mainly from North America, Europe, and other Caribbean islands.
- Key Export Destinations: The majority of Bermuda’s tourists come from the United States, Canada, and the United Kingdom, with growing interest from the European Union and Latin America.
- Export Characteristics: Bermuda exports tourism-related services such as accommodations, leisure activities, guided tours, and cultural experiences.
Trade Value:
- Tourism-related services generate approximately $500 million USD in export revenue annually, making it one of the key sectors supporting Bermuda’s economy.
Agricultural Products
Fish and Seafood
Although Bermuda’s agricultural sector is small, the country has a growing niche in the export of fish and seafood. The country’s fishing industry provides high-quality tuna, lobster, and other seafood products, which are sought after for both local consumption and export to regional markets.
- Key Export Destinations: Bermuda’s seafood products are primarily exported to the United States, Canada, and the Caribbean.
- Export Characteristics: Bermuda exports fresh and frozen seafood, including lobster, fish, and shellfish, which are known for their quality and sustainability.
Trade Value:
- Fish and seafood exports bring in around $40 million USD annually.
Other Agricultural Products
Bermuda also exports a small quantity of agricultural products, particularly ornamental plants, flowers, and fresh fruits. The island’s mild climate supports the cultivation of specialty crops, although agriculture is not as large a contributor to the economy as other sectors.
- Key Export Destinations: These products are primarily exported to the United States, with some shipments to Canada and the United Kingdom.
- Export Characteristics: Bermuda’s agricultural exports mainly include fresh fruits such as citrus, ornamental plants, and flowers.
Trade Value:
- Agricultural exports, including flowers and fruit, contribute approximately $10 million USD to the island’s economy annually.
Manufactured Goods
Jewelry and Precious Stones
Bermuda also has a small, but growing, export market for jewelry and precious stones. The island’s luxury industry caters to high-net-worth individuals, and the jewelry sector is one of the few locally manufactured goods exported outside of Bermuda.
- Key Export Destinations: Jewelry and precious stones from Bermuda are mainly exported to the United States, the United Kingdom, and other European markets.
- Export Characteristics: Exports include high-end jewelry pieces, watches, and precious gemstones, often crafted from local or imported materials.
Trade Value:
- The export of jewelry and precious stones contributes around $20 million USD annually.
Manufactured Goods and Artifacts
In addition to jewelry, Bermuda exports a variety of other manufactured goods, including arts and crafts, textiles, and small consumer goods. These products, while niche, represent a part of the country’s export profile.
- Key Export Destinations: These goods are primarily shipped to the United States, Canada, and the United Kingdom.
- Export Characteristics: Manufactured goods include items such as handcrafted souvenirs, textiles, and small-scale furniture.
Trade Value:
- Manufactured goods and artifacts contribute approximately $5 million USD annually to Bermuda’s export economy.
Other Services
Educational Services
Bermuda is also an attractive destination for students seeking international education, particularly in the fields of finance, insurance, and business management. Educational services, including private schools and specialized courses, contribute to the country’s export services.
- Key Export Destinations: Most students come from North America, particularly the United States and Canada.
- Export Characteristics: These services primarily include private schooling and university-level education, with a focus on business and financial courses.
Trade Value:
- Educational services contribute around $30 million USD annually to Bermuda’s economy.
Bermuda’s export economy is unique, with a heavy reliance on services, particularly in the areas of finance, insurance, and tourism. While the country does export some physical goods, such as petroleum products and seafood, its role as a global financial hub and tourist destination drives much of its economic output. Despite its small size, Bermuda continues to maintain a diversified and prosperous export portfolio, supported by its strategic location and favorable business environment.
Top Products Exported by Bermuda
Market Value: 1,302 (millions) – Last Updated: June, 2024
| Rank | Product | Trade Value (thousands) | Share (%) | Growth (% 5yr) |
| 1 | Vessels For Transport | 217,534 | 16.71 | 423.29 |
| 2 | Yachts & Other Pleasure Vessels | 152,176 | 11.69 | 639.17 |
| 3 | Aluminum Ores | 16,113 | 1.24 | 1,605.82 |
| 4 | Alcoholic Beverages | 4,864 | 0.37 | 49.12 |
| 5 | Medicines in Doses | 4,038 | 0.31 | 6.62 |
| 6 | Aircraft Parts | 2,988 | 0.23 | 19,727.10 |
| 7 | Computer & Office Machines Parts | 1,263 | 0.10 | 1,124.83 |
| 8 | Heterocyclic Compounds | 1,220 | 0.09 | -92.07 |
| 9 | Water Heaters | 1,170 | 0.09 | 70,659.13 |
| 10 | Wheat | 1,069 | 0.08 | 0.00 |
| 11 | Cel Phones, Video Recorders & Radio Transcievers | 888 | 0.07 | 1,430.92 |
| 12 | Hormones | 844 | 0.06 | 0.00 |
| 13 | Parts For Electric Equipment | 776 | 0.06 | 7,404.37 |
| 14 | Non Crude Oil | 673 | 0.05 | -64.09 |
| 15 | Electronic Integrated Circuits | 614 | 0.05 | 0.00 |
| 16 | Articles of Jewelry & Parts | 534 | 0.04 | 58.46 |
| 17 | Non Wovens | 359 | 0.03 | 0.00 |
| 18 | Aluminum Waste & Scrap | 321 | 0.02 | 0.00 |
| 19 | Dental Preparations | 307 | 0.02 | 2,221.59 |
| 20 | Cigars & Cigarettes | 302 | 0.02 | 869.86 |
| 21 | Medicines Not in Doses | 252 | 0.02 | -50.38 |
| 22 | Computers, Printers & Storage Units | 246 | 0.02 | -27.89 |
| 23 | Non-Knit Mens & Boys Shirts | 233 | 0.02 | 3,110.84 |
| 24 | Nickel Waste & Scrap | 195 | 0.01 | 0.00 |
| 25 | Horses | 165 | 0.01 | 524.56 |
| 26 | Orthopedic Appliances | 134 | 0.01 | -21.40 |
| 27 | Oscilloscopes & Electrical Measuring Instruments | 134 | 0.01 | 58.11 |
| 28 | Containers For Compressed & Liquid Gas | 120 | 0.01 | 0.00 |
| 29 | Containers of Transport | 120 | 0.01 | 1,036.22 |
| 30 | Copper Waste & Scrap | 103 | 0.01 | 0.00 |
| 31 | Odoriferous Mixtures | 98 | 0.01 | 0.00 |
| 32 | Coffee | 91 | 0.01 | 337.23 |
| 33 | Plastic Waste | 87 | 0.01 | 378.97 |
| 34 | Ash & Residues | 87 | 0.01 | 757.13 |
| 35 | Sodium Hydrox | 83 | 0.01 | -90.25 |
| 36 | Antiques > 100 Years Old | 77 | 0.01 | -72.74 |
| 37 | Knitted Mens & Boys Shirts | 70 | 0.01 | 9,230.83 |
| 38 | Engine Parts | 68 | 0.01 | 327.31 |
| 39 | Plastic Self-Adhesive Plates | 64 | 0.00 | -26.30 |
| 40 | Chocolate | 61 | 0.00 | 0.00 |
| 41 | Medical, Dental & Vet Instruments | 60 | 0.00 | -88.06 |
| 42 | Measuring or Checking Instruments | 60 | 0.00 | 603.72 |
| 43 | Polymers of Propylene & Other Olefins | 59 | 0.00 | -87.97 |
| 44 | Original Sculptures & Statues | 55 | 0.00 | -49.24 |
| 45 | Prepared & Preserved Fish | 49 | 0.00 | 0.00 |
| 46 | Safety Glass | 47 | 0.00 | 337.85 |
| 47 | Books | 41 | 0.00 | 29.99 |
| 48 | Television, Radio & Assessory Parts | 38 | 0.00 | -97.01 |
| 49 | Electric Sound & Visual Signaling Apparatus | 34 | 0.00 | 1,553.50 |
| 50 | Bananas | 33 | 0.00 | -99.82 |
| 51 | Telephone, Fax & Switching Apparatus | 32 | 0.00 | -47.62 |
| 52 | Articles of Plastics | 29 | 0.00 | -13.80 |
| 53 | Hand Paintings & Drawings | 27 | 0.00 | -92.63 |
| 54 | Microphones | 26 | 0.00 | -79.22 |
| 55 | Dried Fish | 26 | 0.00 | -31.36 |
| 56 | Articles of Glass | 26 | 0.00 | 0.00 |
| 57 | Furniture & Parts | 25 | 0.00 | -62.18 |
| 58 | Fruit & Vegetable Juice | 25 | 0.00 | -43.72 |
| 59 | Transister & Semiconductor Devices | 24 | 0.00 | 0.00 |
| 60 | Instruments For Physical or Chemical Analysis | 20 | 0.00 | 144.15 |
| 61 | Agricultural Machinery For Soil | 20 | 0.00 | 0.00 |
| 62 | Concentrated Milk & Cream | 17 | 0.00 | 0.00 |
| 63 | Knitted T-Shirts | 17 | 0.00 | 843.38 |
| 64 | Physical Exercise Equipment | 17 | 0.00 | 54.54 |
| 65 | Switches, Relays & Fuses < 1000 Volts | 17 | 0.00 | -53.48 |
| 66 | Pictures & Photos | 15 | 0.00 | -79.15 |
| 67 | Records & Tapes | 15 | 0.00 | -33.06 |
| 68 | Electric Motors & Generators | 15 | 0.00 | 338.72 |
| 69 | Survey Instruments | 14 | 0.00 | 2,074.10 |
| 70 | Seats & Parts | 14 | 0.00 | -39.61 |
| 71 | Knitted Garments | 13 | 0.00 | 0.00 |
| 72 | Frozen Fish | 13 | 0.00 | 0.00 |
| 73 | Machinery Parts | 13 | 0.00 | 0.00 |
| 74 | Plastic Household Articles | 11 | 0.00 | 0.00 |
| 75 | Mechanical Machinery & Parts | 11 | 0.00 | -97.61 |
| 76 | Pumps For Liquids | 10 | 0.00 | 21.16 |
| 77 | Liquid Crystal Devices | 10 | 0.00 | 0.00 |
| 78 | Perfumes & Toilet Waters | 10 | 0.00 | -99.05 |
| 79 | Insulated Wire & Cable | 10 | 0.00 | -96.82 |
| 80 | Woven Fabric of Artificial Filament Yarn | 10 | 0.00 | 0.00 |
| 81 | Felt Garments | 9 | 0.00 | 0.00 |
| 82 | Precious & Semiprecious Stones | 9 | 0.00 | -82.96 |
| 83 | Leather Footwear | 8 | 0.00 | -43.58 |
| 84 | Motor Vehicle Parts | 8 | 0.00 | -99.08 |
| 85 | Knitted Womens & Girls Slips | 8 | 0.00 | 0.00 |
| 86 | Watches | 7 | 0.00 | -24.18 |
| 87 | Air & Vacuum Pumps | 7 | 0.00 | -76.77 |
| 88 | Articles of Iron & Steel | 7 | 0.00 | 20.77 |
| 89 | Demonstrational Instruments & Parts | 7 | 0.00 | -81.74 |
| 90 | Puzzles, Models & Toys | 6 | 0.00 | -0.81 |
| 91 | Candy | 5 | 0.00 | 0.00 |
| 92 | Pens & Mechanical Pencils | 5 | 0.00 | 735.02 |
| 93 | Lifting & Handling Machines | 5 | 0.00 | 0.00 |
| 94 | Printed Circuits | 5 | 0.00 | 433.16 |
| 95 | Electric Storage Batteries | 5 | 0.00 | 31.48 |
| 96 | Malt Extract | 5 | 0.00 | 0.00 |
| 97 | Floating Structures, Rafts & Buoys | 5 | 0.00 | 0.00 |
| 98 | Engines & Motors | 5 | 0.00 | 34.68 |
| 99 | Electrical Switching Boards | 5 | 0.00 | -80.32 |
| 100 | Filters & Centrifuges | 4 | 0.00 | -83.23 |
| 101 | Handbags, Wallets & Travel Goods | 4 | 0.00 | -64.68 |
| 102 | Notebooks & Business Forms | 4 | 0.00 | 25.11 |
| 103 | Worn Clothing | 4 | 0.00 | -80.26 |
| 104 | Stranded Wire | 4 | 0.00 | -73.34 |
| 105 | Builders Ware of Plastics | 4 | 0.00 | 0.00 |
| 106 | Switching Equipment, > 1000 V | 4 | 0.00 | 381.28 |
| 107 | Image Projectors | 4 | 0.00 | 0.00 |
| 108 | Lamps & Lighting Fittings | 3 | 0.00 | -95.36 |
| 109 | Battery Waste | 3 | 0.00 | 0.00 |
| 110 | Transmission Shafts, Bearings & Parts | 3 | 0.00 | -65.62 |
| 111 | Trailers | 3 | 0.00 | 0.00 |
| 112 | Calendars | 3 | 0.00 | 0.00 |
| 113 | Paint & Varnish | 3 | 0.00 | -84.37 |
| 114 | Made-Up Articles of Textile Materials | 2 | 0.00 | 0.00 |
| 115 | Parts For Fork Lifts, Bulldozers & Graders | 2 | 0.00 | -77.19 |
| 116 | Diesel Engines | 2 | 0.00 | 0.00 |
| 117 | Prepared Rubber Accelerators | 2 | 0.00 | 0.00 |
| 118 | Taps, Cocks & Valves | 2 | 0.00 | -85.59 |
| 119 | Articles of Plaster | 2 | 0.00 | -26.94 |
| 120 | Acrylic Polymers | 2 | 0.00 | 0.00 |
| 121 | Passenger Vehicles | 2 | 0.00 | -97.03 |
| 122 | Tube & Pipe Fittings | 2 | 0.00 | 0.00 |
| 123 | Revolution & Production Count Meters | 2 | 0.00 | -86.11 |
| 124 | Mattress Supports | 2 | 0.00 | 0.00 |
| 125 | Other Footwear | 2 | 0.00 | 0.00 |
| 126 | Ceramic Tableware of Porcelain & China | 2 | 0.00 | 0.00 |
| 127 | Interchange Hand & Machine Tools | 2 | 0.00 | -97.70 |
| 128 | Non-Knit Womens & Girls Suits | 1 | 0.00 | -75.58 |
| 129 | Non-Knit Womens & Girls Blouses | 1 | 0.00 | -70.77 |
| 130 | Bells & Ornaments | 1 | 0.00 | 0.00 |
| 131 | Instruments for Measure & Check Flow | 1 | 0.00 | -7.51 |
| 132 | Woven Fabric -Over 85% Synthetic > 170G/M2 | 1 | 0.00 | 0.00 |
| 133 | Leather Apparel & Accessories | 1 | 0.00 | 27.72 |
| 134 | Candles | 1 | 0.00 | 0.00 |
| 135 | Optical Telescopes | 1 | 0.00 | 0.00 |
| 136 | Office Paper | 1 | 0.00 | -70.33 |
| 137 | Pearls | 1 | 0.00 | 0.00 |
| 138 | Glass Beads & Articles | 1 | 0.00 | 0.00 |
| 139 | X-Ray Apparatus | 1 | 0.00 | 0.00 |
| 140 | Beer | 1 | 0.00 | -89.88 |
| 141 | Plastic & Rubber Footwear | 1 | 0.00 | 0.00 |
| 142 | Non-Knit Mens & Boys Suits | 1 | 0.00 | -68.38 |
| 143 | Machine Tools For Working Wood | 1 | 0.00 | 0.00 |
| 144 | Transmission Belts of Vulcanized Rubber | 1 | 0.00 | -90.38 |
| 145 | Ceramic Statuettes | 1 | 0.00 | 0.00 |
| 146 | Parts For Machines & Instruments | 1 | 0.00 | 0.00 |
| 147 | Glassware For Table | 1 | 0.00 | -70.64 |
| 148 | Knitted Sweaters | 1 | 0.00 | -94.00 |
| 149 | Non-Knit Babies Garments & Accessories | 1 | 0.00 | -76.57 |
| 150 | Bed & Table Linen | 1 | 0.00 | -84.44 |
| 151 | Electrical Resistors | 1 | 0.00 | 0.00 |
| 152 | Ties | 0 | 0.00 | 0.00 |
| 153 | Non Sweetened Waters | 0 | 0.00 | 0.00 |
| 154 | Spectacles | 0 | 0.00 | -92.43 |
| 155 | Textile Footwear | 0 | 0.00 | 0.00 |
| 156 | Cycle Parts & Assessories | 0 | 0.00 | -92.18 |
| 157 | Scent Sprayers & Powder Puffs | 0 | 0.00 | -97.06 |
| 158 | Imitation Jewelry | 0 | 0.00 | -75.27 |
| 159 | Electric Water Heaters | 0 | 0.00 | -88.98 |
| 160 | Hair Preparations | 0 | 0.00 | 0.00 |
| 161 | Blankets & Traveling Rugs | 0 | 0.00 | 0.00 |
| 162 | Transformers, Converters & Power Supplies | 0 | 0.00 | -99.84 |
| 163 | Knitted Mens & Boys Suits | 0 | 0.00 | 0.00 |
| 164 | Other Pharmaceutical Goods | 0 | 0.00 | -98.52 |
| 165 | Knit &Lace Hats | 0 | 0.00 | -96.50 |
| 166 | Umbrellas | 0 | 0.00 | -74.06 |
| 167 | Knitted Pantyhose | 0 | 0.00 | 0.00 |
| 168 | Glass Mirrors | 0 | 0.00 | -98.97 |
| 169 | Turntables & Cassette Players | 0 | 0.00 | -96.30 |
| 170 | Non-Knit Womens & Girls Overcoats | 0 | 0.00 | -81.74 |
| 171 | Beauty & Make-up Perparations | 0 | 0.00 | 0.00 |
| 172 | Ceramic Tableware & Earthenware | 0 | 0.00 | 0.00 |
| 173 | Soft Drinks | 0 | 0.00 | 0.00 |
| 174 | Sauces & Condiments | 0 | 0.00 | 0.00 |
| 175 | Furnishing Articles of Textile Materials | 0 | 0.00 | 0.00 |
| 176 | Food Preparations | 0 | 0.00 | 0.00 |
| 177 | Wine | 0 | 0.00 | -99.61 |
| 178 | Knitted Track Suits | 0 | 0.00 | -97.75 |
| 179 | TV Receivers | 0 | 0.00 | 0.00 |
| 180 | Wood Packings | 0 | 0.00 | 0.00 |
| 181 | Printed & Illustrated Post Cards | 0 | 0.00 | 0.00 |
| 182 | Collectors Items of Botanic | 0 | 0.00 | -99.89 |
| 183 | Prepared Unrecorded Sound Media | 0 | 0.00 | -95.28 |
| 184 | Non-Knit Mens & Boys Overcoats | 0 | 0.00 | -90.98 |
| 185 | Non-Adhesive Plastic Plates, Sheets & Film | 0 | 0.00 | -91.12 |
| 186 | Dishwashing & Packaging Machines | 0 | 0.00 | 0.00 |
| 187 | Articles of Wood | 0 | 0.00 | 0.00 |
| 188 | Specialized Electrical Machinery & Parts | 0 | 0.00 | 0.00 |
| 189 | Vessels Including Warships & Lifeboats | 0 | 0.00 | -98.10 |
| 190 | Ceramic Articles | 0 | 0.00 | 0.00 |
| 191 | Screws, Bolts & Nuts | 0 | 0.00 | -99.92 |
| 192 | Electric Light Equipment | 0 | 0.00 | -99.88 |
| 193 | Paper Labels | 0 | 0.00 | -99.82 |
| 194 | Arcade, Table or Parlor Games | 0 | 0.00 | 0.00 |
| 195 | Non-Knit Womens & Girls Slips | 0 | 0.00 | 0.00 |
| 196 | Personal Toilet Preparations | 0 | 0.00 | 0.00 |
| 197 | Fishing Rods & Tackle | 0 | 0.00 | 0.00 |
| 198 | Bread, Pastry & Cakes | 0 | 0.00 | -99.22 |
| 199 | Wooden Frames, Paintings. | 0 | 0.00 | 0.00 |
| 200 | Modeling Pastes For Children | 0 | 0.00 | -99.91 |
| 201 | Tarps, Sails & Tents | 0 | 0.00 | -99.82 |
| 202 | Newspapers | 0 | 0.00 | -99.81 |
| 203 | Knitted Womens & Girls Overcoats | 0 | 0.00 | 0.00 |
| 204 | Wood, Continuously Shaped (Tongued or Grooved | 0 | 0.00 | 0.00 |
| 205 | Non-Knit Mens & Boys Undershirts | 0 | 0.00 | 0.00 |
| 206 | Festive & Entertainment Art | 0 | 0.00 | 0.00 |
| 207 | Photographic Still Cameras | 0 | 0.00 | -99.87 |
| 208 | Composite Diagnostic & Lab Reagents | 0 | 0.00 | 0.00 |
| 209 | Plastic Containers | 0 | 0.00 | -99.93 |
| 210 | Glands Dry & Extracts | 0 | 0.00 | -100.00 |
| 211 | Glass Containers For Packing | 0 | 0.00 | 0.00 |
