The Bahamas

Location : Caribbean, chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba

Capital : Nassau

Languages : English (official), Creole (among Haitian immigrants) 

Area : 13,940 sq km

Land Use : arable land: 17.95%; permanent crops: 17.95%; other: 64.1% (2001)

Natural Resources : salt, aragonite, timber, arable land

Population : 301,790 (July 2005 est.).

Labour force : 156,000 (1999) 

Labour force participation rate : 51.69% of population (1999)

International Organisation participation : ACP, C, Caricom, CDB, FAO, G-77, IADB, IBRD, ICAO, ICC (signatory), ICFTU, ICRM, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOM, IOC, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW (signatory), UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WHO, WIPO, WMO, WTO (observer)

GDP per capita : U$17,700 (2004 est.)

GDP Real Growth Rate : 3% (2004 est.)

GDP sectoral composition : agriculture: 3%; industry: 7%; services: 90% (2001 est.)

Industries: tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe

Industrial production growth rate : -0.9% (1997 est.)

Agriculture - products : citrus, vegetables; poultry

Exports : U$636 million (2003 est.)

Exports - commodities : mineral products and salt, animal products, rum, chemicals; fruit and vegetables

Exports - partners : UK 33.5%, Barbados 13.1%, Saint Lucia 11.5%, Trinidad and Tobago 9.9%, Antigua and Barbuda 8.3%, US 5.3%, Grenada 5.3%, Dominica 4.1% (2004)

Imports : U $1.63 billion (2003)

Imports - commodities : US 22.4%, South Korea 18.9%, Brazil 9.2%, Japan 7.9%, Italy 7.8%, Venezuela 6.6% (2004)

Imports - partners : US 37.5%, Trinidad and Tobago 21.3%, UK 10.5% (2004)

QUALITATIVE TRADE PROFILE

Tariff levels in Bahamas are amongst the highest in the Caribbean region. The average applied tariff on all goods is 30.5%. Tariffs on agricultural goods averaged 24.3% while tariffs on non-agricultural goods averaged 31.5%.

INSTITUTIONAL FRAMEWORK 

The Ministry of Trade and Industry is responsible for trade policy for the Bahamas.

TRADE AGREEMENTS

Bilateral

Bahamas has not signed any bilateral trading agreements.

Regional

Although a member of the Caribbean Community, Bahamas does not participate in the Caribbean Single Market.

Multilateral

Bahamas is a WTO observer. Bahamas applied for WTO membership in May 2001 but to date the Working Party on their accession has not met.

Source: Commonwealth Yearbook 2005, World Fact Book, WTO Secretariat