Bermuda Import Trade Data: $1.18B in 2023, Down 1.1%

The USA Supplies Nearly Four in Five of Bermuda's Imports

Bermuda imported $1.18 billion worth of goods in 2023, the latest year with verified trade data in this dataset. That total marks a decline of 1.1% from the $1.19 billion recorded in 2022, essentially flat after a much sharper rise the year before. United States supplied the overwhelming majority of that total, worth $914.16 million, or 77.6% of everything Bermuda imported.

United Kingdom ranked a distant second at 5.2% ($60.93 million), ahead of Canada at 3.9% ($46.46 million) and China at 2.2% ($25.83 million). Japan took fifth place at 1.0% ($11.35 million), followed by Panama at 0.9% ($10.91 million) and Italy at 0.8% ($9.48 million). France took eighth place at 0.8% ($9.22 million), Germany added 0.8% ($8.87 million), and Netherlands rounded out the top ten at 0.6% ($7.37 million). Together, the top three suppliers made up 86.7% of total import value.

That concentration mirrors the pattern seen on Bermuda's export side, where the same handful of countries dominate. globalEDGE, the Michigan State University trade research center, lists the United States, Canada, and the United Kingdom as Bermuda's top three trade partners overall, the same three countries that supply the vast majority of imports here, even though the United Kingdom edges out Canada for second place on this side of the ledger. The USA's dominant position reflects Bermuda's close logistical and commercial ties to the American East Coast, a short shipping distance that keeps freight costs down for everything from fuel to consumer goods. The United Kingdom's second-place position fits Bermuda's status as a British Overseas Territory, while Canada, China, and Japan round out a supplier base that leans toward large, established manufacturing and shipping economies rather than nearby small island neighbors. Panama, Italy, France, Germany, and the Netherlands close out the top ten with smaller but still meaningful volumes, reflecting occasional shipments from major European producers and Panama's role as a shipping and logistics hub.

Miscellaneous Goods and Fuel Anchor the Import List

A broad category labeled "commodities not specified according to kind" led all import categories in 2023, worth $165.60 million and accounting for 14.1% of total import value. Mineral fuels, mineral oils and related distillation products followed at 8.3% ($97.42 million), and machinery and mechanical appliances, boilers and nuclear reactors ranked third at 6.3% ($74.04 million).

Printed books, newspapers and other products of the printing industry added 6.0% ($71.18 million), while electrical machinery and equipment contributed 5.2% ($61.23 million). Vehicles other than railway or tramway rolling stock brought in 5.0% ($58.59 million), and beverages, spirits and vinegar added 4.5% ($53.51 million). Furniture, bedding and lighting fittings contributed 4.2% ($49.44 million), pharmaceutical products added 2.9% ($34.72 million), and plastics and articles thereof closed out the top ten at 2.9% ($34.24 million).

Fuel's second-place position is consistent with Bermuda having no domestic refining capacity, meaning essentially all the energy used for transport and power generation has to be shipped in. Machinery, electrical equipment, and vehicles further down the list point to steady demand tied to the island's infrastructure, tourism, and international business sectors. The relatively large printed materials category is unusual for an economy this size, and likely reflects the volume of legal, insurance, and financial documentation that flows through Bermuda's international business sector rather than consumer reading material. Furniture, pharmaceuticals, and plastics rounding out the list fit a small, import-dependent economy that manufactures very little domestically and instead brings in most of what households and businesses need.

A Choppy Five-Year Path

Bermuda's imports followed an uneven path over the past five years. Imports fell from $1.12 billion in 2019 to $903.95 million in 2020, likely reflecting disrupted shipping and softer demand during the early stages of the global pandemic, then climbed for two straight years to $1.06 billion in 2021 and further to $1.19 billion in 2022, the highest total in the period. Imports eased slightly in 2023, down 1.1% to $1.18 billion.

The modest size of the 2023 dip, coming right after the strongest year in the five-year window, suggests a leveling off rather than a structural pullback in Bermuda's import demand. For a closer look at how individual partner countries or product categories break down year over year, the data panels above provide the full detail behind these figures.