Business Barbados 2022

Untapped Export Potential Products #1 ARTIFICIAL BODY PARTS USD $36.7 m sciences industry products such as medicaments (USD 43.9 million), rum (USD 155.4 million) and artificial body parts (USD 33.7 million). The latter two are among the top three products from Barbados with the most significant untapped export potential. The export potential for artificial body parts is USD 36.7 million, and rum is USD 18.6 million. The other product is cement at USD 10.4 million. According to data compiled by Export Barbados (BIDC), the markets with the greatest export potential for Barbados’ exports of artificial body parts are the United States, China and the Netherlands, the top three countries for global demand. There is untapped potential for such exports in the United States and the Netherlands at USD 18.8 million and USD 4.9 million, respectively. Should Barbados meet the export potential to the United States of USD 22.1 million, an increase over the current USD 3.3 million in exports, it could improve Barbados’ economic standing within the next four years. In terms of rum, the markets with the greatest potential for Barbados’ exports are the United States, France and Canada. According to the figures, current exports represent 13.4 percent, 10.7 percent and 6.1 percent of the United States, France and Canada’s imports, respectively. There are also opportunities in the United Kingdom, Germany, and the Caribbean, including Guyana, the Dominican Republic and The Bahamas. Moving Barbados’ exports from the current USD 48.1 million to USD 51.7 million, the fullest export potential, could strengthen Barbados’ already strong position in the USD 1.6 billion industry. Those are only two examples of export potential in an industry with limitless possibilities. The life sciences sector is booming globally. There are opportunities to invest in the Barbados sector, which can boost the economy and help provide much-needed jobs. As Barbados builds out the enabling environment allowing the life sciences industry to prosper, the country is expected to attract investment that will see internationally accredited labs operating on the island’s shores and the emergence of new sectors in the industry. It is anticipated that the investment will be foreign and local in nature, as it is hoped that Barbadians will take advantage of the opportunities in the sector and start companies that can help take the industry to new heights. #2 RUM USD $18.6 m #3 CEMENT USD $10.4 m Left: Figures represent potential yet to be realized based on Barbadian trade performance data with insights and economic analysis from the International Trade Centre (ITC).