Barbados: Tariff rate, applied, simple mean, all products (%)

Key figures

Since 1996 it is down 12.34 percentage points from 24.21% in 1996. The World Bank has no value for 11 of the years in between; the chart leaves those gaps open rather than joining across them.

What the numbers say

In 2022, Barbados' tariff rate, applied, simple mean, all products (%) rose 2.34 percentage points on 2021 (from 9.53% to 11.87%).

Across the 10 yearly changes before that (2000 to 2021), the average change was −0.71 percentage points and a typical year strayed about 1.61 percentage points from that (the standard deviation). This year's change was 1.9 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 2.34 percentage points in 2022 and the biggest yearly fall was 4.93 percentage points in 2001. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2022, Barbados had the 31st highest value of the 139 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Barbados in the 2022 ranking

• Belize — 28th of 139: 12.02%
• Argentina — 29th of 139: 11.95%
• Nigeria — 30th of 139: 11.9%
• Rwanda — 32nd of 139: 11.87%
• Angola — 33rd of 139: 11.59%
• Zambia — 34th of 139: 11.5%

What this measures

Simple mean applied tariff is the unweighted average of effectively applied rates for all products subject to tariffs calculated for all traded goods. Data are classified using the Harmonized System of trade at the six- or eight-digit level. Tariff line data were matched to Standard International Trade Classification (SITC) revision 3 codes to define commodity groups. Effectively applied tariff rates at the six- and eight-digit product level are averaged for products in each commodity group. When the effectively applied rate is unavailable, the most favored nation rate is used instead. To the extent possible, specific rates have been converted to their ad valorem equivalent rates and have been included in the calculation of simple mean tariffs.

All 16 values

Tariff rate, applied, simple mean, all products (%) in nearby economies

• Antigua and Barbuda — 12.39% (2021)
• Argentina — 11.95% (2022)
• Bahamas, The — 26.31% (2022)
• Belize — 12.02% (2022)
• Bolivia — 9.83% (2022)
• Brazil — 13.29% (2022)
• Chile — 1.03% (2022)
• Colombia — 3.55% (2022)
• Costa Rica — 2.63% (2022)
• Cuba

More trade data for Barbados

• Import volume index (2015 = 100) — 104 (2024)
• Import value index (2015 = 100) — 132.5 (2024)
• Net barter terms of trade index (2015 = 100) — 95.7 (2024)
• Export volume index (2015 = 100) — 78.2 (2024)
• Export value index (2015 = 100) — 95.4 (2024)
• Binding coverage, manufactured products (%) — 100% (2022)
• Bound rate, simple mean, manufactured products (%) — 73.47% (2022)
• Tariff rate, applied, simple mean, manufactured products (%) — 10.49% (2022)
• Tariff rate, most favored nation, simple mean, manufactured products (%) — 10.45% (2022)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Barbados's tariff rate, applied, simple mean, all products (%)?

11.87% in 2022, according to the World Bank (World Development Indicators).

How has it changed since 1996?

It is down 12.34 percentage points from 24.21% in 1996. The highest value was 24.21% in 1996 and the lowest 9.53% in 2021.

How does Barbados rank?

31st highest of 139 economies with data for 2022.

Is the latest change in tariff rate, applied, simple mean, all products (%) unusual for Barbados?

In 2022, Barbados' tariff rate, applied, simple mean, all products (%) rose 2.34 percentage points on 2021 (from 9.53% to 11.87%). Across the 10 yearly changes before that (2000 to 2021), the average change was −0.71 percentage points and a typical year strayed about 1.61 percentage points from that (the standard deviation). This year's change was 1.9 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator TM.TAX.MRCH.SM.AR.ZS, licensed CC BY 4.0. Original source: Staff estimates; World Integrated Trade Solution system (WITS), World Bank (WB); Trade Analysis and Information System (TRAINS), UN Conference on Trade and Development (UNCTAD); Integrated Data Base (IDB), World Trade Organization (WTO); Consolidated Tariff Schedules (CTS), World Trade Organization… Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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