Bermuda: Imports of goods and services (% of GDP)

Key figures

What the numbers say

In 2024, Bermuda's imports of goods and services (% of GDP) rose 0.17 percentage points on 2023 (from 24.89% to 25.06%).

Across the 13 yearly changes before that (2011 to 2023), the average change was +0.08 percentage points and a typical year strayed about 1.53 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 2.22 percentage points in 2018 and the biggest yearly fall was 2.36 percentage points in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 27% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

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

How it compares

In 2024, Bermuda had the 30th highest value of the 33 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 Bermuda in the 2024 ranking

• New Zealand — 27th of 33: 25.96%
• Kazakhstan — 28th of 33: 25.57%
• Bolivia — 29th of 33: 25.54%
• Zimbabwe — 31st of 33: 23.45%
• Japan — 32nd of 33: 22.87%
• United States — 33rd of 33: 14.04%

What this measures

Imports of goods includes change in the economic ownership of goods from non-residents to residents of the compiling economy, irrespective of physical movement of goods across national borders. Imports of services includes services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

Limitations: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 15 values

Imports of goods and services (% of GDP) in nearby economies

• Canada — 32.18% (2025)
• United States — 14.04% (2024)

More economic policy & debt data for Bermuda

• GDP (current US$) — US$9.19 billion (2024)
• GDP (current LCU) — 9.19 billion (2024)
• GDP (constant 2015 US$) — US$7.53 billion (2024)
• GDP (constant LCU) — 7.1 billion (2024)
• GDP per capita (current US$) — US$142,250 (2024)
• GDP per capita (current LCU) — 142,250 (2024)
• GDP per capita (constant 2015 US$) — US$116,514 (2024)
• GDP per capita (constant LCU) — 109,864 (2024)
• GDP (annual % growth) — 1.89% (2024)
• GDP per capita (annual % growth) — 1.99% (2024)
• Adjusted savings, education expenditure (% of GNI)

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 Bermuda's imports of goods and services (% of GDP)?

25.06% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2010?

It is up 1.26 percentage points from 23.8% in 2010. The highest value was 26.99% in 2022 and the lowest 23.27% in 2012.

How does Bermuda rank?

30th highest of 33 economies with data for 2024.

Is the latest change in imports of goods and services (% of GDP) unusual for Bermuda?

In 2024, Bermuda's imports of goods and services (% of GDP) rose 0.17 percentage points on 2023 (from 24.89% to 25.06%). Across the 13 yearly changes before that (2011 to 2023), the average change was +0.08 percentage points and a typical year strayed about 1.53 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NE.IMP.GNFS.ZS, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) 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.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.