Bermuda: Merchandise trade (% of GDP)

Key figures

What the numbers say

In 2024, Bermuda's merchandise trade (% of GDP) rose 0.59 percentage points on 2023 (from 13.96% to 14.55%).

Across the 30 yearly changes before that (1994 to 2023), the average change was −0.58 percentage points and a typical year strayed about 1.65 percentage points from that (the standard deviation). This year's change was 0.7 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 3.96 percentage points in 1992 and the biggest yearly fall was 9.28 percentage points in 1981. 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 1% 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 11th highest value of the 10 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

• Bahamas, The — 7th of 10: 35.58%
• Cayman Islands — 8th of 10: 26.44%
• Turks and Caicos Islands — 9th of 10: 26.24%

What this measures

General merchandise trade includes goods whose economic ownership is changed between a resident and a non-resident and that are not included in the following specific categories: goods under merchanting, non-monetary gold, and parts of travel, construction, and government goods and services n.i.e. It is the total of merchandise exports plus merchandise imports. 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.

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

All 45 values

Merchandise trade (% of GDP) in nearby economies

• Canada — 48.8% (2025)
• United States — 18.5% (2025)

More private sector & trade data for Bermuda

• Merchandise imports from high-income economies (% of total merchandise imports) — 96.63% (2023)
• Merchandise imports from low- and middle-income economies outside region (% of total merchandise imports) — 1.32% (2023)
• Merchandise imports from low- and middle-income economies in Latin America & the Caribbean (% of total merchandise imports) — 0.38% (2023)
• Merchandise imports by the reporting economy, residual (% of total merchandise imports) — 2.05% (2023)
• Merchandise imports by the reporting economy (current US$) — US$1.43 billion (2023)
• Merchandise exports to high-income economies (% of total merchandise exports) — 71.84% (2023)
• Merchandise exports to low- and middle-income economies outside region (% of total merchandise exports)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Bermuda's merchandise trade (% of GDP)?

14.55% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1980?

It is down 42.35 percentage points from 56.91% in 1980. The highest value was 56.91% in 1980 and the lowest 13.4% in 2020.

How does Bermuda rank?

11th highest of 10 economies with data for 2024.

Is the latest change in merchandise trade (% of GDP) unusual for Bermuda?

In 2024, Bermuda's merchandise trade (% of GDP) rose 0.59 percentage points on 2023 (from 13.96% to 14.55%). Across the 30 yearly changes before that (1994 to 2023), the average change was −0.58 percentage points and a typical year strayed about 1.65 percentage points from that (the standard deviation). This year's change was 0.7 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 TG.VAL.TOTL.GD.ZS, licensed CC BY 4.0. Original source: World Trade Organization (WTO); World Bank GDP estimates, World Bank (WB); World Development Indicators, 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.

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