Decrease in goods trade deficits for BES islands

Kralendijk, The Bottom, Saba, Oranjestad, St. Eustatius – In 2020, all three islands of the Caribbean Netherlands recorded a year-on-year decrease in their goods trade deficit. St Eustatius saw the sharpest decline, followed by Bonaire and Saba. Statistics Netherlands (CBS) reports this based on newly released figures.

The islands of the Caribbean Netherlands have structural trade deficits. This means more goods are imported than exported. In comparison with the European part of the Netherlands, manufacturing is relatively low in the Caribbean Netherlands. Most of the island’s income stems from (tourism) services. However, this news release focuses on goods trade.

In 2020, Bonaire ran a trade deficit of 236 million US dollars, i.e. 2 percent down on 2019. It is the first time in six years that the island’s trade deficit shows a year-on-year decline. Last year, Bonaire imported goods to a total of 244 million US dollars, while exports stood at 8 million US dollars. Both imports (-4 percent) and exports (-33 percent) were down on 2019. The decline in imports was on account of machinery and transport equipment. On the export side, the decline was mainly due to fewer incoming raw materials.

Statia’s trade deficit has decreased by one-quarter over a three-year period. In 2020, goods imports exceeded exports by 39 million US dollars. The trade deficit was 11 percent down on the previous year. The import value (-10 percent) fell for the third consecutive year and stood at 41 million US dollars in 2020. Goods exports (1 million US dollars), however, were 13 percent up on 2019.

In 2020, Saba’s trade figures were similar to those in 2019. The value of imported goods (21 million US dollars) remained more or less the same, while exports increased by three-quarters. On balance, Saba’s trade deficit declined by 1 percent to 21 million US dollars last year.

There are no indications that the decrease in Bonaire’s trade deficit, as well as Statia’s and Saba’s deficits, is a direct result of the coronavirus crisis. In fact, Bonaire had larger deficits for most goods categories in 2020 compared to the previous year. These categories also included goods that were used to deal with the crisis.

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