What is the value of US trade with Bermuda?
Updated annually
$55.8 billion in imports and $9.98 billion in exports in 2024. That means that the US imported $45.8 billion more from Bermuda than we exported to it. Benefits of trade can include higher wages and job growth, a wider variety of products available at lower prices, increased productivity, and more efficient resource allocation.
$55.8B
Value of imports from Bermuda to the US (2024)
$9.98B
Value of exports from the US to Bermuda (2024)
Exports are goods and services the US sells to other countries. Imports are goods and services the US buys from other countries. Combining the value of imports and exports shows us how much trade happens between the US and other countries.
The Bureau of Economic Analysis (BEA) provides data for 71 of the US' trading partners (though not necessarily the top 71 trading partners). The partners they track accounted for 94.3% of total trade with the US in 2024.
BEA data ranks Bermuda as the US’ 23rd top trading partner: In 2024, the US traded $65.8 billion in goods and services with Bermuda. Countries with similar trade values include Spain ($69.7B) and Hong Kong ($65.5B).
In 2024, the US traded $65.8 billion in goods and services with Bermuda.
Total trade value (imports + exports) with the US (2024), by select countries
Another way to look at international trade is through trade balance. A nation that imports more than it exports, has a trade deficit. One that exports more than it imports has a trade surplus. Neither is inherently good or bad; trade balance is just a metric that shows the relationship between imports and exports.
The US has had a trade deficit with Bermuda every year from 1999 through 2024. The 2024 deficit was $45.82 billion, a decrease from 2023's deficit of $34.06 billion.
The trade deficit with Bermuda increased to $45.8B in 2024.
Annual trade balance with Bermuda, not adjusted for inflation
In 2024, 99.9% of imports from Bermuda to the US were services. The largest category was insurance services, accounting for $54.4 billion. The top three imports were insurance services, travel (money leaving the US by Americans spending on things like lodging, meals, transportation, and entertainment abroad) and transport (transactions associated with moving people and property from one location to another, like passenger flights and ocean cargo shipping). These categories accounted for $55.2 billion of total imports.
The other 0.08% were goods, with industrial supplies and materials (items used up in the production process, like oil, chemicals, and plastic) being the largest goods category. Industrial supplies and materials accounted for $23 million.
Insurance services made up 97.4% of US imports from Bermuda in 2024.
US imports from Bermuda by category (2024)
In 2024, more US exports to Bermuda were services — 92.8%. The largest export was insurance services, which accounted for a value of $4.2 billion. The top three exports were insurance services, financial services (services normally provided by banks and other financial institutions), and business services (like R&D, consulting, and tech services). These categories accounted for $8.45 billion of exports to Bermuda.
The other 7.2% were goods, with industrial supplies and materials being the largest goods category. Industrial supplies and materials accounted for $285 million.
Insurance services made up 42.1% of US exports to Bermuda in 2024.
US exports to Bermuda by category (2024)
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
