Exports Up, Further Increase Predicted

• Barbados’ exports for the first three months of the year saw a double-digit increase when compared to the same period in 2021, and there is a prediction of an even bigger surge as efforts are ramped up to boost exports from small and medium-sized enterprises (SMEs). 
• Data from Export Barbados (BIDC) showed that certified exports were valued at US$41.9 million over the January 1 to March 25 period, which is a 16.6% increase over the same period last year. This is the highest level attained since the impact of the COVID-19 pandemic and the second-highest level for the comparative period since 2016. 
• Chief Executive Officer of Export Barbados, Mark Hill, said he was confident that the double-digit growth will not only persist over the next year but will even reach triple-digit growth as the corporation spearheads the launch and deployment of several new initiatives over the coming months. He also noted that since April 2021, Exports Barbados has undergone a process of realignment geared at slowing down the decline in exports to bring the country to a positive growth trend. 
• The adoption of an export focus by the corporation was essential if it was to guide the country’s exporters towards achieving the Government’s aim of earning and saving foreign exchange, particularly through the export of Barbadian goods and services. Notably, the main drivers for the improvement were mining/concrete aggregate and soft drinks, neither of which was exported in the base year, 2020.

(Source: Barbados Today)