Bermuda is a British Overseas Territory and member of the Caribbean Community. This island country has a high-cost economy and one of the highest GDP in the world. According to the World Bank, Bermuda ranks 3 in the world in Gross National Income. The major economic sectors of the country are international business and tourism. Tourism accounts for about 28% of GDP, while international business represents over 60% of the country's economic output. Bermuda is also an offshore financial center, regarded as a North Atlantic business hub. The country's government is working on the further strengthening of the international business and tourist sectors.
Regarding other economic sectors, it should be mentioned that the industrial sector is small and agriculture is limited because of the lack of arable land (which represents only 20% of the total area). Despite these difficulties agriculture exists on the island, the main crops being vegetables, citrus, bananas, dairy products, honey and flowers.
Bermuda is the world's 192nd largest exporter. One its major exports is the fragrance obtained from Easter Lilies, used in perfume industry. Other exports include pharmaceuticals, semitropical produce, fruit juice, hard liquor and light manufactures. Bermuda's primary export partners nclude the USA, Spain, Germany, Switzerland, Denmark, UK, Mauritius, Australia and New Zealand.
As it was mentioned above, Bermuda's economic pillars are the international business and tourism. It should be added, that duty on imports represent another major source of revenue for the island. Other industries are small and have a low economic potential. As a result, Bermuda has limited exports and manufacturing. This situation created the necessity to import almost all manufactured goods and food products. Thus, around 80% of food is imported. Bermuda has few natural resources, this is why imports are growing.
Bermuda is the world's 150th largest importer. The country mostly imports food products, clothing, household goods, machinery, transport, chemicals, live animals and miscellaneous items. Other imports include fuels, construction materials, chemicals, special purpose ships, passenger and cargo ships, railway cargo containers, helicopters and planes. USA, UK, Canada, South Korea, China, Germany and Italy are the main import partners of Bermuda.
Bermuda Customs Contacts
Ministry of National Security, Department of Customs
Address: P.O. Box HM 2084, Hamilton HM HX, Bermuda
Phone: (441) 295-4816
Bermuda is a British overseas territory, situated in the North Atlantic Ocean, off the east shore of North America, south of Halifax, Nova Scotia, Canada. The country is a member of the Caribbean Community and Common Market (Caricom; associate), International Trade Union Confederation, World Customs Organization and other international otganizations.
Import duties are calculated ad valorem, on the transaction value of the imported products. The average rate of customs duties is 22.25%. Products such as foodstuff are subject to lower duty rates, which vary from 5 to 15%.
There is a 0% import duty on goods such as pharmaceuticals, corrective spectacles and reading materials. Vehicles intended for the transport are subject to a customs tariff that varies between 75% and 150%. Vehicles designed for the transport of products are dutiable at 33.5%. The duty on motorcycles is 33.5%.
Product certification, labeling and marking
All the imported and exported products are inspected by Bermuda Customs. The importation of products for resale, as well as commercial samples require the completion of the Bermuda Customs Declaration form (BCD). The import of animals requires an import permit issued in advance by the Department of Environmental Protection.
Labeling and marking requirements in Bermuda are similar to those of the USA and the UK. The imported goods must have a mark of origin on the label (ex. “Made in the UK.”), because English text could possibly be considered misleading as to the true origin or the products.
Foreign food labels must be applied prior to import into Bermuda. Food product labels must indicate:
Other details that should appear on the labels are the following:
Prohibited and restricted imports
Documents for import