Capital City: Hamilton
Chief of State: Governor Sir Richard Gozney
Official Language: English
Currency: Bermudian dollar
Exchange Rate: US$1 = 1 Bermudian dollar
Population: 66,536
The Country
Bermuda is a group of islands in the North Atlantic Ocean, east of South Carolina, which was first settled in 1609 by shipwrecked English colonists headed for Virginia. Although a referendum on independence from the UK was soundly defeated in 1995, the present government has reopened debate on the issue.
Trade Highlights
- Total Imports = $1.16 billion
- Imports from U.S. = $835 million
- U.S. Imports Market Share = 72%
- Major Imports = clothing, fuels, machinery and transport equipment, construction materials, chemicals, food and live animals.
Economic Outlook
- GDP = $4.5 billion (2004)
- GDP Per Capita = $69,900 (2004)
- GDp Growth Rate = 4.4% (2004)
Bermuda enjoys the third highest per capita income in the world, more than 50% higher than that of the US. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks and again after Hurricane Katrina in August 2005, contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. Bermuda's industrial sector is small, although construction continues to be important. Agriculture is limited with only 20% of the land being arable.
"Your Connection to Bermuda"
Our Carribean Regional Office in Santo Domingo assists U.S. companies with their business needs in Bermuda by working with the U.S. Embassy, American Chamber of Commerce and other contacts in-country.
Please contact Mrs. Maria Elena Portorreal at maria.portorreal@mail.doc.gov to learn how we can help your company enter or expand into this market.