• GDP: US$4 billion (2003).
• Main exports: Pharmaceuticals.
• Main imports: Oil, machinery, manufactured goods and food.
• Main trade partners: USA, Japan, Germany and UK.

Bermuda’s economy is dominated by two industries – tourism and international business, financial, insurance and re-insurance services – which together account for approximately 90 per cent of GDP. Offshore banking and related services have been the mainstay of the financial sector, although in recent years, insurance has grown to the point where Bermuda is now the world’s third-largest insurance market. Tax receipts from several thousand offshore companies registered in Bermuda, plus customs duties, go some way to offsetting the island’s large annual visible trade deficit of around US$500 million. The small light-manufacturing base in Bermuda is engaged in boat building, ship repair and perfume and pharmaceutical production. There is some agriculture, concentrated in the growing of fruit and vegetables, although most of Bermuda’s food is imported along with all its oil, machinery and most manufactured goods. Bermuda has recently established an important diamond market.

Lightweight suits or shirt and tie are acceptable, as are Bermuda shorts, when worn in the appropriate manner. Visiting cards and, occasionally, letters of introduction are used. Codes of practice are similar to those in the UK. Office hours: Mon-Fri 0900-1700.

Bermuda Chamber of Commerce
PO Box HM 655, Hamilton HMCX, Bermuda
Tel: 295 4201.
Website: www.bermudacommerce.com

Bermuda International Business Association (BIBA)
Century House, 16 Par-La-Ville Road, Hamilton HM 08, Bermuda
Tel: 292 0632.
Website: www.biba.org