Barbados Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in barbados, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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Barbados, the easternmost Caribbean island, is an English-speaking country 21 miles long by 14 miles wide, with approximately 285,000 inhabitants.  Barbados enjoys a longstanding democratic tradition and a strong commitment to the rule of law and political and economic freedoms.   The main objective of Barbados’ monetary policy is to preserve the fixed exchange rate with the U.S. dollar, which has remained at two Barbadian dollars to one U.S. dollar since 1975.  Barbados’ per capita income remains one of the highest in the Eastern Caribbean region, and the country ranks high in the United Nations Development Program’s Human Development Index.  Barbados’ economy is services- driven with tourism and financial services as the main drivers. Barbados remains an import-driven economy and the United States continues to enjoy a trade surplus with Barbados.  Exports fell by 13% to USD$504.7 million largely due to the challenges associated with the Covid-19 pandemic and the closure of the tourism sector in 2020.  Barbados entered a stand-by agreement with the International Monetary Fund (IMF) in late 2018.  Barbados’ IMF agreement has been subsequently augmented under the Extended Fund Facility in 2020 and 2021 to mitigate the impact of the Covid-19 pandemic.  

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

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As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

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