The economy of The Bahamas has traditionally been import dependent
in order to satisfy domestic needs. Due to the increasing demand for
imports over the years, the country offers a wide range of
opportunities for offshore suppliers and an appreciable domestic
market to the investor. The best opportunities remain in the
traditional areas of foodstuffs and manufactured goods, hotel &
restaurant supplies, medical supplies and computers and electronics.
Bahamian tastes in consumer products roughly parallel those in North
America.
Channels of Distribution
Most exporters selling to The Bahamas make direct contact with local
distribution firms due, in part, to some restrictions placed on the
entry of foreign salesmen. It is recommended that exporters secure
the services of a local agent or distributor for their products.
Agency agreements are bound by Bahamian commercial law, which is
based on English common law. Bahamian importers often request
product exclusivity from their suppliers.
Advertising and Promotion
The Broadcasting Corporation of The Bahamas is a government-owned
Corporation which operates Radio Bahamas (ZNS-1 (AM/FM) and ZNS-2
(AM)) from Nassau and ZNS-111 (AM) from Freeport. Several private
stations offer broadcasting service both on New Providence and Grand
Bahama. ZNS Channel 13 is the sole local television station. North
American television channels are accessible by satellite dish and
cable television is available in both Nassau and Freeport.
There are two national daily newspapers - the Nassau Guardian (circ
15,000) - a morning paper - and The Tribune (circ 15,000) which is
published in the afternoon. The Bahama Journal (circ 5,000) is a
national weekly and is distributed throughout the Bahamas. The
Freeport News (circ 5,000)is published on weekdays and Caribbean
Week, published in Barbados, contains local Bahamian news. The Punch
has the largest circulation of all publications at 25,000. Many
major American papers are available on the day of publication.
Price and Terms of Delivery
Price is always an important factor in the Bahamian market as well
as quality and timely delivery. Quotations are normally fob Miami in
United States dollars since most imports come through the Port of
Miami.
Terms of Payment
The commercial banks handle trade payments with
the approval of the Exchange Control Department of the Central Bank.
The most common terms are open account, letters of credit, sight
draft and term draft. Despite the fact that the track record of
payments by most Bahamian firms has been excellent, exporters are
still advised to obtain reliable credit information on prospective
clients before offering any terms.
Banking Services
More than 400 entities are licensed to
carry on banking and/or trust business under The Banks and Trust
Companies Regulation Act, either within or from the Commonwealth of
The Bahamas. Of those designated as public institutions, only a
small number are authorized by the Exchange Control Department to
deal in Bahamian, foreign currencies and gold. The majority of
institutions are those dealing in Eurocurrency transactions as well
as branches of banks based in North America, the United Kingdom and
elsewhere in Europe, South America and Asia.
Currency
The legally acceptable currency of The Bahamas is the Bahamian
dollar, which has a fixed rate of exchange against the U.S. dollar
and is traded at par. U.S. dollars are accepted throughout the
islands and most international transactions are conducted in that
currency.
The following values for major
currencies in relation to the Bahamian dollar:
Currency Converter
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