Griffin: Trade diversification will require sourcing from new markets
5 Nov 2024
The meeting focused on the rising cost of imported goods
Lowering the cost of living through trade diversification will mean sourcing new markets, companies partnering to order in bulk, and the establishment of warehouse space in other countries to consolidate this country’s goods, along with direct shipping from those storage spaces, a meeting last week on the National Trade Diversification Program revealed.
Deputy Chairman of the Bahamas Trade Commission Senator Barry Griffin said during the meeting that the commission is already working with a firm in Brazil on warehousing and shipping in bulk from that country.
“Brazil has also told us that they are amenable to shipping directly to The Bahamas if it comes in sufficient bulk,” said Griffin.
“We’re working with a firm in Brazil, there will be a central housing point for all goods that are intended for The Bahamas. So whether it’s food and beverage, construction materials, or anything else, it can all be shipped to The Bahamas at one time.
“Right now, we’re experimenting with different avenues and routes, but once we can buy in sufficient bulk, we know that the direct shipping will come. But we have to show and prove that we’re able to purchase at that amount.”
The meeting focused on the rising cost of imported goods, particularly from the US, and the potential benefits of sourcing products from the Caribbean as well as Latin America.
The National Trade Diversification Program aims to reduce these costs by diversifying supply chains and encouraging bulk purchasing.
Imported goods from new jurisdictions will meet Bahamian standards
Griffin said there will be an emphasis on quality control, to ensure imported goods from these new jurisdictions meet Bahamian standards.
“Quality is important as well. We vet these companies. And again, we want you to help us in terms of vetting these companies and the products they bring in,” said Griffin.
“And I’ll tell you, we’re not working with fly-by-night companies. A lot of these companies, we’re working with are international suppliers. They supply all over the world.”
The initiative also aims to support small businesses and reduce the cost of living by passing savings to consumers.
Griffin reiterated several times the need for businesses to pass any kind of savings they receive from trade diversification on to their consumers.
Last week’s meeting was to focus on the construction sector. A previous meeting focused on the food service sector.
Griffin said trade diversification could mean establishing direct shipping routes to The Bahamas from countries like Brazil, Costa Rica, Dominican Republic, and Jamaica, in order to reduce costs.
The purpose of the meetings was to gather feedback from businesses on additional product categories, or suppliers that can be added to the trade diversification program.