A country without globalization is basically a country that is self-sufficient. The only country in our lifetime that survived without the help of the First World Countries is Cuba. In other words the Bahamas cannot stand alone without the assistance of Global Marketing 'Globalization.' We heavily rely on assistance from various countries to provide most of our basic essential goods; we cannot produce on our own. The Bahamas has been engaging in a small form of globalization since engaging in Caricom on July 4, 1973. This has enabled us to join forces with our Caribbean counterparts in order to have a larger impact on Global matters.
Many years ago the Bahamas exported a number of products, for example cotton and sponge. Now foreigners come in and export our salt, cascarilla bark and soon to be our natural gasses which are produced in our country. Our various services such as Tourism (our Number One Product) Banking are not really considered as exports but they are considered so in our books help to make up our Balance of Payments.
Bahamian imports of goods and services in 1992 amounted to $1688.55 million, of which import of merchandise accounted for $1329.3 million. Imports were comprised primarily of foodstuffs, motor vehicles, oil, animal feed, petroleum products, clothing, machinery and appliances. The USA remains the major trading partner of The Bahamas, receiving almost $800 million in export receipts. Foodstuffs account for about $250 million of the imports from The United States.
There are no quotas in The Bahamas on imports, and the only protective duties applied are in respect of agricultural products in season. For most imports, only exchange control permission to pay for goods concerned is required. Gaming machines and firearms cannot be imported without prior acquisition or an import license. The importation of...