The Barbados Chamber Of Commerce and Industry (BCCI) is calling for a more collaborative and evidence-based response so that Barbadians can benefit from a reduced cost of living.
This includes the implementation of an efficient pre-clearance system for cargo in the Bridgetown Port, an outcome president Paul Inniss said could provide “savings of around $19 million across the board”.
In a statement on the issue, he said the BCCI “recognises the real pressure households are facing from the cost of food and other essential items”.
A central issue, he added, was finding a way to reduce import costs and risks “to support a reduction in margins, so that there’s predictability and sustainability within our ecosystem”.
“The chamber is also aware that if we can implement an efficient pre-clearance system for cargo in the port, there can be a savings of around $19 million across the board,” Inniss said.
There have been calls for businesses, including retailers, to reduce their profit margins for the benefit of consumers.
“The general cost of living in Barbados is a serious national issue and it requires a practical, collaborative and evidence-based response,” he stated.
“The chamber is not going to comment on the financial position of any individual company or member. Our role is to help explain the wider cost chain and support solutions that can reduce prices sustainably.”
He noted that in an import-heavy economy, “prices are affected long before goods and services reach the supermarket shelf or the final consumer”.
“In the case of services, we need to be candid about the key import contributors, which include overseas supplier prices, freight, insurance, fuel, shipping charges, customs duties, value added tax and other broader costs like import port charges, clearance delays, finance costs, breakage, pilferage, electricity, security and banking charges,” Inniss said.
The president pointed out that while margins across the supply chain should be examined, particularly on essential goods, “margins are a critical and necessary component to help businesses manage volatility, risks and unforeseen costs, and remain viable as a going concern”.
The senior business executive also noted that the cost of living was broader than food alone and impacted housing, utilities, transport, telecommunication, financial services, which together had a direct impact on disposable income.
“The BCCI therefore supports a collaborative approach involving Government, business, labour, consumer representatives, Customs and the port, with priority given to cargo clearance, improved port efficiency, review of duties and charges on essential items, regional procurement, energy cost reduction and support for viable local production,” he said.
“The chamber stands ready to work constructively on practical measures that protect consumers while maintaining reliable supply, fair competition, employment and sustainable businesses.” (SC)
