Cayman imports fall by 2% in 1st quarter 2017

The total value of all goods imported into Cayman in the 1st quarter of 2017 was CI$ 207.8 million, which is a drop of some CI$ 4.3 million as compared with the same period last year.

According to officials from the Economics and Statistics office, the decrease was due to a 6.1% reduction in the total value of non-petroleum products, which make up almost 89% of all imports into the country. The fall in imports of machinery and road vehicles, chemical and related products, and other commodities fell significantly.

The quarterly trade statistics bulletin reported a 4% increase in food imports and a massive 50% increase in petroleum and related-products, due in part to another increase in the price of oil on the global market.

However, this was not enough to offset the decline in other goods. With import duty a significant source of government revenue, the fall in the value of goods could have an impact on the public purse for those first three months of the year to the tune of more than $1 million.

Comments are closed.