Fuel import costs increased 44% in 2021
(CNS): Petroleum and petroleum-related import costs grew by 44% last year, reaching a record $128.9 million as a result of the high average prices of all major fuels brought into the country, according to the Annual Foreign Trade Statistics Report published by the Economics and Statistics Office on Thursday. The report reveals that the total value of goods imported into Cayman in 2021 was $1,281.9M, an increase of 15% from 2020. Non-petroleum imports amounted to $1,153M, up 12.4% from the previous year.
From machinery to clothes to alcohol, Cayman imported more of just about everything except cigarettes, which fell by around 18% last year. The only other category to reflect a decline was non-monetary gold which was down 70%.
The visible trade deficit was wider than ever, as the increase in imported goods was accompanied by a decrease of 19.6% in the already small amount of annual exports from Cayman.
The figures reflect not only a bounce back from a decline in imports during 2020, when Cayman’s borders were closed as a result of the pandemic, but surpassed the value of imports in 2019, which stood at $1,189.7M. Over $355M worth of stuff was brought into Cayman in the last quarter of last year, the most the country has ever imported in a single quarter.
Although the significant increases in the value of goods being imported reflects the increase in costs, it also shows that Cayman Islands residents and the business community show little regard for the pressing need to address the country’s excessive consumption, which is contributing to significant waste management issues. With the ReGen waste-to-energy facility still several years away, the goal to reduce our garbage remains elusive.
Meanwhile, the ESO also published the third-quarter report for the country’s GDP for 2021, which showed an increase of 1.7% in economic activity in the Cayman Islands in the first nine months. Most sectors grew and it was no surprise to see real estate recording the largest increase, as property sales grew by 6.5%. Construction saw a 5.7% increase and the financial sector recorded a steady 2.4% growth by the end of September.
But as the borders were still closed at the end of the third quarter of 2021, tourism-related sectors, such as hotels, restaurants and transport, all contracted. However, it is understood that the economy grew even more during the first quarter of 2022 and most of the figures reflected in this latest ESO publication have been surpassed.
See the reports on the ESO website.
- Fascinated
- Happy
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- Bored
- Afraid
Why is anybody surprised?
22% on 355 is 78 MILLION in govt earnings for the quarter. Do we really need the big ship tourism with these numbers?
Soon Caymanians will need to move to the UK to make a living leaving the Cayman Islands to the expats who have already bought it and you can all blame Dart instead of your own selves.
OfReg is too big. Needs to be segmented to have better focus and efficiency, especially to pair core competencies.
Too much things under one regulatory roof. A juggler can only keep a certain number of balls in the air before starting they dropping the balls
OfReg also fails to achieve consumer protection functions, but rather seems to achieve the opposite, whether that be by design or not.
It can’t be that OfReg’s poor performance is owing to unavoidable circumstances. Seems that there might be more internal issues, whether by design or not, coupled together with appointments based on nepotism and others reasons.
Govt fees collected outweigh consumer protection in all facets of Cayman business.
Why would they change anything when they themselves are making money?
If they implemented anything it would make it more expensive to the consumer.
Who can be blame for this.
I would like to know. Govt is very confused and lost
This is such BS. During the peak of Covid, gas was at its all time lowest 20/21 $1.89-$2.39 in the states, but ours in cayman barely went down…can anyone explain that to us?
It never goes down to what it should. Profits go up for them and then once the gas prices go up again they IMMEDIATELY raise it again.
Having a gas station is THE BEST investment. They pay crap wages and make HUGE PROFITS!
Pohan – Worldwide factors, you think? Perhaps covid? Pandemic-related supply chain problems, pandemic-related job losses, pandemic-related lower productions, pandemic-related greater consumer demand after lockdown, pandemic-related international inflation….
….hmmm, I wonder if any of the above have ANYTHING to do with ANYTHING the world is experiencing? Oh, and a war in Europe? Perhaps?
boy oh boy, isn’t it just great that we all have to sit in traffic again to get to the office for….. reasons?
If prices go any higher people need to start petitioning companies to cover the cost of driving to and from work, if you are going to demand I drive to the office you should responsible for covering the cost.
Since CIG seems to have given up on public transport we have little choice but to drive.
Why did Ofreg say no to the CUC solar farm?
Would you believe….. They make more money the way things are now.
inflation and cost living/doing business will cripple cayman econmoy within 6 months.
our politicians are not capable of addreesing the issue as all they ever do it tax and spend.
Lack of intelligence, integrity and energetic work-ethic = recipe for failure
It’s going to be exciting to see my already insaine utility bill double.
I wasn’t very excited when the greedy essobees jacked up the price of gasoline! Is this some crazy scheme to force us to buy electric vehicles?? The effing oil companies are crazy! Now the people running our utilities will keep jacking up the cost of living until they have everything….. and that won’t take very long!
Did you notice “the greedy essobees jacked up the price of gasoline” without having a delivery!!!!
Yes. Where is the consumer protection function?
I can’t wait to get mine come next Saturday
Another reason to ramp up the adoption of renewable energy….Caymanians are being ripped off by the government and CUC who are proving to be too slow and incompetent in shifting Cayman towards cheaper, cleaner energy sources that are more sustainable for the Islands.
They’re afraid that renewables will take place of their engines, dropping their share price in the process. The decision makers hold shares too and that is our problem.
Weird that they proposed a solar farm then.
When you know you’ll understand.
Thanks to our government helping with the cost of living by reducing stamp duty on fuel prices.
/s
In the Brac gasoline is duty free but still 6.38 p g, duty free only makes businesses owners richer. Duty free is Never passed on to consumers and Government don’t care, for they never checks to see if its passsed on