Value of imports grows 25% in first half of 2022
(CNS): The total value of merchandise imports grew by 25.2% to $387.56 million during the first quarter of this year compared to the $309.47 million worth of goods imported in 2021, largely as a result of high fuel prices, as petroleum-related products increased in value by 113%, the Economics and Statistics Office has reported. Growth was recorded in most categories, though the increasing cost of many goods was a factor in the rise, rather than an increase in the quantity of being imported.
Alongside the release of the quarterly trade statistics, the ESO also released the Economic Report for the first three months of 2022. While most of the figures in that report have already been reported in the government’s quarterly financial reports, it recorded an increase in GDP in Cayman by 3.8% between 1 January and 31 March.
Officials said the increase in economic activity was broad-based but largely driven by the growth in tourism and transport-related sectors. “Despite rising price pressures, robust demand both locally and internationally continues to spur economic activities in the Islands,” officials stated.
See both reports below and on the ESO website.
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It’s called inflation. You get the same stuff that cost more.
It is nothing short of IMMORAL that our Govt. makes revenue on the cost of Shipping goods to an island that has to Import almost everything.
Charging duty on shipping was designed as a way of keeping locally produced goods competitive with cheaper imports, and we manufacture nothing.
This only serves to increase the cost of living while providing no real benefit to either the Govt. or the economy.
The Govt. ‘subsidies’ handed out via ‘Needs Assessment Unit’ to so many Caymanians could be significantly reduced by simply lowering the cost of imported goods, especially food and medication.
Studies have shown that significant Govt revenue is actually realized when Taxes on citizens are lowered, as this leads to increased disposable income within the population.
It is high time that our ‘Educated’ politicians seriously rethink the path they are taking this country and our people by following the failed economic policies of our neighbours.
This can be laid at the feet of all the galactic-level idiotic anti-energy policies stemming from the US. And Panton doing absolutely nothing when he could seek alternate fuel sources, here is a start https://www.globalpetrolprices.com/Venezuela/gasoline_prices/
But Noooo. Let’s tow the “fossil fuel is evil” woke line and let’s make solar energy at four times the cost per watt so we can “save the earth”. The FACT that we MUST burn fossil fuel here (Short of building a mini nuclear plant) for energy, is irrelevant to the woke. Let’s just keep posing to look good and be woke.
The *Value* has not gone up, the rate of inflation has, which is the inflated cost of the actual value. Anti-value has gone up.
Vote woke, go broke.
Good thing we have a new Capable Port Director.
12.24 …Sarcasm right. ?
Joey continues to be a loss to the proper management of the Port.
12.24 I hope you’re either kidding , being sarcastic, or have no knowledge of the port director.
Inflation grows 25%
Just came back from Miami loaded like a camel train and it’s very clear we are getting ripped off on many home goods and essentials here. Just use a VPN and check the sales at Publix, you’ll see.
The supermarkets here put prices up not by a few cents but by dollars but there are suckers with more money than brains who will still buy. I can’t fathom how some get by on meagre wages.
No wonder imports are up, if you have the means it pays to bring your own stuff in rather than buy from the pirates of Cayman.
1:01am and remember if it cost one dollar in Florida its only 80 cents C I $ plus the businesses here get whole sale prices. They are really ripping us off big time.In the Brac is lots and lots worse. Really highway robbers.
We’ve started importing this year rather than buying local. Everything in Al Thompson has gone up 40-50% in a couple of months. Something we bought last week was $10 and then this week we needed an extra one and the exact same product was $14.50.
It was always cheaper to import, but now its significantly cheaper than buying local.
Cayman is not a tax haven. After supermarkets and general expenditure you pay very similar income to the uk. Furnishing a house in cayman, or a weekly fosters shop, is at least 45% more expensive than England. Guess what… income tax in the uk with national insurance is about the same.
Many things are twice the US price.
This is all meaningless. These kinds of statistics don’t work for a town of 78,000.
We are still getting screwed! Most everything we have to buy is getting more and more costly. It looks like we may have to move elsewhere.
How in hell something cost 3 U S dollars in Florida cost 10 + C I dollars here ???
Let’s be clear that this is inflation based value of goods increase, not volume based. Our port is still operating well under capacity per Baird report.