Non-oil imports grow 3.6% to over $1.31 billion

| 11/06/2024 | 4 Comments
George Town cargo dock

(CNS): The total value of goods imported into the Cayman Islands last year was $1.53 billion, an increase of 2% over the previous year, according to the Foreign Trade Report 2023 produced by the Economics and Statistics Office. The value of non-petroleum products grew by 3.6% from 2022 to over $1.31 billion, while the value of petroleum and petroleum-related imports fell by 7.1% to $215.2 million. The ESO pointed out that this decrease was driven by lower average prices of fuel imported in 2023. It did not necessarily reflect a drop in quantity.

The value of food and animal imports, including vegetables and fruit, meat and meat preparations, dairy products and eggs, surged by 8.6 %, while the value of miscellaneous manufactured articles grew by 6.9%. The value of machinery and transport goods increased by 5.7%, which the ESO said reflected “increased imports of power-generating machinery, general industrial machinery and equipment, and electrical machinery and equipment”.

The value of beverages and tobacco decreased by 3.8%, which the ESO said was due to a drop in the quantity of some beverages, both alcoholic and non-alcoholic, coming into the country. There was also a reduction in some manufactured goods.

See the Cayman Islands’ Annual Foreign Trade Statistics Report 2023 here.

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Category: Economy, Politics

Comments (4)

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  1. Anonymous says:

    Value of goods does not necessarily equate to an increase in quantity of goods imported, but brace for the all-too-familiar PPM Port Agenda soundbites that will try to connect this data to their perennial side-mission.

  2. Anonymous says:

    Get ready. The import duty machine is going to start drying up, especially as construction starts to slow down. Government STOP wasting money.

    • Anonymous says:

      The board will still find ways to increase their personal pay per meeting and turn to govt to make up the losses.

  3. Anonymous says:

    Fuel costs go down worldwide, CUC bill continues rising. Thanks, OfReg!


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