Cayman brings in over 7% more stuff
(CNS): Government has attributed an increase in imports as another good sign that its economic policies are working. According to the Quarterly Trade Statistics Bulletin for April to June this year, CI$194.7 million worth of good were imported from abroad, an increase on the same time in 2015 of 7.1%. This increase was down to a growth in the non-petroleum products coming into the islands, which stood at CI$169.4 million and included growth in capital goods such as electrical machinery and apparatus, power generating machinery and other specialised machinery.
“The level of imports is a key economic indicator for the Cayman Islands as we have very little local manufacturing to speak of and are dependent upon imports to meet our needs,” said Finance Minister Marco Archer. “The increased level of capital goods imported indicates that businesses are making investments in new and improved infrastructure, thereby strengthening their commitment to the Cayman Islands and positioning themselves for future growth in their respective sectors. This future growth will also help to create more job opportunities within the economy.”
Imports relating to transport, equipment parts and accessories recorded growth of 17.7%.
The total value of petroleum imports continued to decline, falling to CI$25.3 million, due to lower prices as the total quantity increased by 6.8%.
The total value of imports for the first six months of the year has now reached $392.6 million, 9.5 percent higher than last year.
Category: Local News
“The increased level of capital goods imported indicates that businesses are making investments in new and improved infrastructure, thereby strengthening their commitment to the Cayman Islands and positioning themselves for future growth in their respective sectors. This future growth will also help to create more job opportunities within the economy.” = total BS. Marco you need to go back to school and study real work economics because this is just politricks. All these figures mean is that the cost of imports has gone up – it’s a statistical blip.
I am no economist but surely if the population increases then so does the amount of goods being brought into it…………?
Good grief, you got it! Say it quietly in case you embarrass CIG, they are still trying to figure it out…
No 345 and if that’s your though process please get a new area code.
An increase in population does not automatically translate into more imports.
More poor people doesn’t mean more imports.
But an increase in the spending population (rich) does. This simply means that our economy has improved. Persons on Island have more money to spend and they are spending it.
Or it could mean that the price of goods has increased and less was actually imported at a higher price…
take out the dart effect….and you have a recession…
That’s nice Gov’t thanks – now what is your plan to deal with the disposal of all that garbage that comes with these imports?
Quick reminder people those who have to boast about their performance are obviously not telling the truth and in fact trying to over exaggerate and inflated in order to deceive you. Nice try PPM we the citizens who live and pay the bills simply no better. These day some political bozos same more concern on how they appear and what sexual orientation you are and passing laws to establish a society which is conducive to their lifestyle and those of their supporters and foreign backers. How that Alden Wayne & Moses did I hit the Spot or need I say some thing more????
I think that extra 7% is in my house. Every time I have a clear out there is so much stuff there I wonder where it came from. Now I know.
Holy cow that’s exciting. Thank you so much for sharing that.
2.58 Sarcasm-the lowest form of wit.
I like shiny things.
Cruise ships arent the only thing getting bigger. If we don’t get a new cruise and cargo port those tiny ancient little boats bringing stuff to cayman are soon going to be retired. We pay way more in shipping fees than islands with a real dock and larger shipping boats. It’s not just about cruise. We need a dock for our cargo too.
In most countries the value of exports is the figure we need to see. In our case that the value of money bought in by tourism, financial services and so on..