Import values drop due to oil prices
Cargo ship at the George Town Harbour (Photo by Dennie Warren Jr)
(CNS Business): Demand for imports into the Cayman Islands grew by around 7% in 2015 but the value decline by 6.3% compared to last year because of the fall in oil prices. Figures from the Economics and Statistics Office (ESO) revealed in its Foreign Trade Statistics Report that the total value of goods imported fell to CI$763 million compared to CI$814.4 million recorded in 2014. “The decline in the value of imports in 2015 reflects the fall in oil prices in the international market,” said Marco Archer, the Minister for Finance and Economic Development. The total value of petroleum products imported fell by 39.2% to CI$99.7 million.
However, Archer noted that local demand continued to strengthen, reflected by the 7% increase in the volume of fuel imports, from 49,544 imperial gallons in 2014 to 53,018 imperial gallons in 2015.
“Similarly, non-petroleum products also increased by 2% to register at CI$663.3 million,” Archer stated in a release from the ESO.
Among the non-petroleum products, machinery and transport equipment imports grew by 16%, traced to higher values of motors and generators, construction and mining machinery, office machines and automatic data equipment.
The ESO said that Cayman’s visible trade deficit stood at CI$746 million, a contraction compared to the CI$792.4 million recorded in 2014.
Still under $2.00 in US. Still overpriced in Cayman.
Yes, and a large percentage of that is taxes. And Cayman has no taxes????