Imports fall by 2% in 2017’s first quarter

| 09/07/2017 | 0 Comments

(CNS Business): The total value of all goods imported into the Cayman Islands in the first quarter of 2017 was CI$207.8 million, a drop of some CI$4.3 million compared with the same period last year. Officials from the Economics and Statistics office said the decline was due to a 6.1% reduction in the total value of non-petroleum products, which make up almost 89% of all imports into the country. The fall in imports of machinery and road vehicles, chemical and related products, and other commodities fell significantly. 

The quarterly trade statistics bulletin reported a 4% increase in food imports and a massive 50% increase in petroleum and related-products, due in part to another increase in the price of oil on the global market.

However, this was not enough to offset the decline in other goods. With import duty a significant source of government revenue, the fall in the value of goods could have an impact on the public purse for those first three months of the year to the tune of more than $1 million.

See the full report here 

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Category: Economy, Finance

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