Imports fall by 2% in 2017’s first quarter

| 09/07/2017 | 1 Comment

(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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  1. Anonymous says:

    our customs dept is a shame in these islands they target caymanians importing anything especially cars or motorcycles always giving them hard times in everyway they possibly can they have no respect or professionalism in dealing with customers the management I'm sorry to say should all be replaced imo some of the harshest people to come across in any of the government departments in this island they also have a bad reputation of confidentiality when dealing with situations who would want to deal with them anymore than once? that's enough to change anyone's mind from importing anything and it's so expensive most people can't afford to pay a broker [middle man] they are now starting to see that people are migrating heavily and investing elsewhere it's just an un organized dept and that goes for the different groups formed in or under the customs dept cayman islands fix the problems and the numbers won't lie leave the problems and look at the numbers again another 12 months from now

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