Increase in imports signals economic recovery
George Town Port, Grand Cayman
(CNS Business): Finance and Economic Development Minister Marco Archer has said that the near 12% increase in imported goods at the beginning of this year compared to the previous year was a sign of the economic recovery in the Cayman Islands. According to figures released by the Economics and Statistics Office (ESO), the country’s merchandise imports in the quarter ending March 2016 amounted to CI$197.9 million, which is CI$21 million more (11.9%) than the same period in 2015.
The increase in the first quarter is due to imports of non-petroleum products, which rose by CI$29.9 million (19.6%) to reach CI$182.6 million.
“I am pleased to note that imports in the first quarter increased, indicating a recovery from an overall decline in 2015,” Archer said. “Among these products, the highest growth rate of 85% was seen in capital goods, and this bodes well not only for economic growth this year but also in the coming years.”
Although the total imports figure fell by 6.3%, this was down to petroleum-related imports as non-petroleum imports grew at 2%.
Petroleum-related imports continued to decline in the first quarter, this time by 36.8%, to settle at CI$15.28 million, due to a reduction in both the average prices and quantities of gasoline and diesel.
More information on the Cayman Islands’ Quarterly Trade Statistics Bulletin: January to March 2016 is available on the ESO website.
