Global Oil Price Reduction Continued to Cut Cayman’s Imports Payments

"Total payments for imports by residents of the Cayman Islands continued its downward trend in the second quarter."

Total payments for imports by residents of the Cayman Islands continued its downward trend in the second quarter.

The total value of all merchandise goods imported into the Cayman Islands amounted to CI$182.9 million, 9 percent lower compared the same period in 2014.

“The decline reflects the sustained reduction in the value of petroleum and related products resulting from the lower prices in the international market compared to a year ago,” explained the Minister for Finance and Economic Development, Hon. Marco Archer.  

Non-petroleum products, which accounted for 84.8 percent of total imports, fell at a comparatively lower rate (0.9%).

Among major sub-categories of non-petroleum imports, professional equipment including medical equipment registered the steepest contraction of 65.3 percent. “This may be associated with the normalization of medical equipment imports following a build-up in 2014,” the Minister further noted.

More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2015,” are available at www.eso.ky.