Merchandise Imports increased in 2023

The total value of the Cayman Islands’ importation of goods stood at $1.53 billion for 2023, an increase of 2.0 percent over the previous year.

This growth was driven primarily by the increase in non-petroleum imports which amounted to $1.31 billion, an increase of 3.6 percent over the previous year.

An 8.6 percent increase was recorded in the category of food and live animals which includes vegetables and fruit, meat and meat preparations, dairy products and birds’ eggs.

Also, miscellaneous manufactured articles grew by 6.9 percent, with increases in imports of articles of apparel, photographic apparatus, equipment and supplies and optical goods.

Machinery and transport goods increased by 5.7 percent for the year, reflecting increased imports of power-generating machinery, general industrial machinery and equipment, and electrical machinery and equipment.

In contrast, beverages and tobacco decreased by 3.8 percent due to fewer imports of selected beverages, including both alcoholic and non-alcoholic beverages.

Also, manufactured goods classified chiefly by materials and crude materials declined by 7.8 and 14.0 percent, respectively, for 2023.

The reduction in manufactured goods classified chiefly by materials reflected lower imports of iron and steel, manufactures of metals as well as cork and wood manufactures. The decline in crude materials was mainly driven by the reduction in the importation of crude fertilisers and textiles.

Petroleum and petroleum-related imports fell by 7.1 percent to reach $215.2 million. This decrease was driven by lower average prices of fuel imported in 2023.

More information on the “The Cayman Islands’ Annual Foreign Trade Statistics Report 2023,” is available at http://www.eso.ky.