Merchandise Imports marginal decline for Third Quarter of 2023

The total value of the merchandise imports decreased to $380.29 for the July to September 2023 quarter. This reflected a 0.8 percent reduction over the corresponding quarter in 2022, with petroleum and petroleum-related imports falling by 26.0 percent. However, non-petroleum products imports grew by 4.9 percent for the review period.

Imports of manufactured goods classified chiefly by materials declined 14.1 percent with decreases in manufactures of metals, iron and steel and cork and wood manufactures. Imports of commodities and transactions not classified elsewhere declined by 42.6 percent, reflecting lower imports of non-monetary gold, while the 13.7 percent reduction in animal and vegetable oils reflected mostly the lower importation of fixed vegetable fats and oils for period. Imports of beverages and tobacco decreased by 1.7 percent, mainly due to lower purchases of some alcoholic beverages. However, imports of food and live animals increased by 11.2 percent, reflecting the larger importation of vegetables and fruit, meat, fish, and dairy products. The importation of miscellaneous manufactured articles was 4.6 percent larger due to increases in clothing apparel as well as prefabricated buildings and lighting fixtures and fittings. Additionally, machinery and transport equipment grew by 22.0 percent due to larger imports of road vehicles, power generating machinery and equipment, as well as electrical machinery and appliances.

The value of petroleum and petroleum-related products declined 26.0 percent for the period. This outturn reflected lower average prices of all major types of mineral fuels imported, as well as lower volumes of all types, except aviation fuel, for the third quarter of 2023.

More information on the The Cayman Islands’ Quarterly Trade Statistics Bulletin: July to September 2023,” are available at www.eso.ky.