Merchandise Imports recorded growth for Third Quarter of 2024

The total value of merchandise imports increased to $415.34 for the July to September 2024 quarter. This reflected a 9.1 percent growth over the corresponding quarter in 2023, with petroleum and petroleum-related imports growing by 16.2 percent. Non-petroleum products imports grew by 8.0 percent for the review period.

Imports of manufactured goods classified chiefly by materials increased 30.7 percent with growth in manufactures of metals, non-ferrous metals, rubber manufactures and cork and wood manufactures. The growth of 172.6 percent in commodities and transactions not classified elsewhere reflected larger imports of non-monetary gold, while the 6.1 percent growth in beverages and tobacco was due primarily to the importation of beer, sparkling wines, and whisky for the period. Imports of miscellaneous manufactured articles was 3.7 percent larger due to increases in clothing apparel, professional, scientific and controlling instruments and photographic apparatus and equipment. Imports of food and live animals increased by 1.1 percent, mainly due to higher purchases of vegetables, meat, dairy products and eggs. In contrast, machinery and transport equipment imports declined by 4.8 percent due to lower imports of electrical machinery, power generating machinery and equipment, as well as machinery specialized for particular industries. Also, the 38.5 percent decline in crude materials reflected lower importation of cork and wood, as well as crude fertilizers.

The value of petroleum and petroleum-related products increased 16.2 percent for the period. This outturn reflected higher average volumes of all major types of mineral fuels imported, as well as lower prices of all types of fuel for the third quarter of 2024.

More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: July to September 2024,” are available at www.eso.ky.