Merchandise imports records marginal growth for the first quarter of 2024

The total value of the Islands’ importation of goods for the first quarter of 2024 stood at $358.2 million, an increase of 1.1 percent. This growth resulted from the rise in non-petroleum products which was partially offset by the reduced importation of petroleum-related products.

Non-petroleum imports amounted to $310.5 million, an increase of 1.6 percent. There was a 10.9 percent growth in the imports of machinery and transport equipment by 6.6 percent due to higher imports of electrical machinery, telecoms equipment and power generating machinery. Commodities and transactions not classified elsewhere grew by 141.3 percent due largely to imports of special transactions and commodities not classified according to kind. However, there were reduced importation of miscellaneous manufactured goods by 9.1 percent due to lower imports of footwear, professional, scientific and controlling instruments and apparatus n.e.s and miscellaneous manufactured articles not elsewhere specified. Food and live animals, mainly vegetables and fruit, fish, cereal, dairy products and birds eggs was 2.6 percent lower than the previous corresponding quarter. Imports of beverages and tobacco declined by 16.4 percent reflecting the decreased importation of sparkling wines and wines of fresh grapes, and mineral and aerated waters. Chemicals and related products imports shrunk by 9.9 percent as a result of decreased purchases of medicinal products, essential oils, and chemical materials and products n.e.s.

Petroleum and petroleum-related imports decreased by 1.9 percent to reach $47.8 million for the quarter. This decline was driven by the reduced prices of all major types of petroleum fuel imported, except motor fuel, for the review period.

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