Gas prices lead import decline

Imports declined for the second quarter in a row, falling 9 percent between April and June of this year. Falling gas prices accounted for most of the $18 million drop, leaving the quarter’s total imports at about $183 million, according to the Economics and Statistics Office’s quarterly trade report.

The value of petroleum and related product imports dropped more than 35 percent from the same period the year before, driven by falling prices rather than by a drop in demand. The overall value of imports fell 11 percent in the first six months of this year to about $360 million, according to the ESO.

Non-petroleum product imports also fell, the ESO report states, by 2.3 percent during the first half of 2015.

“The largest decline was posted in miscellaneous manufactured articles at 18.5 percent,” the report notes, attributing the decline to professional and medical equipment.

Imports from the United States, the Cayman Islands’ biggest trading partner, declined by about 15 percent for the first two quarters of 2015. The trade report notes a small increase in imports from Cuba, mainly based on cigars and cigarettes. The report also states, “There was also a significant decline in imports of watches from Switzerland.” Imports from Japan during the second quarter were up more than 45 percent from the same period in 2014, primarily from increases in vehicle imports.

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  1. Do we see and read what is the outcome of 13,000 signatures, and only 30 show up to protest. I think that it would be soon said that the oil companies can not afford to lose money and stay in the business.

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  2. That is why I maintain that if Government was to be charging CIF on ALL fuel imports, they would be seeing greater revenue from fuel imports.
    Example:- 52 million gallons of fuel on average is imported (ESO stats)x 20% duty at the "COST" (per the current exorbitant per gallon price- say its $4p/g)=$208million x20%= $41.6million in direct import duty (revenue) to Govt.

    At present, budgetary figures reflect only some $37 million revenue from fuel imports (.75cnts gall).

    Charging CIF would also "encourage" the fuel importers to be more transparent and give full disclosure as to their "real cost" price of the fuel being imported here.

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