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.