Imports continue to decline

For the third consecutive quarter in 2015, the total imports of the Cayman Islands fell, due in large part to the continuing decline of oil prices, according to the Economic and Statistics Office’s quarterly trade report.

The total value of all goods imported into the country between July and September was $178.8 million, 9.1 percent lower than the total value of imported goods during the same time period in 2014, which was $196.6 million.

“The decline largely reflects the impact of depressed international oil prices on petroleum-related imports, which continued to rise in quantity,” Finance Minister Marco Archer said in a press release.

Petroleum-related products, accounting for 15 percent of total imports, declined 31.8 percent in the third quarter of this year compared to the same time period last year.

Non-petroleum products, which accounted for 84.9 percent of total imports, fared better, falling at the comparatively lower rate of 3.3 percent. These products totalled $151.9 million in the third quarter.

In the non-petroleum category, miscellaneous manufactured goods, which include professional equipment, furniture parts and road vehicles, experienced the largest contractions.

Imports from the U.S., Panama, Switzerland and the United Kingdom declined in the third quarter, while imports from Jamaica, Japan, Germany and Canada grew.

Support local journalism. Subscribe to the all-access pass for the Cayman Compass.

Subscribe now