The total value of merchandise imports fell by almost one-third in the second quarter, compared to the same period in 2019, reflecting the slump in economic activity due to COVID-19.
The total value of $186.97 million of imported goods during the quarter represented a 32.1% decline over the year before. Non-petroleum imports dropped by 28% and petroleum-related imports by 59.1%.
Especially large drops were recorded in imports of food and live animals such as fruits and vegetables, meat, and fish, which slumped by 46.6%, and miscellaneous manufactured articles such as footwear and clothing, which declined by 59.7%.
Machinery and transport equipment, such as road vehicles and electrical and industrial machinery, dropped by 33.8%, and manufactured goods such as building materials like cement, iron and steel, decreased by 13%.
There was a lower imported volume of fuel, especially motor oil and diesel fuel, in addition to a reduction in the average price of imported petroleum products in the second quarter of 2020.
The only category bucking the trend is commodities, as a result of a $33.8 million increase in imports of non-monetary gold.
In the first six months of this year, about 85.3% of imported goods in terms of value came from the US, followed by Jamaica with 3.28%, and the UK with 1.79%.
Last year, the Cayman Islands imported a record $1.18 billion worth of goods, representing a 13.5% increase compared to 2018.
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Another example of the failure of the government to benefit the people.
This story is interesting as it is another example of how this government fails to do a good job in helping people in their daily lives. I say this because as most Compass readers know, there has been talk about the length of time it takes to get parcels through Customs. Customers blame the government and the government blames the carriers and volume of imports.
The truth is, I have had a package on the island for nearly two weeks, with all of the invoicing paperwork sent to the import agent before the package arrived. I have a government import ID and have filled out the required forms appointing the import agent. Everything is in order. But still no package. No explanation. No concern.