Cayman imports of merchandise goods grew by 16.7% in the first quarter of this year to a value of CI$334.9 million.
Greater demand from a growing population and returning tourists, as well as rising inflation boosted the import statistics between January and March.
Non-petroleum imports amounted to $293.2 million, an increase of 11.5%.
Petroleum and petroleum-related imports recorded showed a considerable increase of 73% in value to $41.7 million for the quarter, reflecting stronger demand for all types of fuel, except diesel, and particularly higher prices.
During the first quarter of this year consumer price inflation in the islands reached 11.2%.
High energy prices have also driven up the share of petroleum products among all imports to 12.45%, compared with 10.1% in 2021 and 8% in 2020.
Last year imports to Cayman saw a new record high of $1.28 billion, after a pandemic-induced dip in 2020.
The latest import growth will bring more stamp duty revenue for government. According to government’s first-quarter financial results, income from import duties was $8.6 million or 19% higher than during the same period last year.
Food imports, mainly meat, vegetables and fruit, cereal and dairy products grew by 17.6%.
Materials, such as cement, iron and steel, and cork and wood manufactures, saw a rise of 19.5%.
Machinery and transport equipment grew by 9.1%, due to the increased importation of road vehicles, general industrial machinery and telecommunications equipment.
Chemicals and related products imports increased by 3.8% as a result of the growth in medicinal and pharmaceutical products as well as chemical materials during the period.
Water and alcoholic beverages, including beer, wine, vodka and whisky, drove a 30.7% growth in beverage imports.
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