The total value of merchandise imports increased by 25.2% during the second quarter of 2022 as the economy showed continued growth.
The total import value of $387.56 million, resulted mainly from the higher value of petroleum and petroleum-related products which spiked by 113.1%.
Non-petroleum imports during the quarter were up by 14.9%.
The Economics and Statistics Office noted growth in most import categories as food imports grew by 22% based on more imports of meat, vegetables and fruit, eggs, fish and dairy products.
Imports of beverages and tobacco were higher by 27.5% while imports of miscellaneous goods, including clothing and jewellery, showed strong growth of 31.6% over the previous quarter.
In contrast, imports of machinery and transport equipment such as road vehicles, office machinery and machinery specialised for particular industries were lower by 1.4%. Additionally, imports of materials, such as iron and steel and non-ferrous metals, was lower by 19.9%.
The imported value of all major fuel types was up, as a result of the higher average price of diesel, motor spirit and aviation fuel on the international market.
The imported volumes of aviation and diesel fuel were also higher, while the volume of motor fuel purchased during second quarter was marginally lower, as motorists attempted to save fuel.
The US remained Cayman’s largest import country of origin in the second quarter, representing 84% of all imports by value, followed by Jamaica (3.3%), the UK (1.9%) and Switzerland (1.1%).
Imports from Switzerland more than doubled, based on the importation of watches and non-monetary gold.
Overall, imports of non-monetary gold increased by 174.6% during the period.
Related Videos
