Merchandise imports declined for the second quarter of 2023

The total value of the merchandise imports decreased for the second quarter of 2023. Goods imported for the second quarter stood at $377.82 million, a decrease of 2.55 percent, emanating from lower imports of petroleum and petroleum-related products by 23.1 percent, which offset the 2.0 percent growth in the imports of non-petroleum goods.

There were reductions in the importation of commodities and transactions not elsewhere classified, as non-monetary gold imports declined by 98.9 percent. Crude materials imports were lower by 11.6 percent from the reduced importation of crude fertilizers and cork and wood products.

However, there was growth for the quarter in the imports of food such as vegetables and fruit, eggs, fish and dairy products. Imports of beverages and tobacco grew by 27.5 percent. Miscellaneous manufactured goods, including items such as clothing and jewellery, grew 8.7 percent over the previous corresponding quarter for the June 2023 period. Imports of chemicals and related products like essential oils and medicinal and pharmaceutical products were higher by 11.0 percent. Additionally, imports of machinery and transport equipment, such as general industrial machinery, power generating, and machinery specialized for particular industries, grew by 1.6 percent. There was a 1.6 percent growth in manufactured goods such as iron and steel and manufactures of metals for the quarter.

There was a lower imported value of all major fuel types due to the reduced average price of diesel, motor spirit and aviation fuel on the international market, even though higher volumes for these products were imported from April to June 2023.

More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2023” are available at www.eso.ky.