Imports Grew in the First Quarter
"For the first quarter of 2012, the country’s total value of imports grew by 8.4 percent to reach CI$184.6 million."For the first quarter of 2012, the country’s total value of imports grew by 8.4 percent to reach CI$184.6 million.
⫿This growth is an indication of the continuing recovery of the local economy from 2011,??? noted the Hon. Premier and Minister of Finance, Tourism and Development, Mr. McKeeva Bush.
The increase in imports is due to both petroleum and non-petroleum imports. Petroleum imports (comprising mineral fuels, lubricants and related materials imports) rose by 19.8 percent to CI$42.3 million, compared to $35.3 million for the corresponding period in 2011.
Imports of non-petroleum products grew by 5.5 percent to total of CI$142.3 million. Of these, imports of food and beverages increased by 10.8 percent. Meanwhile, the value of transport equipment and parts was higher by 24.2 per cent. In contrast, capital goods imports fell by 10.0 percent.
Imports from four countries increased by more than 100 percent: Jamaica, United Kingdom, Panama and Mexico.
Merchandise exports for the first quarter of 2012 is estimated to have declined by 42.6 percent, to CI$2.9 million primarily due to a drop in food exports.