Merchandise Imports declined for the Second Quarter 2020
The total value of the merchandise imports plummeted, reflecting a slump in economic activity due to the global Covid-19 pandemic. Goods Import for the second quarter stood at $186.97 million, a decrease of 32.1 percent, which emanated from the decline in both non-petroleum and petroleum and petroleum-related imports.
The decline is widespread as both non-petroleum imports, and petroleum imports declined by 28 percent and 59.1 percent, respectively.
There were reductions in most major categories of imports, especially food and live animals such as fruits and vegetables, meat, and fish by 46.6 percent and miscellaneous manufactured articles such as footwear and clothing by 59.7 percent. Machinery and transport equipment, such as road vehicles and electrical and industrial machinery was lower by 33.8 percent, as well as manufactured goods such as building materials like cement, iron and steel.
There was a lower imported volume of fuel, especially motor oil and diesel fuel, in addition to the reduction in the average price of petroleum products imported for the second quarter of 2020.
More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2020,” are available at www.eso.ky.