Merchandise Imports in 2014 Increased to Highest Level in Six Years
"The total value of merchandise goods imported into the Cayman Islands in 2014 reached CI$813.3 million,"
The total value of merchandise goods imported into the Cayman Islands in 2014 reached CI$813.3 million, 5.0 percent higher compared to the CI$774.5 million recorded in 2013. It also represents the highest level since 2009.
“The growth in demand for imports in 2014 indicates continued revival of the country’s economic health” stated Hon. Marco Archer, Minister for Finance and Economic Development.
The increase in imports is due to the rise in non-petroleum products by 7.8 percent. However, petroleum products fell despite a slight increase in the volume imported, due to the downtrend in global oil prices.
Among the non-petroleum products, passenger motor vehicles increased by 33.4 percent on account of higher average price and greater demand. Other categories of imports also expanded, such as consumption goods (by 9.6%), capital goods (5.7%) and intermediate goods (2.4%).