Merchandise imports increase for the first three months of 2022
The total value of the Islands’ importation of goods for the first quarter of 2022 stood at $334.9 million, an increase of 16.7 percent. This growth resulted from the rise in both non-petroleum and petroleum-related imports.
Non-petroleum imports amounted to $293.2 million, an increase of 11.5 percent. There was a 17.6 percent growth in the imports of food, mainly meat, vegetables and fruit, cereal and dairy products. Imports of manufactured goods classified chiefly by material were 19.5 percent higher, and reflected items such as cement, iron and steel, and cork and wood manufactures. Machinery and transport equipment grew by 9.1 percent, due to the increased importation of road vehicles, general industrial machinery and equipment and telecommunications equipment. Chemicals and related products imports increased by 3.8 percent as a result of the growth in medicinal and pharmaceutical products as well as chemical materials and products n.e.s for the first three months of the year. The 30.7 percent growth in the imports of beverages was due to larger purchases of non-alcoholic beverages such as water and alcoholic beverages such as beer, wines, vodka and whisky. In contrast, there was a marginal reduction in imports of crude materials for the first quarter of 2022.
Petroleum and petroleum-related imports recorded a considerable increase of 73.0 percent to reach $41.7 million for the quarter. This growth was driven by increased prices and larger volumes of all major types of petroleum fuel imported, except diesel fuel.
More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: January to March 2022”