Merchandise Imports rebound from a year ago
The total value of the merchandise imports recorded significant growth for the second quarter of 2021 as the economy shows signs of a rebound from the effects of the Covid-19 pandemic. Goods Import for the second quarter stood at $310.87 million, an increase of 47.27 percent, emanating from higher imports of non-petroleum and petroleum and petroleum-related.
The increases were widespread as both non-petroleum imports and petroleum imports increased by 42.0 percent and 116.4 percent, respectively.
There was growth in most major categories of imports, especially machinery and transport equipment such as road vehicles, electrical and industrial machinery and equipment by 75.4 percent. Imports of manufactured goods classified chiefly by materials, such as iron and steel, manufactures of metals and non metallic mineral manufactures like cement, which grew by 73.8 percent. Food imports grew by 20.4 percent with increased importation of meat and meat preparations, vegetables and fruit, eggs, fish and dairy products. Imports of beverages and tobacco grew by 58.6 percent.
There was a higher imported volume of most major types of fuel, especially motor oil and diesel fuel, in addition to the higher average price of petroleum products imported for the second quarter of 2021.
More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2021,” are available at www.eso.ky.