Semi-Annual Trade Bulletin Released
"Total imports increased by 4.6 percent during the first half of the year compared to a year ago to reach CI$360.9 million."Imports and Exports Growth
Total imports increased by 4.6 percent during the first half of the year compared to a year ago to reach CI$360.9 million. Several categories of imports increased mainly, mineral fuel and lubricants (48.0%) and beverages and tobacco (38.5%).
The growth in fuel and lubricant imports is traced to higher prices and higher volumes.
Exports was also estimated to be higher by 36.5 percent to reach CI$10.0 million in the first half of 2011 compared to the same period in 2010. This positive movement was primarily due to an increase in re-exports of commodities and transactions, which include household items.
As imports grew more than exports, the Cayman Islands’ trade deficit widened by 3.9 per cent, to CI$350.9 million in the first half of 2011 compared to same period in 2010.
The Honourable Premier and Minster for Finance, Mr. McKeeva Bush stated: ⫿The growth of imports in the first six months is another indication that the local economy is gradually recovering. I expect this to continue not only for the rest of the year but in the coming years as the private sector puts into action their investment plans with the support of the government.??