Global Oil Price Decline Brought Down Merchandise Imports in 2015
05/20/2016 // eso // (press release)
In 2015, the total value of goods imported into the Cayman Islands declined by 6.3 percent to settle at CI$763.0 million compared to CI$814.4 million recorded in 2014.
“The decline in the value of imports in 2015 reflects the fall in oil prices in the international market” noted Hon. Marco Archer, Minister for Finance and Economic Development. The total value of petroleum products imported, fell by 39.2 percent to CI$99.7 million.
“However, local demand continued to strengthen as shown by a 7 percent increase in the volume of fuel imports from 49,544 imperial gallons in 2014 to 53,018 imperial gallons in 2015” the Minister clarified. “Similarly, non-petroleum products also increased by 2.0 per cent to register at CI$663.3 million” he added.
Among the non-petroleum products, machinery and transport equipment imports grew by 16.0 percent, traced to higher values of motors and generators, construction and mining machinery, office machines and automatic data equipment.