10/14/2015 // eso // Narnia Ebanks // (press release)
Total payments for imports by residents of the Cayman Islands continued its downward trend in the second quarter.
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The total value of all merchandise goods imported into the Cayman Islands amounted to CI$182.9 million, 9 percent lower compared the same period in 2014.
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“The decline reflects the sustained reduction in the value of petroleum and related products resulting from the lower prices in the international market compared to a year ago,” explained the Minister for Finance and Economic Development, Hon. Marco Archer.??
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Non-petroleum products, which accounted for 84.8 percent of total imports, fell at a comparatively lower rate (0.9%).
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Among major sub-categories of non-petroleum imports, professional equipment including medical equipment registered the steepest contraction of 65.3 percent. “This may be associated with the normalization of medical equipment imports following a build-up in 2014,” the Minister further noted.
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More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2015,” are available at www.eso.ky.?
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