Friday 30 October, 2020

Cayman: Merchandise imports declined for the second quarter of 2020

The total value of the merchandise imports dropped in the second quarter of 2020, reflecting a slump in economic activity due to the global COVID-19 pandemic. Goods imported for the second quarter stood at $186.97 million, a decrease of 32.1 per cent, which emanated from the decline in both non-petroleum and petroleum and petroleum-related imports.

The drop is widespread as both non-petroleum imports and petroleum imports declined by 28 percent and 59.1 percent respectively.

There were reductions in most major categories of imports, especially food and live animals such as fruits and vegetables, meat, and fish by 46.6 percent and miscellaneous manufactured articles such as footwear and clothing by 59.7 percent. Machinery and transport equipment, such as road vehicles and electrical and industrial machinery was lower by 33.8 percent, as well as manufactured goods such as building materials like cement, iron and steel.

There was a lower imported volume of fuel, especially motor oil and diesel fuel, in addition to the reduction in the average price of petroleum products imported for the second quarter of 2020.

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