Merchandise Imports Declined for Third Quarter 2020
The total value of the merchandise imports declined, reflecting decreased economic activity due to the global Covid-19 pandemic. Goods Import for the third quarter stood at $296.85 million, a decrease of 10.2 percent, as non-petroleum and petroleum and petroleum-related imports declined.The decline in non-petroleum and petroleum imports by 5.4 percent and 46.2 percent, respectively.
There were reductions in imports of food items such as fruits and vegetables, meat, and fish, and cereal by 6.6 percent as well as beverages and tobacco by 0.2 percent. However, machinery and transport equipment, such as road vehicles, industrial machinery, and telecoms equipment was marginally higher by 1.7 percent for the quarter. Additionally, manufactured goods such as building materials like cement, cork and wood and textiles grew by 12.3 percent for the September quarter.
There was a lower imported volume of fuel, especially aviation and diesel fuel, in addition to the reduction in the average price of petroleum products imported for the third quarter of 2020.
More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: July to September 2020,” is available at www.eso.ky