📈 Cayman Islands sees increase in non-oil imports

The Cayman Islands recorded a 2% increase in the total value of imported goods in 2023, reaching $1.53 billion, according to the Foreign Trade Report 2023 by the Economics and Statistics Office. Notably, the value of non-petroleum products saw a 3.6% growth, amounting to over $1.31 billion. However, petroleum and petroleum-related imports experienced a 7.1% decline, amounting to $215.2 million, a decrease attributed to lower average fuel prices rather than a reduction in quantity. 📉

Specific categories of imports also saw significant changes. Food and animal imports, including vegetables, fruit, meat, dairy products, and eggs, surged by 8.6%. Miscellaneous manufactured articles grew by 6.9%, and machinery and transport goods increased by 5.7%. This growth in machinery and transport goods was due to increased imports of power-generating machinery, industrial machinery, and electrical equipment. However, the value of beverages and tobacco saw a 3.8% decrease, attributed to a drop in the quantity of some beverages and a reduction in some manufactured goods. 🍖🚛🍷