🚗 Cayman Islands sees surge in vehicle imports

The Cayman Islands has experienced a significant increase in the importation of motor vehicles, according to the unaudited Third Quarter Economic Report 2023. This surge in imports has led to a boost in government revenue, surpassing budget expectations by $7.8 million. Despite the government's restriction on the age of imported used vehicles, there has been no noticeable impact on the number of vehicles being imported. 🚛

Statistics from the Economics and Statistics Office (ESO) reveal a 9.6% increase in car imports in the first half of 2023 compared to the previous year. The figure continued to rise by 2% over the same period in 2022, even after the age limit restriction was implemented. The full 2023 report will provide a clearer picture of the impact of this rule change on vehicle importation and traffic volume. 📈

Despite the increase in vehicle imports, the government has been criticized for not directly addressing the issue of traffic congestion. The high volume of traffic is causing constant gridlock, particularly during lunchtime and on Saturdays. Over the next two years, the Cayman Islands Government plans to spend over CI$28.6 million on road infrastructure but has only just begun developing a comprehensive national public transport plan. 🚦