Imports grow in face of increased fuel costs

(CNS): Although government states that a growth in imports into the Cayman Islands in 2011 reflects an improvement in the country’s economic fortunes it also admits that the increase to CI$762.0 million compared to CI$690.4 million in 2010 is also due to the increase in prices of some key commodities not least the cost of fuel. The Economics and Statistics Office reported this week that imports grew in 2011 by 10.4 per cent in contrast to last year’s figure which saw a drop of  7.3 per cent. Meanwhile, total exports which comprises largely of re-exports increased significantly by 63.6 per cent to reach $18.1 million compared to the 30.8 per cent decline recorded in 2010. 

“This imports growth in 2011 partly reflects the economy’s recovery, although it also represented increase in prices of key commodities such as fuel,” notes the Hon. Premier and Minister of Finance Mr. McKeeva Bush.

This outturn was largely a result of increases in imports of mineral fuels, lubricants, and related materials (24.6%), miscellaneous manufactured articles (17.9%), food and live animals (15.9%) and machinery and transport equipment (14.2%).

For more information go to the Economics and Statistics website