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(CNS): The total value of imports slumped by more than 32% during the second quarter of this year when Cayman was under the COVID-19 pandemic lockdown. Despite the online shopping sprees during the stay-home order, buoyed by the pension payout during the last month of the quarter, all imports fell. Fuel imports declined in quantity as well as value by almost 60%.
According to the quarterly trade bulletin from the Economics and Statistics Office, everything we import, from alcohol to watches, declined, reflecting the slump in economic activity that will create a hole in government finances as a result of the coronavirus health crisis.
The value of goods imported for the second quarter of 2020 totalled $186 million compared to the same period last year, when we imported over $275 million worth of goods.
The only import category that did not slump during the lockdown was “commodities and transactions not classified elsewhere”, which the ESO said was as a result of a significant increase in imports of non-monetary gold by $33.8 million.
The office has also published its report on 2019. The ESO said that a solid economic performances resulted in strong growth in 2019, with the estimated Gross Domestic Product (GDP) rising by 3.2%, the second highest growth rate in recent times.
The central government recorded an overall fiscal surplus of $102.1 million, as revenue collection improved to $860 million, allowing government to reduce its outstanding debt from $418.7 million as at end 2018 to $284.4 million as at end 2019.
The solid position has, however, been undermined by the turn of fortunes as a result of the pandemic.
See the full Cayman Islands’ Quarterly Trade Statistics Bulletin and 2019 Economic Report on the ESO website
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