Imports boost CIG coffers

| 01/05/2014

(CNS): Some Caymanians spent money on imported goods last year in record numbers despite the sluggish local economy and continuing high levels of unemployment. A combination of quantity and cost of fuel was behind the 2.1 percent increase on the amount in 2012 and the highest level for five years.  The total value of goods imported by Cayman residents in 2013 was recorded at CI$774.5 million, 2.1 percent higher than in 2012. Imports of petroleum products increased by 10.5 percent to reach CI$167.8 million but capital goods and industrial supplies were higher by 9.0. The finance and economics minister told CNS that the boost has helped to ensure that the government will balance the 2013/14 budget.

“This is the highest level of imports recorded since 2009,”said Marco Archer. “In addition to higher fuel imports, there were significant increases in capital goods and industrial supplies which are vital to economic growth.”

Experts at the ESO said the quantity of motor gas as well as an increase in the average prices ofmotor gas, diesel and aviation fuel and related products which continues to account for almost a quarter of all imported goods,  was the main source of the rise. But the full report on foreign trade statistics reveals that Caymanians were spending more on many things from booze to plastics and building materials signalling a rise construction activity.

The foreign (overseas) trade statistics is produced by the Economics and Statistics Office (ESO) from computerized records maintained by the Customs Department. The ESO checks the credibility of the data, and classifies it into tables that can be useful for analysis. The foreign trade statistics can help tracking trade trends and changes in import and export as a result of the importance to the public purse of duty.

See full report below.

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Comments (17)

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  1. Anonymous says:

    simply put DART is building two new large buildings…Be careful though he will be applying for  refund for his concessions.

     

    Don't count your chickens before they hatch!

  2. Anon says:

    "Some Caymanians spent money on…" Should be: "Some residents spent…" or better yet  "Dart spent…"  CIG please stop playing games with signed contracts, move on and learn from prior mistakes going into new negotiations"!

     

  3. Anonymous says:

    I would like to see the duty allowance raised to be

    more in line with Canada and the USA

    Between CI$800.00 to CI$1200.00, this would be more reasonable.

    The CI$350.00 has been in effect for over 20 years, dont you think that

    is unreasonable considering the fact that everything else has gone up?

    Most of the people that I know and have asked are of the opinion that

    something should be done.

     

    • Anonymous says:

      You ignore the fact that the basis of our taxation is different.

    • Jah Dread says:

      We should be making decisions on the basis of what is good for everyone. We should not be making decisions on the most people that one person knows. Dats what wrong with the system now.

  4. Anonymous says:

    A cynical person might put this down to the change in government and resulting reduction in duty waivers for some businesses.

  5. Well done now to fix a silly issue says:

    Well done and well reported.  Now, may we fix a silly issue and regain some dignity?  I've heard all the facebook fallout and radio talk shows shouting, but "IF" we do wish to remain a "Wedding Destination please just make an ammendment and allow wedding dresses to come in "duty free"  We need to get some good PR spin out of this recent expat worker wedding noise over a wedding dress.

    Yes, Customs followed our laws.  Yes, it was a shame the groom (who should have known better if indeed he did live here for 9 years) did not claim an expensive in-bound duty item, but for the sake of silly easy answer……Let's take the high road and make wedding dresses duty free.

    Who knows, maybe people will actually buy them here like their engagement rings?

    I'm just saying tis is an easy way to make everybody happy and honestly HOW much $$ do we receive in duty for wedding dress arrivals versue the loss of an entire booming industry?

    I also disagree with the editorial in the Compass…and by the way, just because yo own the newspaper David, you should not offer your opinion in every single matter.  Stick to selling papers and reporting the news.

    Make wedding dresses duty free- simple solution

    • Anonymous says:

      Obviously making wedding dresses duty free would not encourage anyone to buy them here.

      The media coverage of this matter has been despicably biased. And what's worse, it has now been taken up by other online media outside of Cayman. Thanks, CNS.  

  6. Anonymous says:

    The Wedding Dress import tariff /  fund is going to be a real 'Win' for Caymans tourism

    • Anonymous says:

      Please! if Australia's tourism market is not dead because of their strict border control and immigration neither will Cayman's.  

      You should tell your friends the bride and groom that got rollover and came back  to be married to give up their personal vendettas against Cayman Customs Officers for doing their job.  This is a storm in a tea cup and you should know what they say about S$$t  the more you stir it the stinker it gets, so tell them to blog and write all they want because the true story will come out.

  7. Anonymous says:

    So it is clear to me that the rich have gotten richer and the poor have gotten poorer.

    Wages go down, prices and profits go up.

    And in the meantime we keep the public dumb and uninformed.

    • Anonymous says:

      It is great beingrich.  You should have studied harder at school.

    • Anonymous says:

      *sniffs air* Can you smell it? That there is the scent of good ol' Capitalism at it's finest.

  8. Anonymous says:

    air pollution must be on the rise too! "the quantity of motor gas as well as an increase in the average prices of motor gas, diesel and aviation fuel and related products which continues to account for almost a quarter of all imported goods,"

  9. Anonymous says:

    does this mean the cost of living will go down now? what a farce!

  10. Cheese Face says:

    When is the "Mackeewa Tax" coming off the fuel as promised?