The Cayman Islands are very open to international trade (106.6% of GDP, World Bank – latest data available), on which they are also heavily dependent, especially regarding the imports of consumer goods as well as tourism and financial activities. The Cayman Islands are not a member of the WTO. In 2020, the country’s main exports were machinery and transport equipment (52.9%), mineral fuels (11.8%), and crude materials (6.7%); whereas imports were driven by machinery and transport equipment (21.2%), food and live animals (17%), manufactured goods (12.1%), mineral fuels (8%), and chemical products (7.8% - Economic and Statistics Office).
For 2020, official data shows that the U.S. are by far the largest import partner, accounting for 82.2% of total imports, followed by the UK (4.8%) and Jamaica (3.6%). As per exports, no official data was released. However, the most common destinations for the exports of the Cayman Islands are generally the Netherlands, Spain, the United States, Malta, and New Zealand.
In 2020, the visible trade deficit contracted by USD 52.3 million, moving to USD 1,095.9 million, resulting from a 6.3% decrease in imports of goods and a 55.5% decrease in exports. Overall, the total value of goods imported for 2020 stood at USD 1,114.4 million, whereas exports totalled only USD 18 million. The most significant contributors to the trade deficit were: machinery and transport equipment (USD 226.6 million); miscellaneous manufactured articles (USD 223.4 million); food and live animals (USD 189.1 million); and manufactured goods classified chiefly by material (USD 134.9 - Economic and Statistics Office).
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3.7 bn USD of services exported in 2018 | |
---|---|
37.79% | |
23.88% | |
Personal travelPersonal travel | 22.49% |
Business travelBusiness travel | 1.38% |
20.26% | |
14.30% | |
2.77% | |
0.46% | |
0.43% | |
0.07% | |
0.05% | |
n/a% |
1.4 bn USD of services imported in 2018 | |
---|---|
24.18% | |
21.77% | |
15.47% | |
Personal travelPersonal travel | 14.68% |
Business travelBusiness travel | 0.80% |
15.37% | |
12.38% | |
5.37% | |
3.67% | |
0.89% | |
0.70% | |
0.20% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: April 2022