Cayman Islands: Trade Profile

Foreign Trade in Figures

The Cayman Islands are very open to international trade (106% 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 2022, the country’s main exports were recreational boats, planes, helicopters, and/or spacecraft, other sea vessels, refined petroleum, and petroleum gas (mostly re-exports); whereas imports were driven by recreational boats, refined petroleum, diamonds, cars, and passenger and cargo ships (data OEC).

For 2022, the U.S. were by far the largest import partner, accounting for 46.8% of total imports, followed by Italy (18.5%), Turkey (6.7%), and Germany (6.1%). Malta was the main destination for the islands’ exports (29.6%), ahead of Norway (22.1%), Seychelles (16.4%), and Grenada (8.5% - data OEC).

The country has a structural trade deficit. According to data by the national Economic and Statistics Office, the total value of goods imported for 2022 increased to USD 1498.7 million, whereas estimated merchandise exports, comprising largely re-exports, settled at USD 31.6 million. In 2022, the visible trade deficit expanded by USD 2,049 million, moving from USD 1.26 billion in 2021 to USD 14.6 billion. This resulted from a 17.4% increase in the importation of goods and a 121.8% growth in exports. Preliminary figures show that in the first nine months of 2023, the Caymans imported USD 1,112 million worth of goods (+0.5% vis-à-vis the same period one year earlier).

To go further, check out our service Import controls and Export controls

To go further, check out our service Import-Export Flows

Main Services

3.4 bn USD of services exported in 2021
Financial servicesFinancial services	43.37%
Other business servicesOther business services	26.75%
Insurance servicesInsurance services	24.09%
TransportationTransportation	1.70%
Construction servicesConstruction services	1.61%
TravelTravel +	1.16%
Personal travelPersonal travel	1.11%
OtherOther	97.13%
Business travelBusiness travel	0.05%
Computer and information servicesComputer and information services	0.75%
Royalties and license feesRoyalties and license fees	0.54%
Government servicesGovernment services	0.02%
Cultural and recreational servicesCultural and recreational services	n/a%

1.4 bn USD of services imported in 2021
Other business servicesOther business services	26.78%
Insurance servicesInsurance services	19.64%
Financial servicesFinancial services	15.80%
TransportationTransportation	12.41%
TravelTravel +	10.43%
Personal travelPersonal travel	10.12%
OtherOther	77.16%
Business travelBusiness travel	0.31%
Royalties and license feesRoyalties and license fees	6.78%
Computer and information servicesComputer and information services	5.89%
Cultural and recreational servicesCultural and recreational services	1.15%
Construction servicesConstruction services	0.87%
Government servicesGovernment services	0.24%

Source: United Nations Statistics Division, Latest Available Data

List of tariffs and local taxes that apply to your product on our service Customs Duties

Trade Compliance

International Economic Cooperation: The Cayman Islands do not belong to any customs union but are an associate member of the Carribean Community Single Market (CARICOM).
Useful Resources: Cayman Islands Customs (en anglais)
National Organisation of Intellectual Property: Company Registry

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