Overview In 2019 Cayman Islands was the number 145 in total exports, the number 144 in total imports and the number null most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Cayman Islands are Recreational Boats ($1.41B), Gold ($14.2M), Broadcasting Equipment ($8.72M), Sulfate Chemical Woodpulp ($7.67M), and Collector's Items ($7.2M), exporting mostly to Netherlands ($1.2B), Spain ($167M), United States ($32.9M), Malta ($31M), and New Zealand ($7.75M).

Imports The top imports of Cayman Islands are Recreational Boats ($2.63B), Passenger and Cargo Ships ($202M), Gold ($173M), Refined Petroleum ($163M), and Cars ($48.1M), importing mostly from Netherlands ($2.23B), United States ($704M), Italy ($329M), Switzerland ($189M), and South Korea ($106M).

In 2019, Cayman Islands was the world's biggest importer of Recreational Boats ($2.63B)

Location Cayman Islands borders Brazil, Ecuador, Panama, Peru, and Venezuela by land and Colombia, Cuba, Honduras, and Jamaica by sea.

Historical Data

#permalink to section

Yearly Exports

#permalink to section
Value
Compare to
Depth

Top Export (2019): Recreational Boats, $1.41B

Top Destination (2019): Netherlands, $1.2B

In 2019, Cayman Islands exported a total of $1.47B, making it the number 145 exporter in the world. During the last five reported years the exports of Cayman Islands have changed by $1.08B from $397M in 2014 to $1.47B in 2019.

The most recent exports are led by Recreational Boats ($1.41B), Gold ($14.2M), Broadcasting Equipment ($8.72M), Sulfate Chemical Woodpulp ($7.67M), and Collector's Items ($7.2M). The most common destination for the exports of Cayman Islands are Netherlands ($1.2B), Spain ($167M), United States ($32.9M), Malta ($31M), and New Zealand ($7.75M).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Compare to
Depth

Top Import (2019): Recreational Boats, $2.63B

Top Origin (2019): Netherlands, $2.23B

In 2019 Cayman Islands imported $3.95B, making it the number 144 trade destination in the world. During the last five reported years the imports of Cayman Islands changed by $1.69B from $2.26B in 2014 to $3.95B in 2019.

The most recent imports of Cayman Islands are led by Recreational Boats ($2.63B), Passenger and Cargo Ships ($202M), Gold ($173M), Refined Petroleum ($163M), and Cars ($48.1M). The most common import partners for Cayman Islands are Netherlands ($2.23B), United States ($704M), Italy ($329M), Switzerland ($189M), and South Korea ($106M).

Explore Visualizations

Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Export Year
Import Year

Cayman Islands Exports Services (2019): $3.77B

Cayman Islands Imports Services (2019): $1.41B

In 2019, Cayman Islands exported $3.77B worth of services. The top services exported by Cayman Islands in 2019 were Financial services ($1.37B), Personal travel ($864M), Other business services ($773M), Insurance services ($562M), and Transportation ($111M).

The top services imported by Cayman Islands in 2019 were Other business services ($304M), Insurance services ($296M), Financial services ($232M), Personal travel ($218M), and Transportation ($185M).

Tariffs by Product

#permalink to section

The top product import tariffs by their MFN Ad Valorem value for Cayman Islands are Ethyl alcohol and other spirits, denatured (41.2M%) and Undenatured ethyl alcohol > 80% by volume (22.2M%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Cayman Islands are:
136: Most Favoured Nation duty rate treatement

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

Cayman Islands has a high level of specialization in Recreational Boats (955), Collector's Items (59.5), Scrap Lead (3.85), Sulfate Chemical Woodpulp (2.73), and Precious Stones (1.82). Specialization is measured using RCA, an index that takes the ratio between Cayman Islands observed and expected exports in each product.

Most Complex Products by PCI

#permalink to section

The highest complexity exports of Cayman Islands according to the product complexity index (PCI) are Watches with case of, or clad with, precious metal (0.49), Yachts, pleasure, sports vessels, rowing boats, canoes (0.38), Chemical wood pulp, soda or sulphate, not dissolving (-0.1), Collections and collectors pieces (-1.28), and Unwrought lead (-1.33). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Cayman Islands according to the relatedness index, are Gold (0.014), Paintings (0.012), Crude Petroleum (0.012), Hard Liquor (0.011), and Postage Stamps (0.011). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Cayman Islands is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

#permalink to section

This network shows the products most related to the production structure of Cayman Islands. These are products that tend to be co-exported with the products that Cayman Islands exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

#permalink to section
Filter
Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.