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Pricing

2022
Product
Exports | Imports $737M | $2.22B165 of 226 |  160 of 226
2022
Per Capita Product
Exports | Imports $10.7k | $32.3k39 of 220 |  11 of 220

About

Overview In 2022 Cayman Islands was the number 165 economy in the world in terms of total exports and the number 160 in total imports.

Exports The top exports of Cayman Islands are Recreational Boats ($233M), Planes, Helicopters, and/or Spacecraft ($199M), Other Sea Vessels ($163M), Refined Petroleum ($64.9M), and Petroleum Gas ($24.1M), exporting mostly to Malta ($218M), Norway ($163M), Seychelles ($121M), Grenada ($62.6M), and United States ($40.2M).

Imports The top imports of Cayman Islands are Recreational Boats ($679M), Refined Petroleum ($361M), Diamonds ($70.8M), Cars ($64.9M), and Passenger and Cargo Ships ($54.8M), importing mostly from United States ($1.04B), Italy ($411M), Turkey ($150M), Germany ($135M), and Switzerland ($89.2M).

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

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Cayman Islands.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Recreational Boats$233M
Top Destination (2022)Malta$218M

In 2022, Cayman Islands exported a total of $737M, making it the number 165 exporter in the world. During the last five reported years the exports of Cayman Islands have changed by -$1.51B from $2.25B in 2017 to $737M in 2022.

The most recent exports are led by Recreational Boats ($233M), Planes, Helicopters, and/or Spacecraft ($199M), Other Sea Vessels ($163M), Refined Petroleum ($64.9M), and Petroleum Gas ($24.1M). The most common destination for the exports of Cayman Islands are Malta ($218M), Norway ($163M), Seychelles ($121M), Grenada ($62.6M), and United States ($40.2M).

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Exports (2022)
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Destinations (2022)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2021 - 2022)
Malta$208M (+ 1.92k%)
Norway$142M (+ 673%)
United States$27.7M (+ 221%)
Fastest Growing Import Markets (2021 - 2022)
United States$134M (+ 14.8%)
Switzerland$74.4M (+ 504%)
Poland$45.2M (+ 19.7k%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Most Specialized Products by RCA Index

Cayman Islands has a high level of specialization in Other Sea Vessels (956), Recreational Boats (449), Scrap Vessels (73.9), Planes, Helicopters, and/or Spacecraft (55.9), and Raw Lead (8.59). Specialization is measured using RCA, an index that takes the ratio between Cayman Islands observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Cayman Islands according to the relatedness index, were Hard Liquor (0.024), Crude Petroleum (0.023), Scrap Aluminium (0.022), Soybeans (0.021), and Scrap Copper (0.021). 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.

Product Space

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

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.

Relatedness Space (2022)

Diversification Frontier

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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.

Diversification Frontier

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