1 SPPD & CUSTOMS DEPARTMENT The Turks and Caicos Islands Merchandise imports totaled approximately $208 million for the first half of 2015, represenng an increase of $16.3 million or 8.5% when compared to the same period last year. Exports from the Turks and Caicos Islands during this period were valued at $2.1 million when compared to $3.8 million during the first half of 2014. This resulted in an overall merchandise trade balance of approximately -$205.9 million during the first half of 2015 and the worsening of the overall trade balance by more than 10.4 percent or $9.6 million. The increase in the trade deficit is mainly as a result of the $1.2 million decline in the value of exports when compared to the $16.3 million increase in the value of Imports. Given the current growth that is taking place in the tourism sector, the aracon of direct investment, the projected growth in the construcon sector of the TCI economy and the lack of a more diversified group of exports, it is likely that the trade imbalance will connue to increase in the foreseeable future. Negave trade balance were recorded on all categories of goods. The rising imports however, could be looked at in a posive light. As a country with high value of imports, the increase in imports may also be reflecng the upck in acvity taking place in the TCI economy, showing that Turks and Caicos consumers are buying and developing more. Food and live animals were the second largest source imports during the first half of this year, amounng to $42 million, or 20.2 percent of imports. Machinery and Transport equipment, were by far the largest expenditure, amounng to $58.2 million, or 28.0% of total imports. Motor vehicles imports increased by 61.5% during the first half of 2015 when compared to the same period last year. This undoubtedly reflects the significant increase in motor vehicles from Asia. Motor vehicles imports at the Grand Turk Port and Providenciales South Dock Port increased by 112.4% and 110% respecvely. This is also reflected in motor vehicle license fees and dues from imports which increased by 14.0% and 15.4% respecvely. Given the performance of Merchandise trade during the 1st half of this year, it is forecasted that imports will increase by more than 22% for the 2015 calendar year. Whereas exports will experience a decline of more than 5 percent. Volume 2, Issue 1 I MPORTS OF MOTOR VEHICLES I NCREASED BY 61.5% DURING THE 1 ST HALF OF 2015. Special points of interest: Value of Imports for the period was $208 million. Value of exports for the period was $2.1 million. Merchandise trade balance for the period was –205.9 million. Using the SITC classificaon: • Food Imports increased by 8.5%. • Machinery and Transport Equipment increased by 87.1%. • Imports of Beverages and Tobacco recorded an increase of 4.1%. • Chemical Imports increased by 6.8%. TRADE STATISTICS Turks and Caicos Islands INSIDE THIS ISSUE: Direction of Trade 2 Value of Imports 2 Value of Exports 2 Imports by Country 3 Imports by Ports 3 Revenue from Imports 6 Imports by SITC 7 Imports of Motor Vehicles for the first half of: 2013 - 2015p. Month 2013 2014p 2015p (% Change) January 51 123 246 100.0 February 28 107 89 (16.8) March 79 75 110 46.7 April 87 139 280 101.4 May 47 145 216 49.0 June 64 186 311 67.2 Total 356 775 1252 61.5 P - Provisional; Source: Ports Authority
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SPPD & CUSTOMS DEPARTMENT
The Turks and Caicos Islands Merchandise imports totaled approximately $208 million for the first half of 2015, representing an increase of $16.3 million or 8.5% when compared to the same period last year. Exports from the Turks and Caicos Islands during this period were valued at $2.1 million when compared to $3.8 million during the first half of 2014. This resulted in an overall merchandise trade balance of approximately -$205.9 million during the first half of 2015 and the worsening of the overall trade balance by more than 10.4 percent or $9.6 million.
The increase in the trade deficit is mainly as a result of the $1.2 million decline in the value of exports when compared to the $16.3 million increase in the value of Imports. Given the current growth that is taking place in the tourism sector, the attraction of direct investment, the projected growth in the construction sector of the TCI economy and the lack of a more diversified group of exports, it is likely that the trade imbalance will continue to increase in the foreseeable future. Negative trade balance were recorded on all categories of goods. The rising imports however, could be looked at in a positive light. As a country with high value of imports, the increase in imports
may also be reflecting the uptick in activity taking place in the TCI economy, showing that Turks and Caicos consumers are buying and developing more.
Food and live animals were the second largest source imports during the first half of this year, amounting to $42 million, or 20.2 percent of imports. Machinery and Transport equipment, were by far the largest expenditure, amounting to $58.2 million, or 28.0% of total imports. Motor vehicles imports increased by 61.5% during the first half of 2015 when compared to the same period last year. This undoubtedly reflects the significant increase in motor vehicles from Asia. Motor vehicles imports at the Grand Turk Port and Providenciales South Dock Port increased by 112.4% and 110% respectively. This is also reflected in motor vehicle license fees and duties from imports which increased by 14.0% and 15.4% respectively.
Given the performance of Merchandise trade during the 1st half of this year, it is forecasted that imports will increase by more than 22% for the 2015 calendar year. Whereas exports will experience a decline of more than 5 percent.
Volume 2 , Issue 1
I M P O R T S O F M OTO R V E H I C L E S I N C R E A S E D B Y 6 1 . 5% D U R I N G T H E 1 S T H ALF O F 2 0 15 .
Special points of interest:
Value of Imports for the period was $208 million.
Value of exports for the period was $2.1 million.
Merchandise trade balance for the period was –205.9 million.
Using the SITC classification:
• Food Imports increased by
8.5%.
• Machinery and Transport
Equipment increased by 87.1%.
• Imports of Beverages and
Tobacco recorded an increase of 4.1%.
• Chemical Imports increased by
6.8%.
TRADE STATISTICS Turks and Caicos Is lands
I N S I D E T H I S I S S U E :
Direction of Trade 2
Value of Imports 2
Value of Exports 2
Imports by Country 3
Imports by Ports 3
Revenue from Imports 6
Imports by SITC 7
Imports of Motor Vehicles for the first half of: 2013 - 2015p.
Month 2013 2014p 2015p (% Change)
January 51 123 246 100.0
February 28 107 89 (16.8)
March 79 75 110 46.7
April 87 139 280 101.4
May 47 145 216 49.0
June 64 186 311 67.2
Total 356 775 1252 61.5 P - Provisional; Source: Ports Authority
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Page 2 Volume 2 , Issue 1
B A L A N C E O F T R A D E
Value of Imports by Month for the Period January - June: 2000 - 2015.
Year
Month
Total (%) Change January February March April May June
