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. As a British Overseas Territory, the country is not a member of the World Trade Organisation (WTO) in its own right but benefits from the UK's WTO membership. It actively participates in regional trade initiatives and maintains strong trade relations primarily through the Caribbean Community (CARICOM) and the Organisation of Eastern Caribbean States (OECS). While the Cayman Islands itself does not have extensive formal trade agreements, it benefits from the UK's trade agreements, including those with the European Union and various Commonwealth countries, which facilitate its international trade and financial services sector. In 2024, the country’s main imports were miscellaneous manufactured articles (20.8%), machinery & transport equipment (19.1%), food and live animals (17.3%), manufactured goods (11.8%), and mineral fuels, lubricants and related materials (13.6%). On the other hand, exports were led by mineral fuels (52.3% of the total), machinery and transport equipment (23.5%), and food and live animals (3.2% - data Economic and Statistics Office).

The United States are by far the largest trading partner, accounting for 79.1% of total imports in 2024, ahead of Jamaica (4%) and the UK (1.8% - data ESO). The top destinations for exports were the UK, Cyprus, Germany, Grenada, and Italy.

The country has a structural trade deficit. According to data by the national Economic and Statistics Office, the total value of goods imported for 2024 increased to USD 1.65 billion (+8.3% y-o-y), whereas estimated merchandise exports, comprising largely re-exports, settled at USD 56.4 million (+22.5% y-o-y). In the same year, the visible trade deficit increased by 1,170 million, rising from 14,806 million in 2023 to 15,976 million.

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Main Services

3.4 bn USD of services exported in 2021
Financial servicesFinancial services	43.37%
Other business servicesOther business services	26.75%
Insurance and pension servicesInsurance and pension services	24.09%
TransportTransport	1.70%
ConstructionConstruction	1.61%
TravelTravel	1.16%
Telecommunications, computer, and...Telecommunications, computer, and information services	0.75%
Charges for the use of intellectual...Charges for the use of intellectual property n.i.e.	0.54%
Government goods and services n.i.e.Government goods and services n.i.e.	0.02%
Maintenance and repair services n.i.e.Maintenance and repair services n.i.e.	n/a%
Personal, cultural, and recreational...Personal, cultural, and recreational services	n/a%

1.4 bn USD of services imported in 2021
Other business servicesOther business services	26.74%
Insurance and pension servicesInsurance and pension services	19.60%
Financial servicesFinancial services	15.78%
TransportTransport	12.39%
TravelTravel	10.41%
Charges for the use of intellectual...Charges for the use of intellectual property n.i.e.	6.77%
Telecommunications, computer, and...Telecommunications, computer, and information services	5.88%
Personal, cultural, and recreational...Personal, cultural, and recreational services	1.15%
ConstructionConstruction	0.87%
Government goods and services n.i.e.Government goods and services n.i.e.	0.24%
Maintenance and repair services n.i.e.Maintenance and repair services n.i.e.	0.17%

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
National Organisation of Intellectual Property: Company Registry

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