Cayman Islands Major Exports

The Cayman Islands, a British Overseas Territory in the Caribbean, is renowned for its thriving financial services industry, but it has a relatively modest export sector. The economy of the Cayman Islands is primarily driven by financial services, tourism, and real estate. Despite its small size and population, the country has some key export commodities, including financial services, pharmaceuticals, and agricultural products. The government of the Cayman Islands is focusing on diversifying its export base while maintaining its strong position as a financial center.

Financial Services Exports

Banking and Investment Services

The financial services sector is the largest and most significant contributor to the Cayman Islands’ economy. As a global financial hub, the Cayman Islands is home to numerous international banks, investment funds, and insurance companies. The jurisdiction offers a range of services, including banking, hedge fund administration, trust management, and insurance. These services are exported to global markets, with clients in North America, Europe, and other regions.

  • Key Export Destinations: The major markets for financial services include the United States, the United Kingdom, and international financial institutions.
  • Export Characteristics: These services are primarily intangible, but they generate substantial revenue for the Cayman Islands through fees, commissions, and management services.

Trade Value:

  • The value of exported financial services is difficult to quantify precisely but is estimated to be in the billions of dollars, with significant contributions to the GDP, accounting for over 60% of the total economic activity.

Insurance Services

The insurance sector is another crucial component of the financial services industry in the Cayman Islands. It is an internationally recognized jurisdiction for captive insurance companies and reinsurance firms. Captive insurance companies are those established by large corporations to insure their own risks, and the Cayman Islands offers favorable tax laws and regulatory frameworks for these operations.

  • Key Export Destinations: North America, Europe, and Asia are the largest markets for Cayman Islands’ insurance services.
  • Export Characteristics: The Cayman Islands exports reinsurance and captive insurance services, facilitating risk management for companies globally.

Trade Value:

  • Insurance services, along with the broader financial services sector, generate over $2 billion USD annually in export value.

Agriculture and Food Products

Seafood

The Cayman Islands, surrounded by the Caribbean Sea, has a small but notable fishing industry. The local seafood industry focuses on high-value exports, including lobster, conch, and fish. The Cayman Islands has a tradition of seafood export, with its tropical waters providing an abundance of marine life.

  • Key Export Destinations: Major export destinations for Cayman Islands seafood include the United States and regional markets in the Caribbean.
  • Export Characteristics: Lobster and conch are the primary export products, with live and frozen varieties being shipped to international markets.

Trade Value:

  • Seafood exports, including lobsters and conch, generate an estimated $15 million USD annually.

Agricultural Products

Agriculture in the Cayman Islands is relatively small-scale but includes the production of fruits, vegetables, and herbs for both local consumption and export. Key products include bananas, tomatoes, peppers, and herbs such as cilantro and basil, which are exported primarily to neighboring Caribbean countries and the United States.

  • Key Export Destinations: Neighboring Caribbean nations, the United States, and the United Kingdom.
  • Export Characteristics: Most agricultural exports are fresh produce, though some processed goods like jams and sauces are also part of the export portfolio.

Trade Value:

  • Agricultural exports contribute around $10 million USD annually to the Cayman Islands’ export economy.

Manufactured Goods

Pharmaceuticals

The Cayman Islands has a growing pharmaceutical sector, supported by its robust financial services infrastructure and regulatory environment. The country is increasingly becoming a hub for the export of pharmaceutical products, especially in the fields of biotechnology and medical supplies. The Cayman Islands benefits from its strategic location and global trade connections, facilitating the distribution of pharmaceuticals and healthcare products.

  • Key Export Destinations: North America and Europe are the key markets for pharmaceutical exports from the Cayman Islands.
  • Export Characteristics: The pharmaceutical exports include both finished products such as medications and active pharmaceutical ingredients (APIs).

Trade Value:

  • Pharmaceutical exports are valued at approximately $50 million USD annually, and this sector is projected to grow as the global demand for health products increases.

Construction Materials

The Cayman Islands has a small but active construction sector that supports both local and regional export needs. Some of the manufactured goods produced locally include construction materials such as cement, concrete blocks, and prefabricated structures. These products are exported to other Caribbean islands and occasionally to Central American markets.

  • Key Export Destinations: Neighboring islands within the Caribbean and Central America.
  • Export Characteristics: The exports primarily consist of construction materials used for infrastructure development and housing projects.

Trade Value:

  • Exports of construction materials contribute an estimated $5 million USD annually to the Cayman Islands’ export revenue.

Tourism-Related Exports

While tourism is not traditionally considered a direct export sector, tourism-related activities and services do contribute significantly to the Cayman Islands’ economy. The export of tourism services includes hotel accommodations, restaurants, entertainment, and transportation services for international tourists. Visitors to the Cayman Islands spend money on services that are considered exports in the context of international trade.

  • Key Export Destinations: Primarily the United States, Canada, and the United Kingdom, which are the major sources of tourists visiting the islands.
  • Export Characteristics: The services exported to tourists include hospitality, transportation, and entertainment services.

Trade Value:

  • The tourism sector generates approximately $500 million USD annually, with a large portion of this value attributable to international visitors’ spending on local goods and services.

Re-exports

The Cayman Islands also engage in re-exports, particularly of goods that enter the country for redistribution. The country’s port facilities make it an important transshipment point in the Caribbean. Re-exported goods range from electronics and consumer goods to building materials and luxury items.

  • Key Export Destinations: Goods are re-exported to other Caribbean islands and Central America.
  • Export Characteristics: Re-exported goods are often items imported from countries such as the United States and the European Union, which are then redistributed to other markets.

Trade Value:

  • Re-exports contribute an estimated $150 million USD annually to the Cayman Islands’ economy.

The Cayman Islands, though small in terms of population and land area, plays a significant role in international trade through its financial services sector, as well as the export of seafood, agricultural products, and pharmaceuticals. While agriculture and manufacturing remain modest, sectors like re-exports and tourism-related services are growing, contributing to the island’s robust economic profile. With its strategic location and global connections, the Cayman Islands continues to diversify its export economy, ensuring sustainable growth in the years ahead.

Top Products Exported by Cayman Islands

Market Value: 5,393 (millions) – Last Updated: June, 2024

Top Products Exported by Cayman Islands

Rank Product Trade Value (thousands) Share (%) Growth (% 5yr)
1 Yachts & Other Pleasure Vessels 1,567,164 29.06 805.77
2 Non Crude Oil 96,292 1.79 439.89
3 Vessels For Transport 75,653 1.40 8,061.23
4 Aircraft 22,001 0.41 133.20
5 Television, Radio & Assessory Parts 8,854 0.16 139,569.44
6 Coal 6,528 0.12 6,363.74
7 Articles of Jewelry & Parts 4,055 0.08 2,598.31
8 Hand Paintings & Drawings 2,041 0.04 2,938.96
9 Bread, Pastry & Cakes 1,754 0.03 28.99
10 Wheat 1,235 0.02 0.00
11 Fresh Fish 1,002 0.02 0.00
12 Electric Parts & Accessories 982 0.02 0.00
13 Animal Feed 970 0.02 0.00
14 Corn 913 0.02 332.36
15 Diesel Engines 628 0.01 3,290.62
16 Coffee 569 0.01 1,346.67
17 Computer & Office Machines Parts 566 0.01 903.12
18 Records & Tapes 486 0.01 36,295.43
19 Ferrous Waste & Scrap 451 0.01 35,394.65
20 Cel Phones, Video Recorders & Radio Transcievers 394 0.01 1,552.06
21 Frozen Fish 389 0.01 26,010.88
22 Alcoholic Beverages 347 0.01 845.45
23 Electronic Integrated Circuits 325 0.01 1,005.58
24 Cement 259 0.00 0.00
25 Computers, Printers & Storage Units 250 0.00 -20.64
26 Glazed Ceramic Flags & Paving 224 0.00 465.57
27 Copper Waste & Scrap 182 0.00 521.11
28 Aluminum 181 0.00 0.00
29 Aluminum Waste & Scrap 157 0.00 288.89
30 Polycarboxylic Acids & Aldehyde 148 0.00 0.00
31 Passenger Vehicles 127 0.00 266.06
32 Motor Vehicle Parts 114 0.00 1,433.92
33 New Pneumatic Tires 112 0.00 38.35
34 Aluminum Structures & Parts of 97 0.00 0.00
35 Telephone, Fax & Switching Apparatus 88 0.00 226.42
36 Knitted Sweaters 82 0.00 8,909.24
37 Battery Waste 72 0.00 110.08
38 Mineral Substances 70 0.00 0.00
39 Synthetic Filament Yarn 68 0.00 0.00
40 Transister & Semiconductor Devices 65 0.00 529.91
41 Engine Parts 65 0.00 -67.99
42 Medical, Dental & Vet Instruments 64 0.00 1,454.21
43 Pumps For Liquids 60 0.00 -72.19
44 Watches 59 0.00 3,164.43
45 Original Sculptures & Statues 57 0.00 937.69
46 Molluscs 56 0.00 0.00
47 Original Engravings 55 0.00 -28.28
48 Perfumes & Toilet Waters 53 0.00 0.00
49 Video Recording Equipment 48 0.00 0.00
50 Prepared Unrecorded Sound Media 43 0.00 8,051.41
51 Natural Steatite 41 0.00 11.52
52 Aircraft Engines 39 0.00 -22.88
53 Setts & Curbstones 38 0.00 0.00
54 Filters & Centrifuges 37 0.00 338.83
55 Chicken 33 0.00 -81.87
56 Inner Tubes For Tires 31 0.00 -18.58
57 Survey Instruments 30 0.00 0.00
58 Parts For Fork Lifts, Bulldozers & Graders 28 0.00 0.00
59 Books 28 0.00 79.93
60 Measuring or Checking Instruments 28 0.00 187.64
61 Furniture & Parts 28 0.00 -35.69
62 Electric Ignition Equipment 26 0.00 317.42
63 Horses 26 0.00 250.24
64 Structures & Parts of Iron or Steel 23 0.00 0.00
65 Tea 22 0.00 -98.64
66 Seats & Parts 21 0.00 229.34
67 Refrigerators & Freezers 21 0.00 -66.99
68 Pictures & Photos 19 0.00 422.10
69 Air & Vacuum Pumps 19 0.00 6.82
70 Watches with Precious Metal Case 18 0.00 0.00
71 Switching Equipment, > 1000 V 18 0.00 0.00
72 Non-Knit Mens & Boys Suits 17 0.00 -12.78
73 Office Paper 17 0.00 -10.77
74 Transmission Shafts, Bearings & Parts 16 0.00 0.00
75 Imitation Jewelry 16 0.00 212.32
76 Glassware For Table 14 0.00 0.00
77 Trucks 14 0.00 -93.93
78 Potassic Fertilizers 13 0.00 -99.42
79 Ink Jet Printers 13 0.00 -3.08
80 Microphones 13 0.00 0.00
81 Taps, Cocks & Valves 12 0.00 -22.15
82 Washing Machines 9 0.00 0.00
83 Machinery For Working Rubber & Plastics 9 0.00 0.00
84 Other Animals 8 0.00 0.00
85 Dates 8 0.00 0.00
86 Floating Structures, Rafts & Buoys 8 0.00 0.00
87 Interchange Hand & Machine Tools 8 0.00 -89.25
88 Physical Exercise Equipment 8 0.00 1,285.25
89 Non-Knit Womens & Girls Suits 8 0.00 0.00
90 Frames For Spectacles 8 0.00 0.00
91 Worked Ivory Articles 8 0.00 122.71
92 Piston Engines 8 0.00 59.40
93 Fish Fillets 7 0.00 -93.83
94 Photographic Still Cameras 7 0.00 241.02
95 Postage & Revenue Stamps 7 0.00 0.00
96 Ceramic Statuettes 7 0.00 -52.72
97 Transformers, Converters & Power Supplies 7 0.00 79.49
98 Articles of Plastics 7 0.00 63.24
99 Handbags, Wallets & Travel Goods 6 0.00 -74.75
100 Articles of Iron & Steel 6 0.00 -33.72
101 Mattress Supports 6 0.00 213.49
102 Electrical Switching Boards 6 0.00 451.46
103 Radar Apparatus & Navigation 6 0.00 0.00
104 Machinery Parts 6 0.00 0.00
105 TV Receivers 5 0.00 549.33
106 Felt Garments 5 0.00 380.07
107 Soft Drinks 5 0.00 0.00
108 Nuts 5 0.00 0.00
109 Electric Motors & Generators 5 0.00 272.16
110 Parts For Machine Tools 5 0.00 0.00
111 Organic Surface-Active Agents 5 0.00 0.00
112 Knives & Blades For Machines & Appliances 4 0.00 0.00
113 Sewing Machines 4 0.00 0.00
114 Hardware For Furniture, Doors & Windows 4 0.00 -73.45
115 Plastic Self-Adhesive Plates 4 0.00 0.00
116 Live Plants 4 0.00 -94.64
117 Parts For Electric Equipment 4 0.00 0.00
118 Electric Water Heaters 4 0.00 0.00
119 Knitted T-Shirts 4 0.00 -56.30
120 Aircraft Parts 4 0.00 52.68
121 Sand Blasting Machines 4 0.00 -98.47
122 Electric Generating Sets & Rotary Converters 4 0.00 0.00
123 Precious & Semiprecious Stones 4 0.00 0.00
124 Air Conditioners 3 0.00 185.51
125 Switches, Relays & Fuses < 1000 Volts 3 0.00 0.00
126 Articles of Natural & Cultured Pearls 3 0.00 -90.07
127 Paints & Varnishes for Leather 3 0.00 209.37
128 Orthopedic Appliances 3 0.00 -89.54
129 Parts For Machines & Instruments 3 0.00 0.00
130 Padlocks 3 0.00 0.00
131 Stoves 3 0.00 0.00
132 Printed Paper, In Rolls or Sheets 3 0.00 0.00
133 Collectors Items of Botanic 3 0.00 23.75
134 Tube & Pipe Fittings 2 0.00 -76.63
135 Instruments With Electric Sound Productions 2 0.00 0.00
136 Beauty & Make-up Perparations 2 0.00 0.00
137 Containers of Transport 2 0.00 0.00
138 Plastic Tubes 2 0.00 319.46
139 Articles of Glass 2 0.00 0.00
140 Reception Apparatus For Radiotelephony 2 0.00 34.77
141 Woven Fabric of Synthetic Filament Yarn 2 0.00 -93.03
142 Plastic Household Articles 2 0.00 0.00
143 Notebooks & Business Forms 2 0.00 0.00
144 Non-Knit Womens & Girls Overcoats 2 0.00 0.00
145 Fresh Fruit 2 0.00 0.00
146 Lamps & Lighting Fittings 1 0.00 -9.98
147 Articles of Vulcanized Rubber 1 0.00 -13.67
148 Screws, Bolts & Nuts 1 0.00 -86.80
149 Ceramic Sinks 1 0.00 0.00
150 Household Art & Parts 1 0.00 45.23
151 Machinery For Sorting Screening Minerals 1 0.00 0.00
152 Water Heaters 1 0.00 0.00
153 Pulley Tackle & Hoists 1 0.00 0.00
154 Specialized Electrical Machinery & Parts 1 0.00 -78.67
155 Ceramic Tableware & Earthenware 1 0.00 119.05
156 Non-Knit Mens & Boys Shirts 1 0.00 0.00
157 Instruments For Physical or Chemical Analysis 1 0.00 -31.80
158 Electromech Domestic Appliances 1 0.00 -43.73
159 Electric Light Equipment 1 0.00 0.00
160 Breathing Appliances & Gas Masks 1 0.00 0.00
161 Paint & Varnish 1 0.00 0.00
162 Puzzles, Models & Toys 1 0.00 -37.33
163 Turntables & Cassette Players 1 0.00 -56.55
164 Containers For Compressed & Liquid Gas 1 0.00 0.00
165 Pens & Mechanical Pencils 1 0.00 60.63
166 Bicycles 1 0.00 0.00
167 Veneer Sheets 1 0.00 0.00
168 Dishwashing & Packaging Machines 1 0.00 -96.72
169 Aqueous Paint & Varnishes 1 0.00 0.00
170 Vulcanized Rubber Tubes 1 0.00 0.00
171 Plastic Sheets, Film & Plates 1 0.00 0.00
172 Insulated Wire & Cable 1 0.00 -19.94
173 Plywood 1 0.00 35.07
174 Worn Clothing 1 0.00 -85.08
175 Testing Instruments 1 0.00 0.00
176 Misc Carpets 1 0.00 0.00
177 Monument Stone Articles 1 0.00 -99.21
178 Plastic & Rubber Footwear 1 0.00 -55.38
179 Maps & Hydrographic Charts 1 0.00 -24.44
180 Seeds 1 0.00 0.00
181 Weighing Machines 1 0.00 0.00
182 Paper Labels 1 0.00 -72.42
183 Gaskets & Similar Joints of Metal Sheeting 1 0.00 -90.78
184 Ceramic Tableware of Porcelain & China 1 0.00 0.00
185 Spectacles 1 0.00 -90.07
186 Glass Fibers & Articles 0 0.00 0.00
187 Trailers 0 0.00 -88.02
188 Builders Ware of Plastics 0 0.00 0.00
189 Converters & Ingot Molds 0 0.00 0.00
190 Refractory Cements 0 0.00 0.00
191 Prepared Fruit 0 0.00 0.00
192 Stranded Wire 0 0.00 0.00
193 Knitted Womens & Girls Suits 0 0.00 0.00
194 Cigars & Cigarettes 0 0.00 -80.90
195 Food Preparations 0 0.00 -96.40
196 Producer Gas 0 0.00 -66.60
197 Articles of Aluminum 0 0.00 0.00
198 Electric Filament & Discharge Lamps 0 0.00 0.00
199 Copper Tubes & Pipes 0 0.00 0.00
200 Hand Tools 0 0.00 0.00
201 Harvest Machines 0 0.00 0.00
202 Mechanical Machinery & Parts 0 0.00 -99.77
203 Knitted Garments 0 0.00 0.00
204 Instruments for Measure & Check Flow 0 0.00 -97.94
205 Seamed Hollow Tubes & Pipes 0 0.00 -92.70
206 Office & Desk Equipment & Parts 0 0.00 0.00
207 Densified Wood Blocks 0 0.00 0.00
208 Cinematographic Cameras & Projectors 0 0.00 0.00
209 Knit &Lace Hats 0 0.00 0.00
210 Chain & Parts 0 0.00 0.00
211 Aluminum Plates 0 0.00 0.00
212 Felt 0 0.00 0.00
213 Binders For Found Molds 0 0.00 0.00
214 Tarps, Sails & Tents 0 0.00 0.00
215 Machine Tools For Working Wood 0 0.00 0.00
216 Bells & Ornaments 0 0.00 0.00
217 Stainless Steel Bars & Rods – Angles 0 0.00 0.00
218 Apparatus For Photo Labs 0 0.00 0.00
219 Articles of Stone 0 0.00 -98.03
220 Electrical Resistors 0 0.00 0.00
221 Plastic Containers 0 0.00 0.00
222 Tanks – < 300 Liter 0 0.00 0.00
223 Knotted Carpets 0 0.00 0.00
224 Compasses & Navigation Instruments 0 0.00 -100.00
225 Arcade, Table or Parlor Games 0 0.00 0.00
226 Wood Marquetry 0 0.00 -99.03
227 Non-Knit Womens & Girls Blouses 0 0.00 0.00
228 Ties 0 0.00 0.00
229 Bed & Table Linen 0 0.00 -98.03
230 Essent Oils Resinoid 0 0.00 -99.98
231 Household Articles 0 0.00 0.00
232 Electric Lasers 0 0.00 -97.56
233 Parts of Musical Instruments 0 0.00 0.00
234 Polymers of Vinyl Chloride 0 0.00 0.00
235 Preserved Vegetables 0 0.00 0.00
236 Dried Fish 0 0.00 0.00
237 Personal Toilet Preparations 0 0.00 -99.98
238 Sauces & Condiments 0 0.00 -99.97