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
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 |