The Strategic Planning Policy Department (SPPD) today released some statistics that show Merchandise imports to the Turks and Caicos Islands increased by 9.6% during the first quarter of 2015 when compared to the same period last year.
It noted imports were valued at $102.7 million for the period when compared to $93.7 million in 2014. Exports from the Turks and Caicos Islands during this period were valued at $0.9 million when compared to $1.5 million during the first quarter of 2014.
This resulted in a merchandise trade
deficit of approximately $101.8 million during the first quarter of 2015. This was roughly 10.4 percent or $9.6 million above the deficit recorded during the corresponding period of 2014. The increase in the trade deficit is mainly as a result of the $0.5 million decline in the value of exports when compared to the $9.0 million increase in the value of Imports.
Given the projected growth in the tourism and construction sectors 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 was recorded on all categories of goods.
Further details of the SPPD’s release can be found on RTC’s website www.rtc107fm.com
Turks_and_Caicos_Islands_1st_quarter_2015_Merchandise_Trade_Bulletin.pdf
