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Millions made by Govt thanks to double digit growth in imports

Providenciales, 25 Feb 2015 – There was double digit growth in revenue for the Customs Department after an incredible spike in imports for the calendar year 2014, this according to the Strategic Policy & Planning Department. A report is released on the import performance for 2014 and it reveals that the Turks and Caicos imported 20% more goods last year, over the year before which was 2013; spending some $414.1 million. The 2014 Merchandise Trade report is out now and it shows the trends in imports and a whopping $70 million more spent by islanders on imports over the year before with the bulk of that spending continuing with NAFTA countries, which is mainly the US at 86.5% and showing that The Bahamas is the leading CARICOM trade country with the TCI.

The Strategic Policy & Planning Department shared that Food imports increased by 14.1%, Crude Materials increased by 81.5%, Beverages and Tobacco recorded an increase of 19.6% and manufactured goods increased by 36.8%. All of this importation meant an 8.6% increase at government treasury on customs duties. The Customs processing fee brought in over $8 million more in 2014; an increase of 35.6% while the duty on those imports raked in an additional $7 million for government. It is anticipated that imports will grow another 15% for this calendar year. You can see the full report in the trade section of the department’s website or by logging onto MagneticMediaonTV.com.

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