Turks & Caicos Import Bill nears $500 Million 

By Dana Malcolm

Staff Writer

#TurksandCaicos, April 17, 2023 – The Turks and Caicos import bill dwarfs its export bill; the difference is a staggering $497.4 million according to the Department of Statistics. In the first nine months of 2022 the country exported $1.8 million worth of goods while it imported $495.6 million worth of goods, a 47 percent increase over 2021. The massive deficit highlights the lack of production in-country and just how much the population depends on others for everything, from food to soap.

Historic inflation did not stop the flow of goods into the Turks and Caicos Islands, as imports from the United States increased 48.8 percent. In its Trade Statistics Magazine the department of statistics said: “Given the current growth that is taking place in the tourism sector, the attraction of new direct investment, the projected growth in the construction center 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.”

Fuel and related products was what the bulk of the cash was spent on, a total of $105 million followed by machinery and transport equipment amounting to $95.6 million.

The country’s massive increase in inflation along with an exponential increase in visitors and increases in construction may have had a hand in both sea and airports experiencing big leaps; merchandise into South Dock in Provo increased by 47.6 percent and at the Providenciales International Airport the increase was 20.1 percent, according to the nine page Trade Statistics report.

To make matters worse, the export value actually declined by $500,000.

Recently, comments from Carl Simmons of Cargo Express made headlines as he had explained in an interview with Drexwell Seymour how the lack of output harms the Turks and Caicos Islands and it is a significant contributor to the high cost of goods and ultimately the high cost of living.

“Turks and Caicos customers basically pay a round trip freight,” he said   “TCI customers from the shipping perspective basically pay two ways, the ship comes here with cargo and goes back empty because we don’t produce anything.”

E Jay Saunders, Finance Minister and Deputy Premier has also repeatedly highlighted the ‘imported inflation’ that TC residents suffer under because so much is brought in; nearly all of it from the United States.

It presents in stark relief the pressing need to develop the country’s export sector and food security; Turks and Caicos at this point and with this statistical data from the Department, is far too exposed and vulnerable to the volatility of markets overseas.