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Cayman Islands trade in services continues to be sole net foreign exchange earner
Published on December 24, 2013 Email To Friend    Print Version

GEORGE TOWN, Cayman Islands -- Trade in services continued to be the Cayman Islands’ sole net foreign exchange earner in 2012.

The Cayman Islands' Balance of Payments (Current Account) Report 2012 which summarizes the territory’s economic and financial transactions on goods and services, income and transfers with the rest of the world, was released on Monday. Data from the report is used largely by credit rating agencies, creditors and foreign investors as general indicators of the territory’s ability to service its foreign debt.

In 2012, the Cayman Islands' current account balance was in deficit amounting to CI$485.6 million (US$585 million). The deficit is traced largely to the deficit arising from trade in goods amounting to CI$603.4 million, followed by the deficit in primary income (investment income and compensation) transactions amounting to CI$264.5 million, and the deficit in secondary income amounting to CI$146.9 million. The latter is comprised mainly of workers' remittances abroad.

Offsetting the deficits was a significant amount of surplus arising from trade in services which reached CI$529.1 million in 2012. Financial services, travel and other business services (including legal and accounting) led the services sector in realizing the surplus account for the Cayman Islands.
 
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