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Cayman Islands

US Revised Tariffs (%)

10

Ease of doing business

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Share of US Imports % (1 implies <1%)
US Tariff %
Revised Tariff %
Country Tariff Rate %
1
10
10
20.4
Exports (in USD Bill.) 2024
Imports (in USD Bill.) 2024
Balance (in USD Bill.) 2024
1.29
0.05
1.24

US Revised Tariffs

Country Tariffs

Balance of Trade

Commercial Guide

Learn about the market conditions, opportunities, regulations, and business conditions in countries, prepared by U.S. Embassies worldwide, Commerce Department, State Department and other U.S. agencies’ professionals

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Tariff Rate for US

World Bank staff estimates using the World Integrated Trade Solution system, based on tariff data from the United Nations Conference on Trade and Development's Trade Analysis and Information System ( TRAINS ) database and global imports data from the United Nations Statistics Division's Comtrade database.

US Imports Guide 

United States Imports from Countries during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from Countries- data, historical chart and statistics - was last updated on April of 2025.

Implications

As of Saturday, April 19, 2025, here's the latest update on tariffs related to the Cayman Islands: Cayman Islands Import Tariffs: General Rate: The Cayman Islands generally charges 22% to 27% on most products imported to the islands.   Calculation Method: Import duty and taxes are calculated using the CIF (Cost, Insurance, and Freight) method, meaning the duty is based on the value of the imported goods plus shipping and insurance costs. Specific Goods: There are variations in duty rates for specific items. Some examples include: Alcohol: Ranges from $1.95 to $15.98 per liter for different types. Spirits have a duty of $11.55 per liter. Cars: Range from 29.5% to 42%. Electric or hybrid vehicles may have lower rates (0% to 17%). Cell Phones, Laptops & Tablets, Clothing & Footwear, Furniture, Toys & Games, Baby Carriages, Rugs, Wedding Dresses: Generally 22%.   Medications (prescription and controlled): 12%. Watches: 7%. Sunglasses, Antiques (over 100 years), Books, Cameras & Binoculars, Gold bullion and coins, Leather Bags, Musical Instruments, Precious and semi-precious stones, Spectacles (including frames and contact lenses): Free (0%). Cigarettes: $42 per carton.   Shipping Costs: Duty is also charged on the shipping costs of the imported items (typically 22%).   De Minimis: Returning residents have a duty-free allowance of CI$500 per person on overseas purchases. Visitors are expected to declare anything new and will likely pay 22% duty. Essential Products: Import duty was temporarily waived on certain essential products for children, women, and adults with medical conditions (including diabetic supplies) starting in November 2021. It's advisable to check the current status of these waivers.   Commercial Goods: Goods imported for business purposes are not duty-free and are subject to the applicable rates (e.g., 22% in many cases).   United States Tariffs on Goods from the Cayman Islands: New Export Tariff: As of April 2, 2025, the United States announced a new 10% tariff on anything exported from the Cayman Islands to the US. The specifics of implementation are still emerging.   Impact on Cayman Exports: While the Cayman Islands' export market to the U.S. is relatively niche, focusing on products like recreational boats and rum, this new tariff is a concern for local businesses. For example, Tortuga International Holdings, a rum cake and rum producer, anticipates a marginal impact on the approximately 10% of its production that is Cayman-made and shipped to the U.S.   Potential for Increased Cayman-Made Products: Some speculate that this U.S. tariff might incentivize an increase in Cayman-made products to potentially offset increased costs of U.S. imports to the Cayman Islands. Overall Cayman Islands Trade: The Cayman Islands is very open to international trade and heavily reliant on imports, especially for consumer goods.   The country is not a member of the WTO.   The U.S. is a major import partner for the Cayman Islands.   Key Takeaway: The most recent development concerning tariffs and the Cayman Islands is the new 10% export tariff imposed by the United States For imports into the Cayman Islands, the general duty rates of 22% to 27% still apply to most goods, with specific rates for certain categories.

US Negotiation Strategy

Based on available trade data, the top imports to the US from the Cayman Islands are somewhat varied and can fluctuate. However, recent data from January 2025 indicates the following as significant categories: Aircraft parts (gliders, balloons, and powered aircraft) ($18.9 Million)   Commodities not elsewhere specified ($18.2 Million) Refined Petroleum ($11.4 Million) Precious Metal Compounds ($1.18 Million) Documents of title (bonds etc) and unused stamps ($1.1 Million) Telephones ($628k)   Gold ($177k)   Looking at the broader data from 2023, the top exports from the Cayman Islands to the United States included: Broadcasting Equipment ($5.24 Million) Scrap Iron ($1.2 Million)   Other Measuring Instruments ($1.18 Million) It's important to note that the Cayman Islands is a significant financial center, and some of the "commodities not elsewhere specified" and "documents of title" may relate to financial transactions and are not manufactured goods in the traditional sense. Regarding which states in the US can manufacture similar goods, here's a breakdown with examples of companies: Aircraft Parts: Washington: Boeing (commercial and military aircraft parts). California: Lockheed Martin (military aircraft and aerospace components), SpaceX (rocket and spacecraft components). Connecticut: Pratt & Whitney (aircraft engines and parts).   Texas: Bell Textron (helicopters and aircraft).   Broadcasting Equipment & Telephones: This falls under the broader category of electrical and electronic equipment.   California: Apple (telephones), various manufacturers of broadcasting equipment components. Texas: Dell Technologies (electronics), AT&T (telecommunications equipment). Massachusetts: Analog Devices (semiconductors and electronic components). Refined Petroleum: The US has a substantial petroleum refining industry. Texas: Major refining hubs along the Gulf Coast (e.g., ExxonMobil, Shell, Valero).   Louisiana: Another significant refining state (e.g., Marathon Petroleum).   California: Refineries in the Los Angeles and San Francisco Bay Area (e.g., Chevron). Precious Metal Compounds & Gold: This relates to the chemical processing of precious metals and the manufacturing of gold products. New York: Centers for jewelry manufacturing and precious metal processing (e.g., Tiffany & Co., various smaller manufacturers in the Diamond District).   Rhode Island: Historically a hub for jewelry manufacturing and metal finishing (e.g., Creative Findings). California: Some jewelry manufacturers and precious metal refiners.   Measuring Instruments: Massachusetts: Thermo Fisher Scientific (scientific instruments).   California: Keysight Technologies (electronic measurement equipment).   Illinois: Illinois Tool Works (various industrial measuring tools and instruments).   It's crucial to understand that while these US states have companies that manufacture goods in the same general categories as imports from the Cayman Islands, the specific nature, quality, and intended use of those goods can vary significantly. For instance, the "aircraft parts" imported from the Cayman Islands might be specialized components or related to aircraft registered there, which may not directly correlate to the large-scale manufacturing of entire aircraft or major systems in the US. Similarly, the "commodities not elsewhere specified" could encompass a wide range of items, some of which might not be domestically manufactured in large volumes.

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theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters

Sources : ForbesUSDA Economic Research | TCGen Total Innovation Rank Index | Best States for Manufacturing | World Population Review | Tax Foundation | US News | BEA Data | Wikipedia International Trade Administration

theboardiQ's Economic Relevance Score provides a comprehensive, data-driven assessment of a nation's economic vitality and global significance. This score is meticulously calculated using 11 key parameters, each reflecting a critical facet of economic performance. It analyzes the representation of Fortune 500 companies within a nation, a strong indicator of its business environment and market size. The balance of trade surplus or deficit reveals the nation's international competitiveness and export strength. It incorporates Gross Domestic Product (GDP), a fundamental measure of overall economic output, and examine the health of key sectors like agriculture and manufacturing. The score also accounts for innovation, gauging a nation's ability to drive future growth through technological advancements. Crucial labor market indicators such as employment rates are considered, alongside fiscal policies reflected in tax rates. To capture the lived experience of citizens, it assesses cost of living and disposable income, providing insight into purchasing power and economic well-being. Finally, education levels are integrated, recognizing their pivotal role in fostering a skilled workforce and driving long-term economic development. By synthesizing these 11 parameters, theboardiQ's Economic Relevance Score delivers a nuanced and holistic view of a nation's economic standing, enabling informed strategic decisions. The Top 5 States in the assessment are Texas, North Carolina, Virginia, Florida and Washington. Texas does consistently well across most of the 11 variables especially in the areas of GDP, F500 representation in the State, Balance of Trade where it ranks 2nd nationally. North Carolina scores as the highest-ranking state nationally in manufacturing and performs consistently across the other variables. Virginia does well in disposable income where it ranks 3rd nationally. It also scores high in the variables of manufacturing and employment Florida holds the 4th ranking nationally for GDP and Tax Washington State scores the top spot for disposable income nationally, 2nd for education and 3rd for innovation. Colorado, with an overall rank of 7 scores the top spot for Education (schools and higher education). Nebraska, that ranked 10th overall, did well in Agriculture where it is ranked 3rd nationally as well as Trade Balance where it ranked 5th. Illinois, though ranked 20th overall did well nationally in F500 representation, GDP, Agriculture, and Disposable Income. Pennsylvania comes in at 21 overall doing well nationally in GDP (6th); Manufacturing (8th) and F500 representation (8th) New York scores 23rd overall with a 2 ranking in Disposable Income nationally, as well as 3rd in both F500 representation and GDP. California comes in at 29th overall and has the top spot ranking in a whopping 4 variables nationally – GDP, Innovation, Agriculture and F500 representation. However, performance in the areas of Trade Balance, Cost of Living, Tax, Manufacturing and Employment resulted in the overall ranking dipping. Wyoming at 30th overall scores the top spot nationally in the area of Tax Massachusetts at 31 overall does well in innovation where it is ranked 2nd nationally Arkansas at 36 and Alabama at 39, do well in overall Cost of Living where they are ranked 2nd and 3rd nationally, respectively. Louisiana ranked 44th overall is ranked 1st in Trade Balance nationally.

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