Posted: Thursday, April 26, 2018. 8:35 a.m. CST.
By BBN Staff: The Statistical Institute of Belize (SIB) has released its quarterly report on the state of the economy.
The SIB notes that external trade contracted for this quarter when compared to this same quarter last year.
For example, last year Belize sold $25 million dollars more in goods than it did this year.
Additionally, Belize saw a decrease in earnings in major exports.
In the case of sugar, there was a 17% loss of revenue even though there was a 4% increase in sugar exports.
The banana industry also took a hit by 29%.
Marine products also recorded a loss of 1/3 caused mainly by lowered shrimp exportation.
The citrus industry was not spared.
In fact, it recorded a million dollar loss.
While exports were not as fruitful for this quarter, BBN notes that Belize imported $2 million less than it normally does for this quarter.
Locally, there was a reduction in inflation rates according to the SIB.
The inflation rate was down 0.6% when compared to this same period last year.
The SIB reported that less was spent in international flights but noted that more was spent on fuel.
An increase of 8% was seen in Premium gasoline.
An increase of 6% was seen in Regular gasoline.
Diesel recorded a 10% increase.
Also, butane costs saw an increase when compared to this same quarter last year.
Figures by SIB indicates that on average, the cost of basic food items has seen a decrease.
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