Posted: Wednesday, August 29, 2018. 3: 17 p.m. CST.
By BBN Staff: Today, the Statistical Institute of Belize (SIB) released its statistics for the month of July 2018.
According to the SIB, Belize’s total imports for the month of July 2018 saw an increase of 7.5% while exports experienced a 14% increase.
When compared to July 2017, imports increased by 7.5% or $11.5 million last month.
A substantial 40% growth in the ‘Food and Live Animals’ category was the leading cause of the overall rise in imports in July 2018.
Goods destined for the ‘Commercial Free Zones’ also grew sizably by $4.1 million, (from $26.6 million to $30.7 million) due to heightened purchases of cigarettes and clothing.
The country also imported more ‘Machinery and Transport Equipment’ in July of this year, with increased purchases of optical fibers, transformers, and vehicles.
And despite higher world market prices for fuel, purchases of ‘Mineral Fuels and Lubricants’ dropped from $22.2 million in July of last year to $19.7 million in July 2018 due to a significant drop in the quantity of diesel imported.
Belize also observed lowered imports of pine lumber.
Belize’s exports saw an increase of 14% when compared to exports for July 2017.
This sizeable increase in export earnings was driven by a boost in exports from two of the country’s major commodities: sugar and bananas.
Revenues from sugar surged from $1.5 million to $12.1 million due to variation in the timing of bulk shipments, as exports for the month of July 2018 included bulk sugar while shipments for the same month last year comprised of only bagged sugar.
In addition, exports of bananas grew by almost 50 percent, from just under $5 million to $7.5 million, which is the largest recorded monthly increase for that commodity since the start of the year.
Belize’s other major exports, however, saw decreased earnings for the month.
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