Belize’s export products suffering

BBN Staff: Today, the Statistical Institute of Belize (SIB) release official statistics for the month of July 2018.

Despite an increase of 14% in exports for July 2018, SIB noted that exports from Belize’s other major commodities saw decreased earnings.

The increase in exports for July 2018 were due to a boost in two major commodities, sugar and banana.

However, for the first seven months of 2018, January to July, merchandise exports saw a decrease of a whopping 15% when compared to the same period for 2017.

This is due to the fact that export earnings from all other major commodities declined.

Notwithstanding a six percent increase in exported volumes of sugar compared to the same seven months in 2017, Belize’s leading export commodity suffered the greatest loss over the period, as earnings from that product fell by 21.2 %.

According to SIB, the decrease is due to diminished prices for bulk sugar on the European market.

Revenues from citrus exports also dropped by $8.2 million, from about $64 million in 2017 to $55.8 million in 2018, with earnings from orange concentrate and orange oil recording the most significant decreases of all citrus products.

The banana industry also experienced a decrease of 7.8% while dwindling shrimp exports led to a decline in sales of marine products from just above $21 million in 2017 to $18.4 million in 2018.

Crude petroleum earnings suffered only a small decrease from $16.5 million to $15.9 million, despite an almost one-third drop in quantities exported, as world market prices for that product remained favorable over the period.

 

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