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October 31, 2018

Exports take another major hit

Posted: Wednesday, October 31, 2018. 4:50p.m. CST.

By BBN Staff: The revenue Belize earns from exports were down by more than 20 percent for the month of September, according to the latest information released by the Statistical Institute of Belize (SIB).

The SIB’s External Trade Bulletin showed that total domestic exports for September 2018 amounted to $38.1 million, which was down by 21.4 percent or $10.4 million when compared to exports for September 2017, when exports were valued at $48.5 million.

The SIB highlighted the sugar industry as being the key contributor to the overall falloff in revenue earnings during the month.

“Although exported volumes of this commodity saw only a slight 3.3 percent drop compared to September of last year, revenues from that commodity fell significantly by 27.2 percent, from $28.5 million to $20.7 million, as bulk sugar was sold for noticeably less on the European market compared to last September,” the SIB said.

Revenues from Bananas went down by less than a million, from $8 million in September 2017 to $7.1 million in the same month this year. Citrus product revenues were unchanged when compared to last year, staying at $3.6 million.

While Molasses and sawn wood are not classified as major exports, they both fell sharply in the month, resulting in a combined revenue loss of $2.2 million when compared to September 2017.

The SIB said that fisheries was the only industry to see an increase in earnings, going up from $2.3 million last September to $3.1 million. The institute attributed the increase to boosted sales of whole lobsters, lobster meat and shrimp.

Merchandise exports for January to September 2018 totaled $313.9million, down 14.9 percent or almost $56 million from the same period last year.

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