Posted: Wednesday, November 28, 2018. 5:19 pm CST.
By BBN Staff: During the month of October Belize made less revenue from export earnings but spent more on imports than it did in October 2017, according to the latest External Trade Bulletin issued by the Statistical Institute of Belize (SIB).
The SIB said that exports were down by some 5.1 percent or $1.9 million when compared to exports for October 2017, fallingfrom $37.1 millionto $35.2 million. Sugar, the country’s largest export earner, was the major driver of the decrease, having gone down from $9.4 million in October 2017 to $2.2 million in October 2018, while export revenues from citrus products and bananas remained almost unchanged with earnings from citrus exports amounting to $3.1million and revenues from bananas summing to $8.9 million in October of 2018.
Some industries did see growth over last year: marine products grew markedly by nearly one-third or $1.4 million, from $4.4million to $5.8 million, which was driven for the most part by strong sales of conch during the month.
Similarly, earnings from crude petroleum rose by over 39 percent, from $6.3 million in October 2017 to $8.7 million in October 2018.
Meanwhile, imports expenditure went up by 14.4 percent or $24.3 million, going up from $168.7 million last year to $193million this year. The growth was fueled by increases in two major import categories, Mineral Fuels and Chemical Products, which went up by 71 percent and 55 percent respectively.
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