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February 19, 2019

2018 exports second lowest in 15 years

Posted: Tuesday, February 19, 2019. 6:03 pm CST.

By BBN Staff: Belize’s export revenues for the year 2018 amounted to just under $399 million, making it the second lowest amount earned from exports since the $380 million in 2003 according to the Statistical Institute of Belize’s Annual Export Reports 2003 to 2018.

The report shows that Belize’s export revenues peaked in 2011 when the country made some $680 million. Since then export revenues began falling gradually, with a major drop between 2015 and 2016 when recorded earning fell by just under $135 million from $536.59 million to $401.93 million.

Traditionally, the United States has been the primary importer of Belizean exports, however within the past three years, the United
Kingdom imported more Belizean goods than the US. Between 2016 and 2018, the UK imported $433 million worth of Belizean goods, while the US only imported $273 million.

Belize’s major export industries have encountered costly challenges throughout the reference period for the data such as bacterial
outbreaks in the shrimp industry, the Blacklisting of the major banana exporter by the United States, and an ever decreasing volume of
petroleum export.

Despite those challenges, the Caribbean Export Development Agency (CEDA) says that Belizean businesses can hold a competitive space in the world market if greater care is taken in making businesses export ready.

In October 2018, the CEDA collaborated with the European Union’s Trade Delegation to CARICOM/CARIFORUM Countries along with the Belize Trade and Investment Development Service (BELTRAIDE) to hold a sensitization workshop on the EU’s Economic Partnership Agreement (EPA) with CARIFORUM countries.

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