Posted: Thursday, June 27, 2019. 8:34 am CST.
By BBN Staff: Following a month of high performance in April, Belize’s export revenues were down considerably for the month of May, according to the Statistical Institute of Belize (SIB).
The SIB’s latest External Trade Bulletin (ETB) said that Belize’s total domestic exports for May 2019 were valued at to $37.1 million, a $20.5 million (35.6 percent) reduction when compared to exports for May 2018, which were valued at $57.6 million. The SIB attributed the shortfall to “substantial declines” in sugar, crude petroleum, and citrus products.
“Revenues from sugar fell steeply by $9.1 million, from almost $25 million in May 2018 to $15.9 million in May 2019, because greater quantities of bulk sugar were exported in May of last year than in May of this year,” the SIB said.
There were no petroleum exports for the month, which caused a drastic drop from the $8.2 million earned in 2018. Citrus products also saw a shortfall of $6.2 million falling from $10.2 million last May to $4 million. Marine exports fell by $0.3 million from $2 million to $1.7 million due to decreases in conch sales.
Some industries did record increases in revenue such as bananas which went up by almost $0.6 million, from $5.9 million in May 2018 to $6.5 million in May 2019.
“The most notable increases for the month, however, came from two of the country’s other exports, red beans, and molasses. Sales of red beans rose sharply by $1.3 million, from $0.4 million to $1.7 million, as did exports of molasses, which grew from $0.05 million in May 2018 to $1.3 million in May 2019,” the SIB added.
Meanwhile, imports were up by a minimal 1.9 percent.
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