August export revenues up by over 100 percent

By BBN Staff: The latest data from the Statistical Institute of Belize (SIB), says that export revenues were up by over 100 percent for the month of August.

The SIB’s latest External Trade Bulletin (ETB) puts the total domestic exports for August 2019 amounted to $45.5 million, up substantially by 101.9 percent or almost $23 million when compared to exports for August 2018(valued at $22.6 million). The SIB said that sugar exports, as with most of 2019, was almost entirely responsible for the overall increase in export earnings.

“Earnings from sugar rose sharply, from only $0.6 million to $23.6 million, due to the fact that there were bulk sugar shipments recorded during August 2019, while there were none in the same month of last year. Revenues from marine products went up only marginally, from $4.6 million to $5.3 million, due mostly to improved exports of lobster products for the month,” the SIB said.

The institute also highlighted several exports that saw a decrease in earnings which included: citrus falling from $4.8 million last year to $4.1 million this year, and bananas which went down from $5.9 million to $5.5 million.

For the first eight months of the year, exports showed an increase of 6.9 percent for a total of $19.2 million. The SIB said that January to August 2019 totaled just above $298 million over the $278.8 million for the same period last year. Sugar, bananas and marine exports lead the way to usher in the increase, while industries such as citrus and crude oil saw millions of dollars in losses.

Meanwhile, imports for the month of August were up by a marginal 1.7 percent, due mainly to an increase in the importation of “Chemical Products.”

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