Posted: Thursday, August 27, 2020. 7:11 am CST.
By BBN Staff: Belize’s revenues from domestic exports fell by 37.7 percent for the month of July 2020 when compared to the same month last year, reports the Statistical Institute of Belize (SIB).
The SIB’s latest External Trade Bulletin (ETB) said that exports for July 2020 amounted to just under $29 million, a $17.2 million drop when compared to last year.
The SIB noted that massive declines in revenues from the sugar industry was the major contributing factor in the overall poor performance of exports during the month.
“Revenues from this commodity fell steeply by $12.7 million or 56.6 percent, from $22.4 million in July 2019 to $9.7 million in July 2020, as smaller quantities of this product were exported during the month,” the SIB said.
Revenues from bananas also declined by more than 21 percent, falling from $6.9 million in July 2019 to $5.4 million in July 2020. Citrus product revenues went down by $1.2 million, from $4.8 million to $3.6 million, due largely to a drop in world market prices for orange concentrate as well as reduced sales of grapefruit concentrate. There were also no red kidney beans exported in July 2020, as opposed to last year when this commodity earned some $1.8 million.
In contrast, Marine products were the only major export group to have seen an increase during the month, as improved sales of lobster products and shrimp drove earnings from this group of commodities up by $0.8 million, from $4.3 million in July 2019 to $5.1 million in July 2020.
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