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October 2, 2020

Statistical Institute of Belize: Export revenues fall by over 15 percent between January and August

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Posted: Friday, October 2, 2020. 1:45 pm CST.

By BBN Staff: The latest External Trade Bulletin (ETB), published by the Statistical Institute of Belize, says that Belize made 15.7 percent ($46.9 million) less in export revenues for the months January-August 2020, than for the same period in 2019.

The ETB showed that four out of five of Belize’s major exports saw decreases in earnings: sugar, citrus, crude petroleum.

“Revenues from sugar recorded the most significant decline, dropping by almost 28 percent or more than $30 million over the period, from $110.2 million in 2019 to $79.6 million in 2020,” the SIB said. “Earnings from citrus products decreased by approximately 20 percent or more than $8 million, from $42.6 million to $34.3 million, due in large part to lower world market prices for orange concentrate.”

A combination of reduced shipments of crude petroleum and low world market prices, caused earnings to fall by a considerable 62 percent (more than $8 million), from $12.9 million in 2019 to $4.9 million in 2020. Revenues from marine products fell by 6 percent or $1.6 million, from $25.2 million to $23.6 million, due to reduced earnings from
conch, whole lobsters, lobster meat, and shrimp. Animal feed export revenue also fell from $10.5 million in 2019 to $8.7 million in 2020.

Bananas were the only major export that saw an increase in earnings for the first 8 months of 2020. Earnings from bananas grew by nearly 8 percent or $4.2 million, from just below $53 million in 2019 to $57.2 million in 2020.

“Nonetheless, the first eight months also saw boosted sales of items classified as other exports. Revenues from red kidney beans rose from $9.1 million to $10.2 million, while earnings from black-eyed peas grew from $4.1 million in 2019 to $5.1 million in 2020,” the SIB added.  

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