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Statistical Institute: Exports down by 34.5 million dollars in first 9 months of the year

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Posted: Saturday, October 31, 2020. 4:47 pm CST.

By BBN Staff: The Statistical Institute of Belize (SIB) reported this week that cumulative earnings for the first nine months of the year were down by 10.3 percent.

The SIB said that, despite the strong performance of the country’s merchandise exports during the month of September, total export revenues for the nine-month period had fallen by $34.5 million, from $334.6 million in 2019 to $300.2 million in 2020.

The SIB noted that most of Belize’s major exports recorded losses during the reference period.

“Earnings from sugar fell notably by 19.5 percent or $25.2vmillion, from $129.6 million in 2019 to $104.4 million in 2020, as exported quantities of sugar dropped by more than one-third during the nine-month period,” the Institute said. “Revenues from crude petroleum declined by $8.1 million, from $12.9 million to $4.9 million, as the first nine months of 2020 saw only a single shipment of this commodity, compared to two shipments during the same period in 2019.”

Citrus products also saw a decrease of $5.3 million, falling from $45.2 million to $39.9 million, which the SIB notes was due largely to decreased exports of orange concentrate. Reduce exports in conch, whole lobster and lobster meat cased a $0.3 million drop in Marine exports, taking revenues from $28.4 million in 2019 to $27.1 million in 2020.  Even sawn wood, from the “Other exports” category, fell from $2.6 million to $1.3 million.

The SIB noted that there were some export items that saw increased revenue within the reference period.

“Despite the downturn in domestic exports over the first nine months of this year, earnings from bananas grew by $5.8 million, from $59.1 million in 2019 to $64.9 million in 2020. Earnings from molasses also rose during the period, with revenues from that product rising from $8.3 million in 2019 to $10.7 million in 2020,” the SIB said.

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