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Imports fall just over 20 percent for the first 10 months of 2020

Posted: Thursday, December 10, 2020. 9:53 pm CST.

By BBN Staff: The latest data from the Statistical Institute of Belize (SIB) says that the country’s expenditure on imports fell by just over 20 percent, for the period January – October 2020.

The SIB’s latest External Trade Bulletin (ETB) showed that merchandise imports from January to October 2020 totaled almost $1.3 billion, representing a 20.2 percent or $328.5 million decline from the same ten-month period last year, when imports totaled $1.6 billion.

“There were sizeable decreases in imports for a number of commodity categories over the period, with ‘Mineral Fuels and Lubricants’ recording the largest decline, followed by goods going to the ‘Commercial Free Zones’ and ‘Machinery and Transport Equipment’,” the SIB said.

The ‘Mineral Fuels and Lubricants’ category went down by a considerable 47 percent ($115.5 million) from $246.7 million in 2019 to $131.2 million in 2020, due to a combination of decreased imports but also lower fuel prices. Goods meant for the ‘Commercial Free Zones’ fell around 33 percent ($89.3 million) from $269.9 million to $180.6 million, the result of a sharp decrease in imports of clothing and handbags over the period. Imports of ‘Machinery and Transport Equipment’ fell by 20 percent (over $65 million) from $330.8 million in 2019 to $265.2 million in 2020, which the SIB attributed to a reduction in the purchasing of telecommunication parts, aviation equipment, and liquid dielectric transformers.

“During the month of October 2020, Belize’s imported goods were valued at $131.4 million, down by 29.1 percent or $53.9 million from the $185.2 million imported in October of 2019,” the SIB added.

 

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