SIB: Exports down more than 10 percent from January-November

By BBN Staff: Belize’s export revenue for the period January-November 2020, fell by more than 10 percent when compared to the same period the previous year, according to the Statistical Institute of Belize(SIB).

The SIB’s latest External Trade Bulletin said that merchandise exports for the period January to November 2020 totaled $346.5 million, down 10.7 percent or $41.4 million from the same period in 2019.

“Considerable losses in earnings were noted for four of the five major exports over the eleven-month period,” the SIB said. “Revenues from sugar dropped by more than $25 million, a 19 percent decline from $134.3 million in 2019 to $109.3 million in 2020, owing to a marked reduction in exported quantities of this product.”

Meanwhile, diminished earnings from marine exports due to decreased sales of decreased exports of conch, whole lobsters, lobster meat, and shrimp resulted in revenues falling by 19 percent or $8.4 million when compared to last year. There was only one shipment of crude oil this year, as opposed to the two shipments back in 2019, which caused a decrease of more than $8 million.

Earnings from citrus products were down by 11 percent ($6.1 million), falling from $53 million in 2019 to $46.9 million in 2020. The SIB attributed the decline to lower world market prices for orange concentrate, coupled with diminished exports of grapefruit concentrate. Apart from the major export commodities, minor exports also recorded some declines in revenue, such as Sawn wood exports which were down by $1.1 million, from $3.1 million to $2 million, and red kidney beans which dropped by $1.8 million, from more than $12 million in 2019 to $10.2 million in 2020.

“On the other hand, despite the drop in overall exports, bananas performed well during the period, with earnings from this major export rising by 8 percent or $6.2 million, from $74.3 million in 2019 to $80.5 million in 2020. Among other exports, animal feed also saw an increase, with export revenues for this commodity going up by one-fourth, from $11.1 million to $13.8 million,” the SIB said.

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