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Belize lost more than $45 million in export revenue for 2020

Posted: Thursday, January 28, 2021. 6:34 am CST.

By BBN Staff: Belize’s export revenues for the year 2020 were down by $46.1 million when compared to 2019, according to the latest trade data released by the Statistical Institute of Belize (SIB).

The SIB’s data showed that 2020 export revenues totaled $367.8 million, an 11.1 percent decline from the $414 million made in 2019. The SIB noted that four of the five major exports: sugar, crude oil, marine products, and citrus, suffered significant losses in revenue during the year.

“Revenues from sugar declined by $24.9 million or 18 percent, from $136.4 million in 2019 to $111.5 million in 2020, owing to a significant drop in exported quantities of sugar,” the SIB said.

There was only one shipment of crude oil in 2020, as opposed to the three shipments in 2019, resulting in a 75 percent drop in earnings from $20.3 million to a mere $4.9 million.

Revenues from marine exports fell by 20 percent or $9.6 million from $48.8 million in 2019 to $39.2 million in 2020, due to decreased sales in all of the marine products except lobster tails. Revenues from citrus products saw a 10 percent decline from $55.5 million in 2019 to $49.7 million in 2020, a $5.8 million drop, due to lower world market prices of orange concentrate and decreased exports of grapefruit concentrate.

“Decreased earnings were also noted among other exports, where sales of red kidney beans fell from $12.6 million to $10.2 million and exports of sawn wood declined from $3.7 million in 2019 to $2.6 million in 2020,” the SIB added.

The SIB noted, however, that bananas, still managed to see an increase of 10 percent (almost $8 million) in 2020 going from $79.5 million in 2019 million to $87.5 million in 2020. Animal feed exports also saw a boost during the year, with revenues going up from $11.4 million to $15.2 million an increase of $3.8 million.

 

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