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Belize fails to narrow balance of trade despite lower imports in 2020

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Posted: Thursday, February 25, 2021. 8:16 am CST.

By Aaron Humes: Belize lost ground in the balance of trade in 2020, exporting about $368 million in goods and importing $1.6 billion, the Statistical Institute of Belize reports.

The former is a decrease of 11 percent, with only bananas increasing in profits from exports; the latter saw a decrease of 20 percent with most categories seeing decreases except for chemical products, including diagnostic testing kits for COVID-19.

For January of this year, imports were valued at $131.9 million, down by 18 percent or almost $29 million when compared to January 2020. ‘Mineral Fuels and Lubricants’, ‘Machinery and Transport Equipment’ and ‘Commercial Free Zones’ were noted to be the categories in greatest decline.

As it relates to domestic exports, export earnings totalled $16.2 million in January of this year, with only a slight increase over exports of January of last year. This was mostly reflected amongst the exports themselves, with only animal feed and marine products on the opposite ends of the spectrum.

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