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Imports were up over 30 percent toward the end of 2021

Posted: Tuesday, January 4, 2022. 3:01 pm CST.

By Benjamin Flowers: The Statistical Institute of Belize (SOB) reports that Belize’s expenditure on imports was up over 30 percent for the period January-November 2021 when compared to the same period last year.

The SIB’s latest data shows that merchandise imports for the first eleven months of 2021 amounted to $1.9 billion, representing a 32.4 percent or $463.3 million increase from the same period last year when imports totaled $1.4 billion.

All commodities recorded increases, with the major two being Manufactured Goods along with Mineral Fuels and Lubricants.

The SIB said that imports of ‘Manufactured Goods’, including corrugated steel rods, galvalume steel coils, and metal pipes, went up by more than 50 percent or $105.1 million, from $205.8 million in 2020 to $310.9 million in 2021.

“Owing to higher world market prices for fuel and increased imports of propane and kerosene fuels, the ‘Mineral Fuels and Lubricants’ category grew by almost two-thirds or $88.5 million, from $143.4 million in 2020 to $231.9 million in 2021,” the SIB said.

For the month of November, Belize’s total imports were valued at $205.2 million. The SIB notes that the figure was a “significant increase” representing a total of 59.8 percent or $76.8 million over what was spent in November 2020, when imports totaled $128.4 million and reflected the continued recovery toward pre-pandemic import levels.

 

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