Statistical Institute of Belize: Export revenues for 11 months of 2021 were up more than 15 percent

Published by BBNTEAM at January 4, 2022

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Posted: Tuesday, January 4, 2022. 2:43 pm CST.

By Benjamin Flowers: The latest data from the Statistical Institute of Belize (SIB) shows that the country’s export revenues had increased by over 15 percent for the period January-November 2021, when compared to the same period in 2020.

According to the SIB’s External Trade Bulletin, merchandise exports for the period January to November 2021 totaled $400.8 million, up 15.8 percent or $54.8 million from the $346.1 million recorded for the same period last year.

Commodities that saw increased revenue include sugar, animal feed, marine products, molasses, bananas, and sawn wood. Given the increased quantity of sugar exports, earnings from sugar rose by a significant $24.2 million during the period, from $109.3 million in 2020 to $133.5 million in 2021.

“Revenues from animal feed doubled, from $13.8 million to $27.6 million, as greater quantities of this commodity were exported at more favorable world market prices. Earnings from marine products grew by 31 percent or $11.1 million, rising from $35.2 million to $46.3 million, due to improved prices for lobster tails and conch as well as an increase in the quantities of conch that were exported over the period,” the SIB said.

The institute noted that the country also exported more molasses during the first eleven months of the year, resulting in a near 50 percent ($5 million) increase in revenues, taking sales from $10.8 million in 2020 to $15.8 million in 2021. Banana exports were also up by $4.4 million, from $80 million to $84.4, while earnings from sawn wood rose from $2 million to $3.6 million.

There were also a number of commodities that saw decreases in earnings, including citrus products which fell by just over $11 million from $46.9 million in 2020 to $35.9 million in 2021, which the SIB notes were due to an appreciable drop in exports of orange concentrate.

Crude oil revenues also declined significantly during this period, falling by three-fourths from $4.9 million in 2020 to $1.2 million in 2021, and black-eyed peas export revenues went down more than $2 million, from $6.3 million in the first eleven months of last year to $4.3 million in the first eleven months of this year.

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