Posted: Friday, July 29, 2022. 6:31 pm CST.
By Benjamin Flowers: The Statistical Institute of Belize is reporting that export revenues for the first six months of 2022 increased by over 25 percent when compared to the same period last year.
The SIB’s latest External Trade Bulletin (ETB) shows that for the period January – June 2022, the value of exports totaled $251.8 million, up 25.9 percent or $51.9 million from the same period last year, when earnings from domestic exports totaled $200 million.
The sugar industry was the main economic driver, with earnings of $86.9 million, this represents a $17.8 million increase from $69.1 million recorded for the same period in 2021. The SIB attributed sugar’s increased performance to favorable prices on the global market.
Revenues from animal feed almost doubled, going from $13.6 million in the first six months of last year to $26.7 million in the first six months of 2022, due to increased quantities being exported at improved prices.
“Earnings from marine products grew by $6.1 million, from $14.8 million in 2021 to $20.9 million in 2022, owing largely to more favorable prices for exports of conch, lobster tails, and lobster meat. Molasses revenues almost doubled, from $5.7 million to $11.2 million, due also to improved prices for this commodity,” the SIB said.
Revenues from citrus products, also saw an increase from $22.8 million to $25.5 million, due to larger exported volumes of orange oil and orange concentrate. Meanwhile, earnings from crude petroleum were up by $1.4 million, from $0.3 million in 2021 to $1.7 million in 2022.
The SIB notes that some sectors did see revenues contract in the first half of the year, the most prominent being bananas, which fell from $43.3 million last year to $41.5 million this year, a difference of $1.8 million.
“Exports of red kidney beans were also down, falling by $0.9 million from $7.2 million to $6.3 million, while sales of black-eyed peas declined by $0.7 million from $2.8 million in 2021 to $ 2.1 million in 2022,” the SIB added.
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