Exports up 14.7% in 2022 despite fall of over 30 percent in November

Published by BBNTEAM at January 16, 2023

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Posted: Monday, January 16, 2023. 10:45 pm CST.

By Benjamin Flowers: Belize’s export revenues were up for the majority of 2022, but suffered major losses in November, according to the Statistical Institute of Belize (SIB).

The SIB’s latest External Trade Bulletin showed from January-November 2022, exports totaled $458.8 million, which was a 14.7 percent increase ($58.7 million) over the same 11-month period in 2021.

“Notwithstanding a slight drop in the quantities of sugar exported during the first eleven months of the year, revenues went up by $24.6 million, from $133.5 million in 2021 to $158.1 million in 2022, as this commodity garnered higher prices on the world market,” the SIB said.

Revenues from animal feed went up by $19 million from $27.6 million to $46.6 million, while, marine products rose by almost $3.5 million, from $46.3 million to $49.7 million. Revenues from crude petroleum also increased during the eleven-month period, from $1.2 million in 2021 to $3.3 million in 2022.

The banana industry, which has been plagued by disease and disaster, saw its revenues for the 11-month period fall by more than $8 million from $83.5 million to $75.5 million, due to disease and rising production costs. The SIB also said that revenues from citrus products dropped, albeit by a smaller $1.2 million, from $35.9 million in 2021 to $34.7 million in 2022, owing largely to decreased exports of orange concentrate.

In November 2022, export revenue amounted to $22.3 million, a notable 33.1 percent drop ($11.1 million) when compared to exports for November 2021, which were valued at $33.4 million.

“Almost all of the country’s major exports recorded decreases during the period,” the SIB said.

Notably, Belize was hit by Hurricane Lisa, a category 1 storm that caused considerable damage in several areas, on November 2, 2022.

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