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Trade update: Reduction in Exports hurting national balance of trade

Posted: Wednesday, July 12, 2023. 11:42 am CST.

By Aaron Humes: For 2023, the Statistical Institute of Belize (SIB) says Belize has been importing slightly less, about $13 million down to $1.087 billion.

Belize has been importing slightly less fuel and fertilizer despite prices trending down as well as vaccines and diagnostic testing kits for COVID-19. But there are increases for margarine, citrus concentrate, printed books, vehicles including golf carts and vehicle parts, not to mention an airplane donation to the Government from the United States. 

Unfortunately, export earnings were also down $51.7 million or 25 percent in the first five months of the year compared to last year. Changes in sugar shipment schedules meant a loss of revenue while the malaise in the banana and citrus industries limited their export value. There were also losses for marine products due to lower world prices, and molasses due to lower cane supply. Soybean oil and cattle were the sole notable increase in export value to just under $18 million.

Export value fell across the list of major trade partners, from the U.S. to the U.K. to CARICOM but earnings from Mexico rose by 50 percent.

 

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