Exports drop 4.7% in first half of 2024

Posted: Monday, August 5, 2024. 3:25 pm CST.

By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) shows that merchandise exports for the first half of 2024 totaled $200.5 million, marking a decrease of 4.7% or $10 million compared to the $210.5 million recorded during the same period in 2023.

Several key export categories experienced notable declines including animal feed, sugar, marine products, citrus products and red kidney beans.

For example, Sugar exports decreased by 15%, with earnings falling from $75.8 million in 2023 to $64.1 million in 2024. This decline is largely attributed to lower export volumes, particularly noticeable in June 2024.

In addition, revenues from marine products dropped by $4.4 million, from $16.8 million in 2023 to $12.4 million in 2024. This decline is due to reduced exports of lobster, shrimp, and conch.

Earnings from citrus products also fell by $4.2 million, from $16.9 million to $12.7 million, attributed to decreased exports of orange concentrate and orange oil.

Despite the overall downturn in export earnings, several categories showed positive growth including bananas.

Exports of bananas rose significantly from $24.9 million in 2023 to $42.3 million in 2024, marking a strong increase in sales.

The combined earnings from cattle, alcoholic beverages, crude soybean oil, and wooden furniture increased from $21.6 million to $28.5 million.

 

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