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Jul 31, 2019

The Economic Outlook for June 2019

Turning to economic news, during the month of June 2019, imports into the country were down to one hundred and sixty-eight million, that is a one point four percent when compared to June 2018. According to the Statistical Institute of Belize, decreased quantities of diesel imports, coupled with reduced purchases in food items resulted in the drop in imports. The ‘Mineral Fuels and Lubricants’ category went down to thirty-one point five million dollars. The ‘Food and Live Animals’ category also went down to fifteen point five million dollars due mainly to smaller purchases of baby formulas, canned meats and evaporated milk. Imports of cigarettes, women’s clothing and footwear for the ‘Commercial Free Zone also went down to twenty-nine point seven million dollars. But there were some increases in areas such as furniture, desktop computers, aviation equipment, refrigerators and air conditioners. Imports of school bags also went up as did office supplies and plastic bottles. Meanwhile, the total value of domestic exports for the month of June 2019 was twenty-nine point seven million dollars, down sixteen point four. Export earnings shrank in prime industries in sugar, citrus, lobster products and conch and bananas. The S.I.B. is also reporting a small decrease of in the cost of regularly purchased goods and services.  S.I.B. states that higher prices for food items, electricity, tertiary education and nightclub admissions were off-set by lower prices in rent, fuel and international airfares. There was less spending in alcoholic beverages but higher prices were recorded in veggies and fruits.

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