Belize’s Exports Drop by 39%

The latest statistics from the Statistical Institute of Belize (SIB) show that both imports and exports declined in August of this year. At SIB’s third press conference for this year, Statistician II Ronald Orellana announced that total imports fell to $219.2 million, a drop of 20.2 percent or $55.6 million compared to August 2023.

Key contributors to this decline included a $21.5 million reduction in’mineral fuels and lubricants’ and a $9.3 million decrease in goods for ‘commercial free zones.’

 

 

Domestic exports were similarly impacted, totalling $43.5 million in August, down 39.2 percent or $28 million from the previous year. This steep decline was primarily driven by a $32.5 million drop in sugar exports, although some categories, such as citrus products and marine goods, showed modest growth.

For the first eight months of 2024, total merchandise exports reached $307.1 million, a decrease of 1.5 percent from the same period in 2023, largely due to the downturn in sugar exports, despite improvements in banana and citrus sales.

 

 

While imports increased by 8 percent overall in the first eight months of 2024, reaching $1.935 billion, the August figures signal significant challenges ahead. 

The Statistical Institute of Belize (SIB) also spoke on other key economic indicators, including the Consumer Confidence Index, Gross Domestic Product, Consumer Price Index, and External Trade Statistics.