Belize’s Imports Surge While Exports Dip

Belize’s imports increased by 14% in October 2024, while exports took a hit, dropping by over $1.5 million. The Statistical Institute of Belize reported that imports reached $281.1 million, compared to $246.6 million in October 2023, an increase of  $34.5 million. 

Imports of ‘Machinery and Transport Equipment’ recorded a spike of 24.2%. The ‘Mineral Fuels and Lubricants’ category also grew by $9 million. Meanwhile, ‘Manufactured Goods’ rose by $6.1 million due to higher imports of steel rods, plywood, and other construction materials. However, the ‘Chemical Products’ category saw a decrease, dropping by $1.7 million due to lower fertiliser imports.

For the first ten months of 2024, Belize’s total merchandise imports reached $2.448 billion, a 9.2% increase over the same period in 2023.

In contrast, Belize’s domestic exports for October 2024 fell by 5.4%. The SIB attributed this drop of $27.1 million from $28.6 million to lower sales of ‘Bananas, Sugar, and Marine Products’. Banana exports saw a significant drop of $2.1 million, and sugar exports fell by the same amount. Meanwhile, exports to CARICOM countries grew by $2.3 million due to higher sales of sugar and orange concentrate.

For the first ten months of 2024, Belize’s total exports reached $363.5 million, an increase of 1.5% compared to the same time period in 2023.