Imports Soar by 10.2%, Exports Drop 2.3%

Belize’s trade figures for November 2024 show a mixed bag, with imports soaring by 10.2% to $230.4 million compared to $209.1 million in November 2023. Meanwhile, exports took a hit, primarily due to a dramatic drop in sugar exports. The country saw strong growth in categories like ‘Machinery and Transport Equipment’ and ‘Food and Live Animals,’ but a sharp decline in ‘Mineral Fuels and Lubricants’ and sugar exports raised concerns.

According to the Statistical Institute of Belize (SIB), the increase in imports was driven by significant purchases in several key sectors. ‘Machinery and Transport Equipment’ led the charge, rising by 36.5% to $61.9 million, with high-value items such as airplanes and heavy-duty trucks boosting the total. Meanwhile, imports into the Commercial Free Zone grew by $8.9 million, reflecting higher demand for footwear and floor fans.

The ‘Food and Live Animals’ category also saw a substantial uptick, climbing by $8.1 million due to imports of wheat and orange concentrate. The SIB reported that a major decline in ‘Mineral Fuels and Lubricants’ occurred, which dropped by $8.3 million as the country imported no diesel fuel in November.

On the export side, the SIB reported that Belize’s total exports fell slightly by 2.3%, totalling $22.3 million. The sharpest decline was in sugar exports, which plummeted by over 75%, dropping from $6.5 million in November 2023 to just $1.4 million. Conversely, Citrus Products saw a massive boost, with exports tripling to $3.5 million. This was driven by a surge in orange concentrate sales.

Despite these fluctuations, the SIB stated that the overall export trend for the first eleven months of 2024 remained stable, with a slight 0.4% increase compared to the same period last year.