Imports Surge 14% in October, Domestic Exports Decline by 5.4%

The Statistical Institute of Belize (SIB) reports that imports rose sharply in October 2024, while domestic exports experienced a decline. Belize imported goods valued at $281.1 million, marking a 14% increase compared to the $246.6 million recorded in October 2023. The growth was driven by significant increases in categories such as ‘Machinery and Transport Equipment’ (up $13.1 million), ‘Mineral Fuels & Lubricants’ (up $9 million), and ‘Manufactured Goods’ (up $6.1 million). Smaller increases were seen in imports of ‘Food and Live Animals’ and ‘Other Manufactures,’ among others. Conversely, imports of ‘Chemical Products’ and ‘Beverages and Tobacco’ recorded slight declines.

On the export side, domestic exports amounted to $27.1 million in October 2024, a 5.4% drop from the $28.6 million recorded in the same month last year. Major export commodities, including bananas, sugar, animal feed, marine products, and red kidney beans, saw reduced earnings. Bananas and sugar alone accounted for a combined decline of $4.2 million. In contrast, revenues from citrus products rose by $3.7 million, while earnings from alcoholic beverages and other miscellaneous products also increased.

Year-to-date figures show merchandise imports for the first ten months of 2024 reached $2.448 billion, up 9.2% compared to the $2.242 billion recorded during the same period in 2023. Domestic exports for the same period stood at $363.5 million, reflecting a marginal increase of 0.6% over the $361.5 million earned in the first ten months of 2023.

These figures highlight the continued demand for imported goods alongside challenges in key export sectors, underscoring the importance of diversifying and strengthening Belize’s export portfolio.