Imports Surge by 18.4%, Domestic Exports Plummet by 37.7% in June 2024

In June 2024, Belize experienced a significant economic shift as total imports surged by 18.4% while domestic exports plummeted by 37.7%, according to the Statistical Institute of Belize.

Belize’s total imports for June 2024 were valued at $243.4 million, marking an 18.4% increase from June 2023’s $205.5 million. This rise was driven by notable increases across almost all commodity categories, particularly in ‘Mineral Fuels & Lubricants,’ ‘Food and Live Animals,’ and ‘Machinery and Transport Equipment.’ However, there were decreases in ‘Beverages and Tobacco’ and goods destined for ‘Designated Processing Areas.’

Key Increases in Import Categories

– Mineral Fuels and Lubricants:This category saw an increase of $14.8 million, rising from $25.5 million to $40.2 million due to higher imports of kerosene, LPG, regular, and diesel fuels, along with purchases of premium fuel not seen in June 2023.
– Food and Live Animals: Imports in this category jumped by 30.3%, from $23.8 million to $31 million, driven by significant rises in wheat and coffee imports.
– Machinery and Transport Equipment: This category rose by $6.9 million, from $46.4 million to $53.4 million, due to imports of high-value items such as yachts, boat engines, and an air tractor airplane.
– Chemical Products: Increased imports of fertilizers and laboratory supplies led to a $4.3 million rise, from $20.9 million in June 2023 to $25.2 million in June 2024.

Notable Decreases in Import Categories

– Designated Processing Areas: Imports for this category declined by $5.5 million, from $22.7 million to $17.3 million, due to reduced purchases of steel drums and shrimp feed.
– Beverages and Tobacco: Imports in this category fell by 41.1%, from $6.7 million to $4 million, mainly due to decreased purchases of alcoholic beverages.

First Six Months of 2024

From January to June 2024, Belize’s merchandise imports totaled $1.479 billion, a 14.7% increase from the $1.290 billion recorded during the same period in 2023.

Exports Overview

In stark contrast, Belize’s domestic exports for June 2024 fell sharply by 37.7%, totaling $25.8 million compared to $41.4 million in June 2023. This decline was primarily due to a significant drop in sugar sales to the European Union and other countries, as well as reduced volumes of animal feed exports to Central America.

Key Decreases in Export Categories

– Sugar: Earnings from sugar exports fell by 15%, from $75.8 million in the first half of 2023 to $64.1 million in the same period of 2024.
– Marine Products: Exports of marine products declined by $4.4 million, from $16.8 million to $12.4 million, due to reduced shipments of lobster products, shrimp, and conch.
– Citrus Products: Earnings from citrus products decreased by $4.2 million, from $16.9 million to $12.7 million, due to lower exports of orange concentrate and orange oil.
– Animal Feed: Sales plummeted by 66.8%, from $25 million to $8.3 million.

Increases in Export Categories

Despite the overall decline, there were gains in some export categories. Banana exports rose from $24.9 million to $42.3 million, and other exports such as cattle, alcoholic beverages, crude soybean oil, and wooden furniture increased from $21.6 million to $28.5 million. Additionally, earnings from molasses grew by $2.1 million, from $13.8 million to $15.8 million.