Belize is Buying More and Selling Less

Belize is spending more and selling less. That is the bottom line from the latest trade report released by the Statistical Institute of Belize, and it could mean higher prices and more pressure on the economy.

For September, Belize imported $251 million worth of goods, from food and fuel to aircraft parts. That is almost $20 million more than last year. At the same time, the country’s exports, or the things we sell abroad, brought in $31 million, showing only a small increase.

So what is Belize spending on? A lot of it is fuel, food, and heavy equipment. The price of gas and cooking gas went up again, and imports of baby formula, cereal, and frozen fries all climbed. That means more of what is on your grocery shelf is coming from abroad, and at a higher cost.

On the other hand, the things we export, like sugar and molasses, are earning less. Sugar sales alone have dropped by over $26 million so far this year. That is a major loss for farmers and workers in the sugar industry.

There is still some good news. Lobster exports are up by more than $8 million, bean sales have grown by almost $4 million, and cattle exports are also increasing. These industries are helping to make up for the drop in sugar revenue.

The United Kingdom remains Belize’s biggest customer, followed by the United States and Mexico. However, the growing gap between what we buy and what we sell is cause for concern.