“Domestic Exports Have Been Declining for Years” 

The Statistical Institute of Belize says the country imported $2.207 billion in goods between January and August, up $301.5 million on the same period last year. Exports fell 14% to $272.8 million.

Fuel drove the import bill. Belize spent $396.3 million on mineral fuels and lubricants, a jump of 50%. Machinery and transport equipment rose 19% to $540.4 million.

On the export side, Belize’s traditional earners slumped. Sugar exports fell 31% to $65.1 million. Citrus plunged 59% to $9.9 million, and red kidney beans dropped 44% to $4.4 million.

“The picture is clear, domestic exports have been declining for years,” SIB Statistician Tiffany Vasquez said. “After a brief rebound in 2022, we have resumed the path of decline.”

Exports to the United Kingdom collapsed by 66%, down $59.3 million. Exports to CARICOM fell 24%. Sales to the United States rose 34% to $70.9 million, and exports to the European Union climbed 13%.

Bananas, marine products and cattle held steady. Cattle earned $49.2 million, and for the first time that figure includes informal exports. SIB now counts informal trade in line with new international recommendations. Informal exports accounted for $43 million, or 16% of domestic exports.

The merchandise trade deficit for January to June reached $1.2 billion, up from $974.3 million a year earlier.

For every dollar Belize earned from exports this year, it spent about eight dollars on imports.