SIB Releases 2014 Stats

The Statistical Institute of Belize (SIB) today released the 2014 External Trade and Consumer Price Index stats which show that imports went up while exports went down. At December of last year, domestic exports totaled twenty-eight point six million dollars, which represents over a two million dollars drop from December 2013. Of Belize’s five major exports, marine products had the sharpest decline of over five million dollars, while banana exports remained the same. Also to note, citrus exports were down by more than sixteen million dollars which was impacted by the decline in export of orange concentrate. The SIB reports that although there were no exports for crude petroleum during December 2014, it had sales in excess of six million dollars. **The total exported goods for the year stood at a little over six hundred and two million dollars, falling by almost sixty million dollars when compared to the previous year. On the upside, sugar and banana sales have increased with just under one hundred and eighty-five million dollars compared to last year December.  Merchandise imports for the entire 2014 totaled just over two billion dollar, which has gone up by almost eight percent over last year’s total. Machinery and Transport Equipment, Mineral Fuels and Lubricants, Food and Live Animals and Goods accounted for majority of the overall increase recorded for 2014. SIB says that the US continues to be Belize’s largest source of imported goods. As it relates to the Food and Fuel prices, in December the inflation was pushed down by zero point four percent when compared to December 2013. The SIB says that this represented the first overall decline in consumer prices since May 2013 and was driven down by a sharp drop in fuel prices and a slower but steady decline in food prices. Similarly, international airfares were down by seventeen percent. Inflation in the category of housing, water, electricity, gas and other fuels remained at one percent. Notwithstanding the slowdown in inflation recorded during the last five months, the national inflation rate for the year 2014 was one percent, with home rentals, transport, some food items, and insurance premiums driving this increase through the year.