What are the Contributing Factors to Decline?

Stephanie Vasquez

As previously mentioned, exports for the month of October 2015 totaled thirty-seven million dollars, a majority of those goods being shipped to the United States and the European Union, respectively.

Stephanie Vasquez, Statistician, S.I.B.

“In January to October of this year, Belize’s exports were valued at four hundred and seventy-seven point two million dollars, down thirteen point two percent or seventy-two point four million dollars from the five hundred and forty-nine point six million recorded for the same period last year.  Major contributors to change in exports included a fifty-five point four million dollar drop in crude petroleum earnings.  This constitutes a sixty-three percent financial loss for only a fifty-five percent reduction in exported barrels, indicative of the negative impact of plunging crude petroleum prices worldwide.  Marine exports fell by fifteen point seven million dollars, as shrimp sales declined by twenty-four percent within the period January to October.  Additionally, citrus fell by six point eight million dollars as orange concentrate exports dropped by eight percent.  Of note, while June and July were months of decline, orange concentrate exports have since recovered hence, in spite of the mentioned decrease, the trajectory is a positive one.  Banana grew by a marginal point four million dollars over the period.  Having secured a six point five million dollar increase in the months of January to March, banana exports have since declined, the largest of which was visible in the month of October as exports fell in that month by twenty percent.”

We will have more on the figures released by the SIB in Thursday’s newscast.