Imports and Exports are Down!
Tiffany Vasquez
Turning to external trade, the S.I.B. reports that imports are down by almost thirty percent and domestic exports are down over five percent in October 2020. Imports from January to October this year were valued at one point three billion dollars, while domestic exports stood at three hundred and twenty-five million dollars. The S.I.B. reports that Belize’s merchandise trade deficit is now over seven hundred million dollars – around fifty million less than same period for 2019 – but today that figure shows that total imports are now two and a half times total exports. Statistician Two of the S.I.B., Tiffany Vasquez says most commodity categories saw reduced imports, including the commercial free zone which was down by fifty percent.
Tiffany Vasquez, Statistician II, S.I.B.
“For the period, January to October 2020, Belize’s imports were valued at one point three billion dollars – this is a significant twenty point two percent decline or a drop of three hundred and twenty-eight point five million dollars when compared to imports from January to October of 2019 which totaled more than one point six billion dollars. The minerals, fuels and lubricants contributed the most to this decline, falling by almost fifty percent or one hundred and fifteen million dollars to one hundred and thirty-one point two million, as the country imported less fuel and spent less on these imports owing to lower world market prices. Imports into the commercial free zones dropped by one third or eighty-nine point three million dollars to one hundred and eighty point six million dollars as imports of clothing and handbags decreased sharply over the period. Total domestic exports for the period of January to October 2020 amounted to three hundred and twenty-five million dollars; this was a decrease of nine point nine percent or thirty-five point nine million dollars when compared to exports for the same period last year. Of all major exports, bananas alone emerged with increased earnings over the ten month period as export revenues dropped for sugar, crude petroleum, citrus and marine products; however, from among other exports, molasses arose with a respectable increase during the period. Earnings from sugar dropped by twenty-six point one million dollars that is a decline of almost twenty percent; revenues from crude petroleum fell by eight point one million dollars to four point nine million dollars registering a sixty two percent drop owing to the fact that Belize exported only one bulk shipment in the first ten months of this year, in contrast to shipments in the same period last year.”
