by Kristen Ku
BELIZE CITY, Thurs. Aug. 31, 2023
For July 2023, Belize reported total imports of $226.9 million, marking a 6.9% or $14.7 million rise compared to July 2022. This increase can be attributed to a substantial increase in purchases within ‘Commercial Free Zones’ and in the ‘Machinery and Transport Equipment’ category, despite a significant fall in the ‘Mineral Fuels and Lubricants’ category.
Imports of goods within the ‘Commercial Free Zones’ more than doubled, reaching $37.1 million, with noticeable hikes in tennis shoes, clothing, and handbags. ‘Machinery and Transport Equipment’ also saw a 27.6% surge, primarily because of increased acquisitions of aircraft engines, generators, and computers.
Conversely, the ‘Mineral Fuels and Lubricants’ category saw a 27.5% or $13.9 million reduction, primarily due to decreased imports of gasoline and declining global fuel prices.
From January to July 2023, merchandise imports amounted to $1.519 billion, which is a 1.5% decrease from the same period in the previous year.
Exports:
Domestic exports for July 2023 stood at $29.4 million, a substantial 31.2% decrease compared to July 2022. A downturn in major exports such as sugar, citrus, and marine products significantly contributed to this decline. However, there was an uptick in non-major exports like cornmeal, pepper sauce, and pineapple concentrate.
Geographically, exports to the USA declined by $4.7 million, partially as a result of reduced sugar and molasses sales. There was also a $4.3 million drop in earnings from the European Union, while exports to Central America decreased by $3.2 million. However, trade with CARICOM countries showed promise, with a rise of $1.8 million.
For the period spanning January to July 2023, merchandise exports amounted to $239.9 million, representing a 22.3% or $68.9 million decline from the same period in 2022.
