Belize’s January imports more than triple domestic exports

“…there were reduced sales of all major exports except marine products”

Every month Belize consumes over $100 million worth of imports, primarily from the United States, Mexico and China. New information released by the Statistical Institute of Belize (SIB) indicates that Belize’s trade deficit for January 2014 was nearly $25 million higher than it was in January 2013—driven by higher demand for mineral products, fuels and lubricants, as well as machinery and transport equipment.

Belize’s import bill reached a high of $138 million in January 2014 alone – $3.2 million or 2.3% higher than January 2013, when it was reported at $134.8 million. Consumer goods account for nearly a quarter of the demand for imports.

The SIB data reveal that for the year 2013, Belize’s visible trade gap was a whopping $825 million – up by 31%, from $630 million in 2012. (The trade gap excludes trade in the Commercial Free Zone.)

Overall, Belize imported $1.86 billion worth of goods in 2013 and exported $790.4 million worth of goods the same year, the report revealed.

In the line of consumer food and beverages, the nation’s import bill was $166 million in 2013, up from $153 million in 2012.

In detailing the January 2014 data, the SIB notes that, “The share of imports from the United States of America fell from 31.2 percent to 30.2 percent, mostly due to less spending on fertilizers. Curaçao was Belize’s second largest trading partner for the month, with an increased shipment of diesel from the Venezuelan-owned refinery on this island.”

Meanwhile, domestic exports in January 2014 stood at $38.4 million, representing a $4.7 million or 10.9 percent decrease from twelve months prior.

“There were increases in six categories of goods, with the largest ones being recorded for Mineral, Fuels and Lubricants; Machinery and Transport Equipment; and Beverages and Tobacco,” the SIB explained.

For the same period, major exports did not perform at customary levels.

“During the month, there were reduced sales of all major exports except marine products, which continue to be driven by sales of white farm shrimp,” the SIB said.

Belize registered nil for sugar exports, due to the delayed opening of the crop year. The SIB noted that, “…there were no shipments of sugar in the month.” Last January, Belize exported $1.3 million worth of sugar.

Exports of grapefruit and orange concentrate plunged by $2 million.

“While the grapefruit crop is projected to be smaller this year, producers expect to benefit from higher prices in 2014,” the SIB noted.

Meanwhile, Belize’s import bill for US merchandise stood at $41.7 million for that month. This is double the value of what Belize exports to the US.

There is a similar scenario in Belize’s trade with Mexico, from which Belize imported 5 times what it exported to Mexico.

The trade deficit is the most striking for Belize’s trade with China: Belize imported $16.3 million from that country, but the data indicate China does not import anything from Belize.

Belize’s trade with the EU, by contrast, is positive – with Belize exporting more to the EU than it imports from that zone. Belize also exports slightly more to the CARICOM block of countries than it imports.

Of note is that imports by the Commercial Free Zone and of chemical products fell by $11.3 million and $2.5 million, respectively, largely due to decreased imports of tobacco cigarettes and chemical fertilizers.