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Supply chain crisis has raised prices “exponentially” — PM

HighlightsSupply chain crisis has raised prices “exponentially” — PM

BELIZE CITY, Mon. Nov. 29, 2021 — Globally, an ongoing supply chain crisis is one of the biggest challenges governments are facing in their economic development efforts. Shortages, increased shipping rates and ultimately, higher consumer prices, are being seen worldwide. Belize is no exception. While Prime Minister Briceño said that the supply chain crisis has not yet greatly affected the country, he did highlight an increase in import costs.

Various factors are forcing manufacturers to reassess their supply chains. The fallout is said to have begun with the supply shock faced by China, the major supplier to many western countries, which was followed by heightened demand during the COVID-19 pandemic, which exposed vulnerabilities in production and supply chains everywhere.

In Belize, billions of dollars’ worth of goods are imported into the country yearly. The increase in the cost of importing those goods, especially during the upcoming Christmas season, will ultimately cause an increase in prices at the counter that consumers will have to bear.

The Ministry of Agriculture has made an effort to limit the imports of various fruits, vegetables, dairy products and other food items that are produced locally but that are often replaced on Belizean dinner tables with foreign food products with “brand names”.

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