Exports Decreasing

Exports Decreasing

The SIB also shared today that Belize’s exports for the first two months of the year continued to decline. Exports in crude oil, citrus, and marine were the main contributors to the decreased in the figures. 

Tiffany Vasquez, Statistician II: “Given the nature of oil, that is it being finite resource the decline was inevitable. We are in 2011 at its peak crude petroleum contributed more than $290 million dollars to domestic exports. In 2022 that contribution plummeted to only a little over $3 million dollars. Citrus exports also took an unfortunate turn for after a long drawn out battle with disease and of late labour challenges and the significant input costs of fuel and fertilisers orange and grapefruit concentrate export earnings went from $143 million dollars in 2012 to $27 million dollars in 2022. However the steepest decline of all major exports came from marine products as the collapse of shrimp which began in 2015 was swift and harsh. Prior to the fall of shrimp in 2014 marine exports were valued at $113 million dollars. In 2022 it was less than half that at $53 million dollars thus highlighting the pivotal role that shrimp played in our marine exports. On the other hand unlike crude petroleum, citrus and marine products sugar has taken an entirely different path one of upward steady progression despite the loss of preferential prices in 2018 and the notably reduced exports of 2020 sugar exports went from $59 million dollars in 2010 to $162 million dollars in 2022 demonstrating that this product is one of the most vital domestic exports.”

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