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SIB records decrease in imports and exports

In the latest statistical reports by the Statistical Institute of Belize (SIB) they recorded a decrease in imports and exports for the month of August. Imports were down by 15.2% or $25.8 million while domestic exports were down 29.7% or $13.6 million when compared to August 2019.

In the latest statistical reports by the Statistical Institute of Belize (SIB) they recorded a decrease in imports and exports for the month of August. Imports were down by 15.2% or $25.8 million while domestic exports were down 29.7% or $13.6 million when compared to August 2019. As it relates to imports the ‘Commercial Free Zones’ dropped substantially by 42 percent or $12.8 million, notably due to reduced purchases of clothing and bags. The ‘Mineral Fuels and Lubricants’ category went down by 55 percent or $11.1 million, due to quantities of butane, regular and bunker C fuels being imported at a lower quantity. Imports of ‘Machinery and Transport Equipment’ diminished from $36.6 million in August 2019 to $34.1 million in August 2020, due to lessened purchases of beverage machinery, laptops and telecommunications equipment. A steep drop in sugar earnings was the main reason for the notable decline in the total exports for the month. Revenues were down by $19.6 million, from $23.6 million in August 2019 to a little over $4 million in August 2020. The Consumer Price Index shows that consumer price went up by 0.1% for the month of August. This means that Belizean households saw the cost of regularly purchased goods and services almost unchanged. Higher prices for various food items as well as home rental costs were balanced out by lower prices for fuel and Liquefied Petroleum Gas (LPG).