Imports rose across most commodity categories with the most substantial increases seen in purchases of ‘Machinery and Transport Equipment’ and ‘Mineral Fuels and Lubricants’

For September 2021, Belize imported goods valuing $191.9 million. This represented a 71.3 per cent or $79.9 million increase relative to September 2020, when imports totalled $112.1 million.

Merchandise imports for January to September 2021, amounted to $1.5 billion representing an increase of 28.7 per cent relative to the same period in 2020. All commodity categories grew over the nine-month period, reflecting both increased quantities in some categories as well as higher import prices.

INCREASING CATEGORIES

Imports rose across most commodity categories in September of this year, with the most substantial increases being seen in purchases of ‘Machinery and Transport Equipment’ and ‘Mineral Fuels and Lubricants’.

Machinery and Transport Equipment

Imports of ‘Machinery and Transport Equipment’ more than doubled during the month, growing by more than $24 million from $22.7 million in September 2020 to over $47 million in September 2021. This was driven by imports of high-value equipment such as sealing machines, food processing machinery, and motor vehicles.

Mineral Fuels and Lubricants

Expenditures on ‘Mineral Fuels and Lubricants’ were more than four times higher in September of this year than they were in the same month last year, with this category increasing by more than $20 million, from $6.7 million to $27.1 million. This significant increase reflected higher world market prices for fuel combined with the fact that, while there were no imports of premium gasoline, propane, butane and kerosene in September of last year, there were purchases of these commodities recorded for September of this year.

Manufactured Goods

Purchases of ‘Manufactured Goods’ went up by almost two-thirds or $11 million, from $17.2 million in September 2020 to $28.2 million in September 2021, as the country imported larger quantities of galvalume steel coils, corrugated steel rods and metal structures.

Other Manufactures

The ‘Other Manufactures’ category increased by 90 percent or $8.1 million, from just under $9 million to $17.1 million, on account of bigger imports of surveying equipment and articles made of plastic.

Chemical Products

Imports of ‘Chemical Products’ grew by more than 50 per cent or $7.8 million during the month, from $14.1 million in September 2020 to $21.9 million in September 2021, due mostly to increased imports of fertilisers and herbicides.

Food and Live Animals

With greater purchases of wheat, lard (shortening) and soybean meal, the ‘Food and Live Animals’ category went up by more than one-fourth, from $17.9 million to $23.1 million. Crude Materials Imports of ‘Crude Materials’ rose sharply from $0.9 million in September of last year to almost $4 million in September of this year, owing to heightened imports of treated pine lumber and used clothing.

Commercial Free Zones

Goods destined for the ‘Commercial Free Zones’ grew by $1.4 million, from $14.4 million to $15.8 million, with handbags and clothing being among the items with increased purchases for the month

DECREASING CATEGORIES

Despite the significant rise in total imports recorded for the month, reduced imports were observed for two commodity categories. The ‘Beverages and Tobacco’ category saw a pronounced decrease, from $4.7 million in September 2020 to $3.5 million in September 2021, due mainly to reduced imports of beer.

Imports into the ‘Designated Processing Areas’ declined, albeit only marginally, from $2.6 million to $2.1 million, owing to diminished purchases of paper towels and computers.

Total domestic exports for September 2021 amounted to $38.8 million, down by 18.4 per cent or $8.8 million relative to the $47.6 million recorded for September 2020. This was primarily due to significantly lower earnings from sugar exports compared to September of last year.

EXPORTS FALLING OFF

Merchandise exports for the period January to September 2021 totalled $335.3 million, up 11.8 per cent from the same period last year, due to strong performances across several export commodities including sugar which increased by 15 per cent or $15.6 million during the first nine months of this year.

DECREASING CATEGORIES

Earnings from sugar were down by 62 per cent or more than $15 million, from $24.8 million in September 2020 to $9.4 million in September 2021. This significant decline was attributable to less bulk sugar being exported in September of this year than in September of last year, due to variations in shipping schedules from one year to the next.

Revenues from citrus products also fell markedly during the month, down by $3.2 million from $5.6 million to $2.4 million, owing mainly to reduced exports of orange concentrate.

INCREASING CATEGORIES

Notwithstanding the notable decrease in overall export earnings, there were also marked increases among other commodities. Revenues from animal feed rose sharply by $3.2 million, from $1.4 million in September 2020 to $4.6 million in September 2021, while exports of marine products grew from $3.5 million to $5.8 million, as earnings from lobster tails doubled during the month.

Molasses sales were also more than twice what they were in September 2020, with earnings from this commodity up from $1.4 million to $3.2 million. While there were no exports of red kidney beans recorded in September of last year, revenues from this commodity amounted to $1.1 million in September of this year.

Earnings from bananas, went up slightly from $7.7 million to $8.4 million. Exports of crude petroleum were valued at just under $0.05 million in September 2021, compared to September 2020 when there were no sales of this commodity.

MAJOR DESTINATIONS

Revenues from the United Kingdom were down sharply by more than 70 per cent, from $28.2 million to $7.7 million, reflecting the steep decline in exports of bulk sugar during the month. Earnings from Central America, on the other hand, grew notably from $1.8 million in September 2020 to almost $5.2 million in September 2021, on account of greater animal feed exports.

Despite the notable drop in exports of bulk sugar, boosted sales of bagged sugar to CARICOM countries led to a $2.9 million increase in earnings from this region, from $4.6 million to $7.5 million. Revenues from the European Union went up from $4.5 million to $7.2 million, as this region was also the recipient of larger exports of bagged sugar as well as a sizeable shipment of lobster tails.

Earnings from the United States grew by $2.3 million, from $6.9 million in September 2020 to $9.2 million in September 2021, due to a small shipment of bulk sugar and increased exports of molasses to this country.