Notable decreases across most imported commodity categories

Belize’s merchandise imports for the year 2020 amounted to US$1.6 billion, representing a considerable decline of 20.2 per cent, or a $397.6 million decrease.

Total imports for 2019 amounted to close to US$2 billion and last year was marked by notable decreases across most commodity categories, where mineral fuels and lubricants were down 46 per cent and goods destined for the commercial free zones went down by 34 per cent.

These two areas stood out as the categories recording the greatest declines in the imported category.

Imports of mineral fuels and lubricants moved from $295.1 million in 2019 to $160.3 million in 2020.

This substantial decrease of more than $134 million was partly driven by a weakened demand for fuel, as evidenced by a 60 per cent drop in imported quantities of kerosene, also known as aviation fuel. In addition, and equally impactful, was the fact that the country also bought less diesel, regular and premium fuels at reduced prices during the year.

Big fall in commercial free zones goods

Goods meant for the commercial free zones fell by $112 million, coming from $329.9 million in 2019 to $217.7 million in 2020, due to decreased imports of items such as clothing and handbags. As for merchandise exports for the year 2020, this was also down to total $367.8 million.

This represented a decline of 11.1 per cent, or $46.1 million, from the total exports of 2019, which amounted to almost $414 million. Four of the five major commodities suffered significant losses in export earnings during the year 2020.

Notably, revenues from sugar declined by $24.9 million or 18 per cent, from $136.4 million in 2019 to $111.5 million in 2020, owing to a significant drop in exported quantities of sugar. Machinery and transport equipment for 2020 saw a notable reduction in imports of telecommunication parts and vehicles, resulting in a 20 per cent or an $80.1-million decline in the machinery and transport equipment category.

The revenues from this category declined from $397.7 million to $317.6 million. Imports of metal structures, corrugated steel rods and galvalume steel coils likewise decreased during the year, prompting a 15 per cent, or $40.5 million, fall in the manufactured goods category from $267.5 million in 2019 to $227 million in 2020.

Imports for December 2020

Belize’s total imports for December 2020 were valued at $145.9 million. This was a decrease of 10.2 per cent or $16.6 million from imports for December 2019, which totaled $162.5 million.

If all commodity categories that decreased during the month, the commercial free zones category recorded the most significant decline. Goods destined for the commercial free zones dropped by a considerable 35 per cent, a downturn amounting to $10.5 million, as imports fell from $29.7 million in December 2019 to $19.2 million in December 2020.

Clothing and alcoholic beverages were among the imported items for which a reduction was noted during the month.