In a recent economic update, the Statistical Institute of Belize (SIB) reported a significant decrease in imports, accompanied by an increase in exports, for the first two months of 2025. As of February 2025, Belize’s imports decreased by 7.8%, totaling $461 million compared to $499.8 million during the same period last year. In contrast, exports increased by 7.7%, reaching $40.4 million, up from $37.5 million in the first quarter of 2024. This shift reflects a positive trend in Belize’s trade balance, which could strengthen the country’s economic resilience.
The decline in imports is noteworthy as it suggests reduced dependence on foreign goods. An increase in domestic production or strategic reductions in imports may drive this trend. At the same time, the rise in exports indicates improved competitiveness in international markets, potentially due to enhanced production efficiency or favorable global demand.
Ronald Orellana, a Statistician at the SIB, previously highlighted some details during a media interview. “The total imports for the first two months of the year amounted to $499.8 million, up 21.2% or $87.4 million when compared to imports of the first two months of 2023. With a high-value industrial generator imported at the beginning of the year, the machinery and transport equipment category went up by $66 million, from $77.8 million in 2023 to $143.8 million in 2024. Now let’s look at our domestic exports. Total domestic exports for the first two months of the year amounted to $37.5 million, down 20.3% or $9.6 million when compared to exports of the first two months of 2023. Animal feed revenue plummeted from $10.1 million to $2.8 million as export quantities fell by more than two-thirds during the period. Likewise, sugar exports saw a notable decrease of $6.8 million, dropping from $10.7 million to $3.8 million, with earnings down by 64%. Reduced exports of lobster products and shrimp during the period led to a $3.8 million decline in revenues from marine products, dropping from $7.1 million to $3.2 million. The diminished volumes of orange concentrate also contributed to a downturn in exported citrus, declining from $4 million to $1.7 million. Despite the general decline in domestic exports, bananas experienced a significant increase of $7.4 million, surging from $5.1 million to $12.5 million, with quantities more than doubling for the period.”
The increase in exports and decrease in imports may indicate a more balanced trade environment for Belize, which could contribute to economic growth and stability. However, concerns persist regarding consumer confidence, as the Consumer Confidence Index (CCI) declined to 46.0 in February 2025, indicating widespread pessimism among consumers. Despite this, economic indicators point to a positive trend in trade that could support broader economic recovery efforts.
SIB also reported that Belize’s preliminary Gross Domestic Product (GDP) estimates for the fourth quarter—from October to December 2024—indicated that the total value of goods and services produced within the country during this period was $1.425 billion. This represents a 7.1% increase, or $94.5 million, compared to the $1.331 billion recorded during the same period in 2023. “As 2024 drew to a close, economic growth continued to be driven by strong performances in the tertiary sector activities, as well as among several key industries within the secondary sector. On the other hand, while the second and third quarters saw improved production in the primary sector, reduced output of bananas, cattle, and marine exports led to an overall decline in primary sector activity during the fourth quarter. Additionally, ‘Taxes on Products’ rose by 3.6 percent, from $183.6 million in the fourth quarter of 2023 to $190.2 million in the fourth quarter of 2024,” stated the report.
The report from SIB highlights the changing dynamics of the country’s trade landscape, which has important implications for both economic stability and future growth opportunities. As Belize navigates these changes, it will be crucial to maintain a balanced trade approach to ensure continued financial stability and momentum.
