Business & Economy

Nearshoring could add an annual $78 billion in additional exports of goods and services in Latin America and the Caribbean in the near and medium term, with opportunities for quick wins in the auto industry, textiles, pharmaceuticals, and renewable energy, among others, according to estimates by the Inter-American Development Bank (IDB).

The Belize Chamber of Commerce and Industry’s fifth annual Made in Belize Trade Show was held on June 4th, 2022 from 10:00 a.m. to 6:00 p.m. at the Governor General Field in the City of Belmopan under the theme “Buy in Belize, Build Belize, Support your own homegrown.” The purpose of this Trade Show was to promote goods and services that are “Made in Belize.”  

The April report from the Statistical Institute of Belize (SIB) notes that domestic exports declined by 13.6%, or $6.2 million, compared to the same period last year. According to the report, the sugar and banana products reflected the decrease in exports. In comparison, consumer prices rose by 5.8%. The areas/services affected included vehicle fuels, food, and Liquefied Petroleum Gas (LPG).

The new Fisheries Regulations that government intends to implement on July 1st have fishing communities in northern Belize and Caye Caulker up in arms. The new regulation, found at https://bit.ly/3yw2hLn, will prohibit fishers from capturing lobsters with a tail weight of less than 4.5 ounces. Currently, the tail weight regulation is four ounces. The law will change the number of traps allowed per fisher and fishing areas. For instance, in Caye Caulker, the fishermen claim the new legislation will affect their livelihoods. They said to have requested a meeting with Area Representative Honourable Andre Perez without success. However, Perez said that he has met with the Caye Caulker fisher-folks and will meet with them next week for a second time.

The latest quarterly tourism statistics released for both overnight arrivals and cruise passengers by the Belize Tourism Board (BTB) suggest that these industries are moving on the right track to recovery. According to the report, overnight tourist arrivals in March totaled over 41,000. While in the cruise ship sector, 48 ships made calls to Belize, bringing over 93,000 passengers.

An official note from the recent Cabinet meeting was released on Thursday, April 28th, denying the request to increase the price of 16-ounce sliced bread. The government also rejected a request to approve an increase of 50% on the wholesale price.

On April 5th, the Government of Belize (GOB) approved a capped fuel subsidy to eligible tour and tender operators. The support, backed by Cabinet, will be funded by $1.5 million financed by the central government and the Belize Tourism Board (BTB).

As inflation continues to affect the country, the cost of another essential staple, the sliced pack bread, is going up. In San Pedro Town, Ambergris Caye, a loaf of regular bread is currently $3, and the wheat bread is around $4.50, depending on the vendor. Bakers have reportedly been asking the government to increase the price because they are operating at a loss. However, the government's Supplies and Control Unit informs that the 16-ounce pack of bread is subject to price control, and the cost should not increase. At the same time, the Unit indicated that there had been no increase in the price of flour yet.