7 News Belize

Export Earnings Down, Again
posted (July 25, 2018)

The Statistical Institute of Belize has released its latest figures on Belize's Consumer Price Index and Trade for June 2018.

The CPI report says that consumer prices, meaning the regularly purchased household goods, were up by 0.6% for last month. The biggest contributor to household expenses last month was the 4.5 percent increase in Transport costs, which was due to the significant rise in prices for all types of fuel Lubricants which were up by 10.3%. 

International airfare prices were also up by 3.6% when compared to last year June. The average prices for the purchase of motor vehicles increased by almost 3%, and vehicle maintenance and repairs were up by 4.9%.

Food and non-alcoholic beverages continued to see a moderate reduction, compared to June last year. Meats like beef, steak, pork chops and pigtail saw a decline in prices per pound, while several fruits and vegetables went up. Of particular interest is that the price per pound of red kidney beans went up by 14.4%, and potatoes went up by 15%.

Comparing inflation by municipality, Orange Walk Town had the highest at 2.2%, followed by Corozal Town, with 1.0%. Next was Belmopan at 0.9%, then Belize at 0.8%. Punta Gorda had an inflation rate of just 0.3%, and after that, the other municipalities recorded negative inflation rates.  San Ignacio and Santa Elena had -0.2%, and Dangriga had -1.8% - meaning prices declined in those towns.

Turning now to External Trade, the SIB says that in June 2018, Belize imported goods valuing 170.8 million dollars. That was 10.5% more than last year's imports. The SIB says that this increase was mostly due to the sizable growth in the quantity and price of diesel fuel imported. 

There were also notable increases in the goods destined for the "Commercial Free Zones. Those imports grew from almost 27 million dollars last year June to 31.4 million dollars this year June - due mostly to increases in the importation of cigarettes.

In contrast, Exports for June 2018 were down by 7.3%, when compared to last year. Belize exported 38.7 million dollars' worth  of goods in June 2017, but in June 2018, those exports totaled only 35.9 million dollars. Sugar exports saw the largest decline. Despite a 17.2 boost in production and export, earnings fell by 16.1%. 

Bananas were the only major export to report increase this year June. Earnings grew from 5 million dollars last year, to 5.5 million dollars this year.

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