Belize Export Basket

BELIZE’S TRADE STATUS

*Updated 29 May 2020

Belize’s export-reach has reached to over eighty (80) countries in the last five years, from large traditional markets like the United Kingdom (UK) and the USA, to growing markets like Hong Kong, Egypt, Pakistan, Saudi Arabia and even on to smaller markets like St. Maarten and Aruba. Like in most developing countries, the import trade exceeds the level of export trade due to the level of industrialization and market size in the national economy.

As the graph below indicates, export revenues climbed from BZ$500 million at the start of the decade and peaked close to BZ$700 million in 2011. This was supported by existing vibrancies in key industries such as Sugar, Citrus, Banana, Shrimp and Petroleum. With the gradual waning of petroleum extraction and production in shrimp, banana, and citrus, export figures declined to just over BZ$500 million in 2015 and slipped even lower in the years following, with the latest export figure approximating at BZ$413 million in 2019. During that same period, import trade has been on a steady growth plane from just over BZ$1 billion and peaking at BZ$1.7 billion in 2015, with the latest 2019 figure totaling to BZ$1.6 billion.

EXPORT TRADE:

A synopsis of Belize’s export trade markets in 2019 indicates the UK and the US have absorbed about 57% of Belize’s goods. Traditionally, these two markets are, and continue to be, the most significant import trade partners for Belize. With the decline of petroleum, papayas and other key crops, the UK has overtaken the US to be Belize’s biggest importer.

Other growing importing countries include other EU countries, such as Ireland, the Netherlands, Germany and Spain, CARICOM member states, and Central American countries.

Belize is still considered a vulnerable economy with a small export basket of goods. As the chart proves, more than 1/2 of all exports is dependent on two markets: the US and the UK. Along with the other 5 top importers, they are responsible for almost 90% of importation of Belizean goods.

Import Trade:

Belize’s imports are mostly from the U.S., the most industrialized nation in the northern hemisphere. Imports from the U.S. increases yearly and accounted for around 44% of total import in 2019. Imports from other countries are increasing and slowly replacing the dominance of the U.S. import trade, from Mexico, Guatemala, other parts of Central America, and China are on a gradual rise and expected to remain. Belize does have a trade surplus with the EU, and a fairly balanced trade with CARICOM.

Belize’s Top Import Partners: 

Belize is a member of CARICOM and has duty free access to the 13 members of the common single market. Also the duty-free access for most goods into the EU under the EU-CARIFORUM Agreement, and preferential treatment that exists for the United States under the Caribbean Basin Initiative, provide significant market access that have not been fully exploited as yet. A Partial Scope Agreement with Guatemala also opens up a key market to Guatemala – the doorway to the larger Central America market.

Collaboration between various Ministries are pushing for further diversification for the export market by enhancing development of industries such as: Honey, Cattle, Poultry, Tumeric, Cacao, Coconut, Furniture of exotic woods, Soybeans and various others. With the appropriate amount of arable land to supply the large markets in the neighbouring countries and the CARICOM marketplace, it’s only practical for Belize to expand its production lines of goods to accommodate while becoming less vulnerable on a handful on goods and few traditional markets in the process.