Merchandise Exports surge to $165.6 million in first 5 months of 2024

By Zoila Palma Gonzalez: Merchandise exports for the period spanning January to May 2024 have shown robust growth, totaling $165.6 million.

This marks a significant increase of 7.2% or $11.1 million compared to the same period in 2023, according to the data released by the Statistical Institute of Belize (SIB).

Earnings from banana nearly doubled, skyrocketing from $18.8 million in 2023 to $36.1 million in 2024, an increase of $17.3 million.

Revenue from sugar exports surged by 24%, climbing from $44.1 million in 2023 to $54.7 million in 2024.

Categories such as cattle, alcoholic beverages, and crude soybean oil collectively saw a $6.4 million increase, rising from $17.9 million to $24.4 million, further diversifying the export portfolio.

Revenues from molasses also grew by $3.3 million, reaching $10.4 million from $7.1 million in 2023.

Despite overall growth, certain export sectors faced challenges.

Sales from animal feed plummeted by more than two-thirds, dropping from $23 million in the first five months of 2023 to $7.2 million in 2024.

Earnings from orange concentrate and orange oil declined sharply by $6.8 million, falling from $14.6 million in 2023 to $7.8 million in 2024.

Revenue from marine exports decreased by $5.4 million, declining from $16.7 million to $11.3 million in 2024, attributable to decreased exports across various marine commodities.

The overall growth in merchandise exports during the first 5 months of 2024 underscores the resilience and competitiveness of Belize’s export sector.

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