Sugar and banana industries boom while marine sector struggles

By Zoila Palma Gonzalez: The Statistical Institute of Belize (SIB)’s May report shows that the Sugar sales surged by $13.8 million during the month, more than tripling from $4.3 million to $18.1 million, due to increased quantities of this commodity being exported.

In addition, Banana exports grew by 16.4 percent or $1 million, from $6.3 million in May 2023 to $7.4 million in May 2024.

However, the marine sector was struggling due to reduced exports of lobster tails and conch, dropping from $2.9 million in May 2023 to $2 million in May 2024.

Citrus products also recorded a decline, from $3.9 million to $3.4 million, primarily due to lower orange oil exports.

Overall, Merchandise exports for the month of May 2024 totaled $40.9 million, up by 34.1 percent or $10.4 million when compared to exports for May 2023, which were valued at $30.5 million.

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