Exports fall 37.7% in June 2024 as sugar and molasses sales plummet

Posted: Monday, August 5, 2024. 3:32 pm CST.

By Zoila Palma Gonzalez: In June 2024, Belize’s merchandise exports totaled $34.9 million, marking a significant decrease of 37.7% or $21.1 million from June 2023’s $56 million, according to the latest data from the Statistical Institute of Belize (SIB).

The substantial drop in exports was largely driven by a dramatic decline in sugar sales.

Exports of sugar fell by $22.3 million, dropping from $31.7 million in June 2023 to $9.4 million this year.

This decrease is attributed to the absence of a large bulk shipment that was a major factor in the previous year’s figures.

Additionally, molasses revenues decreased from $6.7 million to $5.5 million, reflecting a downturn in demand or production.

The earnings from animal feed also saw a decline, with revenues falling by $0.9 million, from $2 million in June 2023 to $1.1 million in June 2024.

Despite the overall reduction in export values, certain categories experienced growth.

Earnings from citrus products saw a notable increase of $2.6 million, rising from $2.3 million to $4.9 million. This boost was attributed to more favorable world market prices for orange concentrate.

Furthermore, while Belize had no exports of lobster tails and conch in June 2023, there were sales of these marine products in June 2024. This contributed to a rise in revenues from marine products from less than $0.1 million to $1 million for the month.

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