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#505489 - 06/25/15 11:22 AM June 2015 External Trade & Consumer Price Index
Marty Offline
Last month, Belize imported goods valued at 162 million dollars, 32.8 million dollars less when compared to May in 2014. According to the Statistical Institute of Belize, importation of ‘Mineral Fuels and Lubricants’, ‘Food and Live Animals’ and goods destined to the Commercial Free Zone were among those which decreased. Purchases of goods destined for the Commercial Free Zone declined by almost seven million dollars, from twenty six million dollars to nineteen million dollars. Chemical Products’, on the other hand, grew by two point one million dollars, the result of increased imports of various medical supplies and equipment. Domestic exports for May 2015 totaled fifty point six million dollars, a twelve point nine million dollars or twenty point three percent decrease compared to last May. According to the SIB, a decrease of sales of Belize’s major exports such as sugar, crude petroleum and citrus concentrate contributed to the latest figures. Belize’s only major export to have shown an increase was marine exports which grew by almost three million dollars. As for the consumer price index, statistics show that the month of May showed that the inflation rate stood at negative zero point nine percent, as the Consumer Price Index declined from one hundred and three point six in May of 2014 to one hundred and two point seven in May 2015. According to the SIB, Transport’ remains the single greatest contributor to falling consumer prices, as the average price per gallon of premium gasoline, regular gasoline, and diesel fuel all fell by more than two dollars and fifty cents, or well over twenty percent, in comparison to the same month last year. With an inflation rate of one point eight percent, Dangriga was the only municipality in which an overall increase in consumer prices was recorded during the month of May. The biggest average drop was seen in Belmopan, which had an inflation rate of negative two percent, followed closely by San Ignacio/Santa Elena with negative one point eight percent.

LOVEFM


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#505490 - 06/25/15 11:27 AM Re: June 2015 External Trade & Consumer Price Index [Re: Marty]
Marty Offline
Consumer prices remain almost one percent lower than one year ago reports the Statistical Institute of Belize. The SIB reports that figures for the month of May 2015 showed that the inflation rate stood at negative 0.9 percent, as the Consumer Price Index declined from 103.6 in May of 2014 to 102.7 in May 2015. Falling prices is due largely to transport as the average price per gallon of premium gasoline, regular gasoline, and diesel fuel all fell by more than $2.50, or well over 20 percent, in comparison to the same month last year.

International airfares were also significantly lower, declining by almost one fourth compared to last May. Liquefied petroleum gas prices continued to trend downward, with the average price per 100-pound cylinder falling from almost $120 to $111 from May of last year to May 2015. On average, food prices remained largely unchanged. Some items though continued to see fluctuations and these include beef products which were up by more than 10 percentage points and Red Kidney beans, which were down by more than one third compared to last May. Hospital or clinical consultation fees increased by five percent reports the SIB. Also seeing increases was the cost of household domestic services by 4.5 percent. By district, Dangriga was the only municipality seeing an overall increase in consumer prices in May, with an inflation rate of 1.8 percent. Belmopan saw the biggest drop with a rate of negative two percent, followed closely by San Ignacio/Santa Elena with a negative 1.8 percent.

In External trade, Belize’s total imports saw a decrease. Total imports are valued at $162 million, a 16.8 percent or $32.8 million decrease from the $194.8 million recorded in the same month of 2014. Domestic exports for May 2015 totaled $50.6 million, a $12.9 million or 20.3 percent decrease compared to last May. Diminished sales for most of the country’s major exports contributed to this steep decline, including sugar, crude petroleum and citrus concentrate. Sugar exports recorded a $10 million decline, from $15 million to $5 million. The SIB says this was because only bagged sugar was shipped during the month of May, with bulk sugar for the month being combined with that of June for one large shipment. Lower world market prices continue to impact crude petroleum earnings, which dropped by $4.5 million, from more than $11 million to $6.5 million, despite there being no change in the quantity of barrels exported in comparison to the same month last year. Goods exported during the first four months of 2015 were valued at $247.8 million, $23.6 million less than the same period last year, with two of the major exports recording declines during the period.

CTV3

Inflation Down

The Statistical Institute of Belize says that prices in May of this year were 1% lower than the year before - putting inflation at minus 0.9%. And declining 'Transport' costs account for the difference, because of lower fuel prices. The SIB notes that "International airfares were also significantly lower, declining by almost one fourth compared to last May." And the price for Butane, or LPG fell by nine dollars from May of last year to May 2015.
For food items, the price of beef products rose sharply, more than 10 percentage points while Red Kidney beans were down by more than one third compared to last May.

Dangriga was the only municipality where an overall increase in consumer prices - 1.8% was recorded in May. The biggest average drop was seen in Belmopan, which had an inflation rate of negative 2 percent, followed by San Ignacio/Santa Elena with negative 1.8 percent.

CH7

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#505531 - 06/27/15 11:41 AM Re: June 2015 External Trade & Consumer Price Index [Re: Marty]
Marty Offline

Commercial prices in Dangriga rise, contrary to fall in national average

The latest report issued by the Statistical Institute of Belize (SIB) states that nationwide, the inflation rate was down in May, although the municipality of Dangriga stands out as the only municipality in the country that saw a rise in inflation, meaning that consumer prices were 1.8% higher there this May, compared to the same time last year. This contrasts sharply against the national inflation rate of -0.9%, which means that nationally, consumer prices were on average almost a full percentage point lower than they were twelve months ago.


The greatest price ease was seen in the “transport” category, which fell by 7.4%, driven by falling fuel prices.

The SIB said that “…the average price per gallon of premium gasoline, regular gasoline, and diesel fuel all fell by more than $2.50, or well over 20 percent, in comparison to the same month last year.”

Furthermore, international airfares were significantly lower, declining by almost one fourth compared to last May.

Cooking fuel, or liquefied petroleum gas (LPG), was also substantially cheaper in May, with the average price per 100-pound cylinder falling from almost $120 last May to $111 this year.


Although prices in the food category remained unchanged, on average, beef prices were up by more than 10 percentage points, while red kidney beans prices were down by more than one third compared to last May.

The cost of consulting a doctor went up by about 5% over last year’s prices.

While Dangriga saw the highest inflation rate in May—just as it did in April—Belmopan saw the largest drop of -2%, followed closely by San Ignacio/Santa Elena with negative 1.8%. The SIB also reported on the latest trade data for Belize, which reveal that May imports were valued at $162 million, more than triple the country’s exports for the same month, which were valued at $50.6 million. Of note is that both export and import figures for May 2015 represent a decline from figures reported for last May.

The marked decline in fuel prices contributed to a 16.8% decline in the value of Belize’s imports, and reductions in purchases of goods from the ‘Food and Live Animals’ category and goods destined to the Commercial Free Zone also contributed to the fall in the value of imports.

According to the SIB, imports in the ‘Mineral Fuel and Lubricants’ category dropped by $13.4 million from $39.4 million to $26 million, owing both to a decrease in the quantity of fuel imported as well as lower fuel prices on the world market.

An $8.9 million decrease was also recorded in food imports, due to a sharp decline in wheat and corn seed purchases during May.

Meanwhile, purchases of goods destined for the Commercial Free Zone declined by almost $7 million, from $26 million to $19 million, attributable to decreased purchases in clothing and textile products.

Meanwhile, Belize’s domestic exports for May 2015 also decreased from $63.5 million to $50.6 million, a $12.9 million or 20.3 percent decrease compared to last May.

“Diminished sales for most of the country’s major exports contributed to this steep decline, including sugar, crude petroleum and citrus concentrate,” the SIB said.


More specifically, it revealed that sugar exports declined by $10 million, from $15 million to $5 million, because only bagged sugar was shipped during the month of May, with bulk sugar for the month being combined with that of June for one large shipment.

This fall in sugar exports translated to a decline of $11.3 million in the value of Belize’s exports to the UK, from $20.7 million last May to $9.4 million this May, the SIB said.

The value of Belize’s crude oil exports dropped by $4.5 million this May. Although the country exported the same quantity of crude this May as it did last May, it earned only $6.5 million for those exports versus $11 million last year, due to a fall in world market prices.

Meanwhile, citrus concentrate exports decreased by $1.6 million to $12.1 million, while a negligible reduction in banana exports was recorded, the SIB noted.

For the five-month period January to May 2015, Belize’s major exports netted $247.8 million, down $23.7 million or 8.7% from $271.5 million reported for the same period last year. On the other hand, Belize imported $809.2 million worth of goods for January to May 2015, up by $12.6 million or 1.6% over the same period last year.

Excluding trade within the Commercial Free Zone in Corozal, this resulted in a visible trade gap of $377.4 million for January to May 2015.

Amandala


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