Export Revenues Have Decreased Significantly For The Country
Recently released figures by the Statistical Institute of Belize <http://www.statisticsbelize.org.bz/
> shows that Belize’s export earnings fell by $31.44 million, while imports increased by $1.2 million in February 2009 over February 2008. The result is that the country’s trade deficit rose from $36.78 million in February 2008 to $69.37 in February 2009.
In February 2009, while the banana industry saw a $2.43 million increase, the grapefruit industry saw a $1.16 million increase, and the papaya industry saw a $0.88 million increase in export receipts, there are a number of local industries that saw a large decrease in export receipts.
The marine industry suffered a decline of $2.37 million in earnings; the banana industry suffered a decline of $2.71 million in earnings; and the orange industry suffered a decline of $11.26 million in earnings. But the industry that was the hardest hit is the petroleum industry. The sales of Belizean oil saw a whopping decrease of $20.67 million.
But the lower export receipts result in less foreign exchange that the country requires to pay its imports. The S.I.B., however, says that the lower export receipts are “attributable to the weakening global economies.”
In the meantime, while countries are not purchasing Belizean products, it appears that Belizeans continue with their insatiable appetite for foreign goods.