External Trade Bulletin
HIGHER FOOD PRICES LEAD TO INFLATION OF 0.1% IN APRIL
IMPORTS
April: Belize's total imports for the month of April 2016 were valued
at $168.9 million. This was an increase of 7.2 percent or $11.3 million
over last April's imports, which totaled $157.6 million.
Of the various categories, 'Machinery and Transport Equipment' was
the primary reason for the rise in total imports during the month,
growing considerably by $25 million dollars, from $31 million in April
2015 to $56 million in April 2016. This increase was mainly attributable
to purchases of telecommunications equipment valued at $17 million
dollars made during the month. The 'Other Manufactures' category
had the only other observable increase, growing by a lesser $2
million due mostly to purchases of construction material along with
plastic boxes and crates.
Notable decreases were recorded for imports of 'Mineral Fuels and
Lubricants', 'Chemical Products' and goods destined for Belize's the
'Commercial Free Zones' and 'Export Processing Zones'.
Belize spent almost $5 million less on "Minerals Fuels and
Lubricants", despite the importation of a shipment of premium fuel
in April 2016, as lower fuel prices continue to impact this category.
Further, reduced purchases of fertilizer and laboratory equipment led
to a $1 million drop in the importation of 'Chemical Products'. Imports
meant for the 'Commercial Free Zones' and 'Export Processing
Zones' fell by $6.5 million and $3 million dollars, respectively. While
the decline in the former was the result of decreased purchases of
cigarettes and clothing, the latter was consistent with the steady fall
in shrimp feed imports over recent months.
FIRST FOUR MONTHS OF THE YEAR: Merchandise imports for
the period January to April 2016 totaled $631.6 million, representing
a 2.4 percent or $15.6 million decrease from the same four month
period last year.
'Mineral Fuels Lubricants', 'Commercial Free Zones' and 'Export
Processing Zones' were the categories in greatest decline over the
period, falling by a combined $60 million, only to be partly offset
by $40 million growth in imports of 'Machinery and Transport
Equipment'.
EXPORTS
April: The total value of Belize's domestic exports for the month of
April 2016 was $37.6 million, down 34.3 percent or $19.6 million
from the $57.2 million recorded in April 2015.
Sugar was the greatest contributor to that decrease, with earnings falling from $14.4 million to $2.4 million compared to April 2015. This drop was
as a result of a change in the scheduling of large shipments of sugar, such that only bagged sugar was exported in April 2016. Banana, crude
petroleum and marine exports also fell during the month, with earnings declining by a combined $5.6 million. On the other the hand, citrus was
the only major export to see some growth in the month of April, increasing by $1.2 million, from $14 million in April 2015 to $15.2 million in April
of this year, due almost entirely to improved orange concentrate sales.
FIRST FOUR MONTHS OF THE YEAR: Merchandise exports for the period January to April totaled $141.6 million, down 29.5 percent or $59.1
million from the $200.7 million recorded for the same period last year, and earnings from all major exports fell during the period. Marine exports,
however, recorded the steepest drop in export earnings, falling by over $22 million in comparison to the first four months of 2015, as the shrimp
industry continues to restock its ponds.
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Consumer Price Index
HIGHER FOOD PRICES LEAD TO INFLATION OF 0.1% IN APRIL
During the month of April 2016, the prices of goods and services
purchased by Belizean households were a marginal 0.1 percent
higher than in April 2015. According to latest statistics released by
the Statistical Institute of Belize, the All Items Consumer Price Index
was 102.9, up from 102.8 in April of last year. For the first four months
of the year 2016, an inflation rate of 0.2 percent was recorded.
"Food & Non-Alcoholic Beverages" was the major contributor to this
increase, with an average price increase of 1.1 percent for the month.
Within this category, "Food" items saw a 1.5 percent increase, driven
by higher prices for beef, pork, eggs, fruits and vegetables. As in
previous months, these increases were partially balanced out by Red
Kidney beans, the average price for which was almost 11 percent
lower than it was in April 2015.
The "Housing, Water, Electricity, Gas and Other Fuels" category
recorded a very slight overall increase of 0.1 percent in comparison
to April 2015. Home rental prices were up by 0.7 percent, but the
effect of this was counteracted by the continued decline in the price
of Liquefied Petroleum Gas (LPG). The average price of a 100-pound
cylinder of LPG, which stood at $93 in April 2015, dropped by $9
during the period to $84 in April 2016.
Lower fuel prices continued to be the major driving force in the
"Transport" category, which recorded a decrease of 4.5 percent for
April 2016. This was the smallest monthly decline recorded for this
category since the start of the year and, although fuel prices remain
lower than they were in 2015, they have been trending upward
since the start of 2016. Premium gasoline was down by 3.9 percent
compared to April 2015, while the price of diesel was up by 2.6
percent and regular gasoline saw a 1.1 percent fall in price.
The "All Other Goods & Services" category rose by 1.5 percent, as
a result of a 9 percent increase in the average prices of insurance
premiums and a 2.6 percent increase in the "Health" Category.
At the municipal level, the highest inflation rate was once again seen
in Corozal Town, where prices rose by 1.7 percent. This municipality
has seen a continuous upward trend in consumer prices for the past
four months, mainly due to it having the highest increase in home
rental prices. Orange Walk Town followed, with an inflation rate of
1.5 percent, while Belmopan continued to record the lowest inflation
rate, at negative 1.4 percent.
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You may download the entire series for both External Trade and CPI in Excel format from the Statistical Institute of Belize website: (http://www.sib.org.bz/statistics)