Belize's Export Strategies: Local Or Foreign Products?

Belize's economy is largely based on tourism, agriculture, and services. In 2022, Belize exported products worth $286.4 million, with the United States, the United Kingdom, Guatemala, Honduras, and Spain being its top five export destinations. The country's main exports include raw sugar, bananas, bran, refined petroleum, crustaceans, and frozen orange juice. While Belize has a trade deficit, it has a trade surplus with the EU and a balanced trade relationship with CARICOM.

Belize's top export partners

The United States is the top destination for Belize's exports, accounting for $86.5 million in 2022. The United States is also Belize's largest import partner, with imports from the US increasing yearly and accounting for around 44% of total imports in 2019.

The United Kingdom is the second-largest destination for Belize's exports, with $64.3 million worth of exports in 2022. The UK has overtaken the US to become Belize's biggest importer due to the decline of petroleum, papayas, and other key crops.

Guatemala is the third-largest export destination for Belize, with $39.2 million worth of exports in 2022. Guatemala is also a significant import partner for Belize, with imports from Guatemala totaling $156 million in 2022.

Honduras, Spain, and Trinidad and Tobago are also among the top export destinations for Belize, with exports to these countries ranging from $19.9 million to $39.2 million in 2022.

In terms of continental breakdown, 35.5% of Belize's exports by value went to European countries, 33.7% to Latin America (excluding Mexico), 27.9% to North America, 2.6% to Asia, 0.2% to Oceania, and 0.06% to Africa.

Belize's top import partners

Belize's economy is heavily dependent on imports, and its trade imbalance continues to grow. In 2018, Belize's gross imports totalled $957.7 million, up from $913.2 million in 2017. The United States is Belize's largest import partner, accounting for 42.5% of overall imports in 2018 and 35.94% in 2021. In 2019, imports from the US increased to around 44% of Belize's total imports. Other top import partners include China, Central America, Mexico, Guatemala, and other parts of Central America.

• United States ($560M)
• China ($379M)
• Guatemala ($156M)
• Mexico ($130M)
• Canada ($58.2M)

In 2021, Belize's top import partners were:

• United States ($381M)
• China ($169M)
• Mexico ($136M)
• Guatemala ($129M)
• Trinidad and Tobago ($19M)

Belize's main exported products

Belize's economy is largely based on tourism, agriculture, and services, with tourism being the country's largest foreign exchange earner. The country's exports are dominated by a small handful of key products, with sugar, bananas, and orange juice being the most prominent. In 2022, the country's top exports were raw sugar ($81.2 million), bananas ($41.7 million), bran ($24.8 million), refined petroleum ($21.2 million), and crustaceans ($20.2 million). Belize has a high level of specialization in these products, particularly bran, molasses, bananas, raw sugar, and fruit juice.

The country's exports are mostly destined for the United States ($86.5 million), the United Kingdom ($64.3 million), Guatemala ($39.2 million), Spain ($28.7 million), and Honduras ($19.9 million). In 2023, the United States and the United Kingdom remained the top two export destinations, with shares of 28% and 17.3% of Belize's exports, respectively.

While Belize's exports are concentrated in a few key products, there are some emerging areas of diversification. The country has seen increased production of grains, beans, animal feed, woods, and marine products. In addition, there are efforts to further diversify the export market by enhancing the development of industries such as honey, cattle, poultry, turmeric, cacao, coconut, and soybeans.

In terms of the value of exports, Belize is a relatively small player on the world stage. In 2022, the country exported a total of $399 million worth of goods, ranking as the 175th largest exporter in the world. The value of merchandise exports from Belize decreased in 2023 to $253 million, with an 11.5% decline compared to 2022.

Belize's main import products

Belize's economy is heavily reliant on imports, and its trade imbalance continues to grow. In 2018, Belize's gross imports totalled $957.7 million, up from $913.2 million in 2017. The country's main import partners in 2019 were the United States, Guatemala, Hong Kong, Honduras, Trinidad and Tobago, and El Salvador.

The top import products to Belize are refined petroleum, passenger and cargo ships, rolled tobacco, petroleum gas, and computers. The United States is the largest exporter to Belize, accounting for 42.5% of overall imports in 2018 and $560 million in 2022. Other major import partners include China, Guatemala, Mexico, and Canada.

In addition to the above, Belize also imports machinery and transportation equipment, fuels and lubricants, manufactured goods, food, and chemicals. These products account for roughly 60% of all imports into the country.

Belize is a member of CARICOM, which provides duty-free access to 13 members of the common single market. The country also has duty-free access for most goods into the EU under the EU-CARIFORUM Agreement and preferential treatment for the United States under the Caribbean Basin Initiative.

Belize's economic indicators

Belize has a developing free-market economy, with a focus on tourism, agriculture, and services. In 2022, Belize exported a total of $399 million worth of goods, making it the 175th largest exporter in the world. The country has a trade deficit, with imports exceeding exports. Belize's main export partners are the United States, the United Kingdom, Guatemala, Honduras, and Spain. Its top imports are refined petroleum, passenger and cargo ships, rolled tobacco, petroleum gas, and computers.

Belize's exports are primarily raw sugar, bananas, bran, refined petroleum, and crustaceans. The country has a high level of specialization in the export of bran, molasses, bananas, raw sugar, and fruit juice. In 2022, the export of these goods contributed to Belize's total exports of $286.4 million, with sugar and sugar confectionery being the highest-value export category, accounting for $84.8 million (29.6%) of total exports. Other significant exports include fruits, nuts, fish, food industry waste, and animal fodder.

Belize's economy is heavily dependent on imports, particularly from the United States, which accounted for 42.5% of overall imports in 2018. The country's import trade exceeds its export trade due to the level of industrialization and market size. Belize's imports consist mainly of machinery and transportation equipment, fuels and lubricants, manufactured goods, food, and chemicals. The trade imbalance continues to grow, with gross imports totaling $957.7 million in 2018, up from $913.2 million in 2017.

Belize's GDP in 2021 was $2.492 billion, with a GNI per capita of $6,070. The country's trade balance as a percentage of GDP was -3.63, and trade as a percentage of GDP was 96.59. The service sector, including tourism, has been the largest contributor to the country's GNP since the early 1980s, surpassing the agriculture, forestry, and fishing sectors.

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