If we look at exports, the report shows that the total domestic exports for October 2015 amounted to $37.9 million, down 15.8 percent or $7.1 million when compared to last October’s exports of $45 million.
Crude petroleum, marine and banana sales, which together accounted for almost three quarters of export revenues in October 2014, all declined for the month, contributing only a half of total exports in October 2015. Crude petroleum dropped by more than a half, from $11 million to $5 million. Diminished marine exports, owing to reduced farm shrimp sales, fell from $11 million to $7 million.
Additionally, banana exports experienced a $2 million drop for the month, as sales abroad declined from $10 million to $8 million, owing to the exclusion of one banana farm. In contrast, both sugar and citrus exports were up, partially offsetting the decrease in other major exports for the month of October. According to SIB, Sugar sales grew by a considerable $7 million to $7.6 million while citrus sales rose by $2 million to $5 million, as orange concentrate exports continue to rebound.
For the first ten months of the year, the report shows that merchandise exports for the period January to October 2015 totaled $477.2 million, down 13.2 percent or $72.4 million from the $549.6 million recorded for same period last year.
Among the major exports, crude petroleum, marine products and citrus all declined over the period January to October. Crude petroleum earnings fell by $55.4 million, due to low world market prices for that commodity. Marine exports fell by $16 million, as shrimp exports decreased markedly by 24 percent over the period, while citrus exports declined by $7 million due to an 8 percent reduction in orange concentrate sales, despite positive growth recorded during the latter months of the year. Sugar exports, on the other hand grew significantly by $11 million, while banana sales rose marginally by less than half a million dollars over the ten month period from January to October. We will have more on the figures in tomorrow’s newscast.
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