At the top of the newscast we showed you the country’s recent consumer price index and exporting figures for the month of August and now we take a look at importation. SIB figures show that the total amount of imports was valued at $143.2 million which saw a decrease of 9.5 percent or $15 million from that of last year in 2016 as it stood at $158.2 million.
The largest recorded fall in imports was observed in the ‘Commercial Free Zones’ which fell by a substantial 35 percent or $9.1 million to almost $17 million. The ‘Machinery Transport Equipment’ and ‘Other Manufactures’ group also saw notable reductions this year decreasing by $6 million going from $39 million to $33 million. Additionally, the ‘Beverages and Tobacco’ category was down by more than one half, decreasing from $3.4 million to $1.5 million.
These decreases, however, compensated for greater imports in the categories of Food and Live Animals, ‘Mineral Fuels and Lubricants’ and Chemical Products.
As it relates to the first eight months from January to August 2017, Merchandise imports experienced a 5.8 percent or $74 million reduction when compared to August 2016 which stands at a total of $1.2 billion.
The five categories under Belize’s imports namely ‘Machinery and Transport Equipment’, ‘Commercial Free Zones’, ‘Food and Live Animals’, ‘Export Processing Zones’ and ‘Other Manufactures’, each saw a remarkable decrease and when combined, figures show that they fell by a sum of $115.2 million altogether. The most notable decline was recorded for ‘Machinery and Transport Equipment’, which fell from $318.7 million to $244.5 million. Nonetheless, increased spending on ‘Mineral Fuels and Lubricants’, ‘Chemical Products’ and ‘Manufactured Goods’ served to partially offset the six month period’s decreases as they grew by over $39 million when combined.