International trade amounted to 110% of the country’s GDP in 2020. Whereas imports from CARICOM (Caribbean Community and Common Market) are exempt from import duties, other countries have to pay relatively high customs taxes (up to 45%). Moreover, import licenses are mandatory to protect certain national industries. Belize mainly exports cane or beet sugar (25.8%), bananas (20.7%), fruit juices (10.7%), crustaceans (7%), and beer made from malt (5.1%), while imports include petroleum oils (8.6%), cigars (6.2%), Insecticides (2.2%), margarine (1.7%), and mineral or chemical fertilisers (1.6%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 16.9% in 2021 and is expected to increase by 19% in 2022, while the volume of imports of goods and services rose by an estimated 10.4% in 2021 and is expected to increase by 8.1% in 2022.
The country's main trade partners are the United States, the United Kingdom, Mexico, China, Guatemala, Ireland, Jamaica, and Trinidad and Tobago. Despite the discovery of a large oilfield in the northern part of the country, Belize relies on other members of Petrocaribe (primarily Central American countries, Mexico and Venezuela) for its energy supply. Belize also relies heavily on the U.S., leading to commercial vulnerability due to lack of diversification. In 2019, Belize launched its first National Trade Policy, which is expected to ѕіgnіfісаntlу соntrіbutе tо а соmреtіtіvе есоnоmу аnd ѕuѕtаіnаblе ѕосіо-есоnоmіс dеvеlорmеnt. The Policy is aligned with Belize’s development strategies such as the Horizon 2030 and the Growth and Sustainable Development Strategy, and seeks to reduce the cost of doing business, enhance competitiveness and develop efficient production systems and capacities, improve trade performance for goods and services, and diversify production, among other things. Foreign trade is subject to fluctuations in global prices of raw materials and depends on the longevity of certain trade agreements, especially with the United States, the European Union (sugar cane) and the United Kingdom (bananas). The biggest challenge to Belize's trade and reputation involves being blacklisted by the EU as a fiscal paradise, presumably involved in money laundering.
According to the latest data, Belize imported nearly triple the value of its exports of goods in 2020 (USD 787 million in imports vs USD 287 million in exports). As a result, the country recorded a trade deficit for goods of USD 444 million in 2020. However, the country did export more than double the services it imported, with USD 381 million in services exported, and USD 155 million imported. Belize's trade balance is structurally in deficit, a trend which has been increasing in recent years due to a simultaneous rise in imports and a fall in exports. The country's trade deficit cannot be reduced unless the country becomes competitive in non-traditional products, such as industrial hemp and soybean oil, and further promotes its services sector.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 916 | 958 | 986 | 787 | 1,061 |
Exports of Goods (million USD) | 457 | 451 | 462 | 287 | 424 |
Imports of Services (million USD) | 217 | 219 | 219 | 155 | 297 |
Exports of Services (million USD) | 544 | 580 | 634 | 381 | 618 |
Imports of Goods and Services (Annual % Change) | -2 | 0 | 5 | -23 | 32 |
Exports of Goods and Services (Annual % Change) | -2 | 10 | 5 | -30 | 35 |
Trade Balance (million USD) | -390 | -466 | -543 | -443 | -533 |
Foreign Trade (in % of GDP) | 97 | 100 | 101 | 80 | 97 |
Imports of Goods and Services (in % of GDP) | 47 | 49 | 50 | 43 | 50 |
Exports of Goods and Services (in % of GDP) | 49 | 51 | 51 | 37 | 46 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
United Kingdom | 22.9% |
United States | 22.2% |
Mexico | 8.4% |
Guatemala | 7.0% |
Ireland | 5.4% |
See More Countries | 34.1% |
Main Suppliers (% of Imports) |
2021 |
---|---|
United States | 35.9% |
China | 15.9% |
Mexico | 12.9% |
Guatemala | 12.2% |
Trinidad and Tobago | 1.8% |
See More Countries | 21.3% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
0.6 bn USD of services exported in 2018 | |
---|---|
77.75% | |
Personal travelPersonal travel | 75.00% |
OtherOther | 74.89% |
Education-related expenditureEducation-related expenditure | 0.07% |
Health-related expenditureHealth-related expenditure | 0.04% |
Business travelBusiness travel | 2.75% |
OtherOther | 2.13% |
Expenditure by seasonal and...Expenditure by seasonal and border workers | 0.62% |
8.08% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 8.08% |
6.42% | |
4.02% | |
Sea transportSea transport | 2.58% |
OtherOther | 2.58% |
Air transportAir transport | 1.44% |
OtherOther | 1.44% |
1.69% | |
1.37% | |
Telecommunications servicesTelecommunications services | 1.37% |
0.60% | |
0.06% |
0.2 bn USD of services imported in 2018 | |
---|---|
28.95% | |
Sea transportSea transport | 28.07% |
FreightFreight | 28.07% |
Air transportAir transport | 0.87% |
PassengerPassenger | 0.87% |
20.57% | |
Personal travelPersonal travel | 20.08% |
OtherOther | 16.02% |
Education-related expenditureEducation-related expenditure | 2.80% |
Health-related expenditureHealth-related expenditure | 1.26% |
Business travelBusiness travel | 0.49% |
OtherOther | 0.49% |
18.54% | |
ReinsuranceReinsurance | 8.59% |
15.15% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 15.15% |
8.03% | |
3.44% | |
3.35% | |
Information servicesInformation services | 1.20% |
1.16% | |
0.47% | |
Telecommunications servicesTelecommunications services | 0.45% |
Postal and courier servicesPostal and courier services | 0.03% |
0.35% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.35% |
Source: United Nations Statistics Division, Latest Available Data
Member of Free Trade Area of the Americas (FTAA)
Member of Free Trade Area of the Americas (FTAA)
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Latest Update: February 2023