International trade represents around 108% of the country’s GDP (World Bank, latest data available). 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. According to the Statistical Institute of Belize, in 2022, the country’s main exports were sugar (USD 162.4 million), bananas (USD 81.7 million), animal feed (USD 52.4 million), orange concentrates (USD 24.4 million), and lobsters (USD 24.1 million), while imports were led by machinery and transport equipment, mineral fuels, manufactured goods, and chemical products.
The country's main export partners in 2022 were the UK (USD 118.3 million), the U.S. (USD 95.7 million), Guatemala (USD 62.2 million), Spain (USD 37.2 million), and Trinidad & Tobago (USD 29.5 million), with imports coming chiefly from the U.S. (USD 1.15 billion), China (USD 484.4 million), Mexico (USD 282 million), Guatemala (USD 211.4 million), and Trinidad & Tobago (USD 42.3 million – data Statistical Institute of Belize). 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. Belize's first National Trade Policy, which was launched in 2019, is aligned with the Government’s development strategies, such as Horizon 2030 and the Growth and Sustainable Development Strategy, and seeks to reduce the cost of doing business, enhance competitiveness, develop efficient production systems and capacities, improve trade performance for goods and services, and diversify production, which should significantly contribute to a competitive economy and sustainable socio-economic development. 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 data by the WTO, in 2022, Belize exported USD 494 million worth of goods, while imports stood at USD 1.38 billion; concerning services, exports stood at USD 850 million against USD 350 million in imports. Belize's trade balance is structurally in deficit: it was estimated to be negative by 3.2% of GDP in 2022 by the World Bank, from 3.8% one year earlier. Preliminary figures from the Statistical Institute of Belize show that, in 2023, imports stood at USD 2.68 billion, while total exports (domestic, re-exports, and CFZ sales) totaled USD 976.1 million.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 986 | 787 | 1,061 | 1,381 | 1,341 |
Exports of Goods (million USD) | 425 | 289 | 422 | 518 | 488 |
Imports of Services (million USD) | 235 | 170 | 293 | 350 | 305 |
Exports of Services (million USD) | 677 | 426 | 621 | 851 | 974 |
Imports of Goods and Services (Annual % Change) | 5 | -23 | 32 | 10 | -2 |
Exports of Goods and Services (Annual % Change) | 5 | -30 | 36 | 14 | 11 |
Trade Balance (million USD) | -543 | -443 | -534 | -706 | -777 |
Foreign Trade (in % of GDP) | 102 | 82 | 99 | 109 | 107 |
Imports of Goods and Services (in % of GDP) | 50 | 44 | 52 | 55 | 51 |
Exports of Goods and Services (in % of GDP) | 52 | 38 | 48 | 53 | 55 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
United States | 28.0% |
United Kingdom | 17.3% |
Guatemala | 8.7% |
Spain | 7.4% |
Trinidad and Tobago | 6.1% |
See More Countries | 32.4% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 42.0% |
China | 17.2% |
Mexico | 9.5% |
Guatemala | 9.4% |
Trinidad and Tobago | 1.6% |
See More Countries | 20.3% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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1.0 bn USD of services exported in 2023 | |
---|---|
73.69% | |
Personal travelPersonal travel | 71.41% |
OtherOther | 22.77% |
Business travelBusiness travel | 2.28% |
10.76% | |
6.49% | |
3.88% | |
3.54% | |
1.23% | |
0.36% | |
0.05% |
0.3 bn USD of services imported in 2023 | |
---|---|
35.82% | |
23.16% | |
Personal travelPersonal travel | 22.80% |
OtherOther | 41.03% |
Business travelBusiness travel | 0.35% |
15.16% | |
8.39% | |
8.06% | |
3.98% | |
3.40% | |
1.64% | |
0.39% |
Source: United Nations Statistics Division, Latest Available Data
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Member of Free Trade Area of the Americas (FTAA)
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Latest Update: May 2024