Belize: Perfil comercial

Foreign Trade in Figures

International trade amounted to 96.6% of the country’s GDP in 2021. 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 (26.2%), bananas (17.4%), crustaceans (7.1%), beer made from malt (6.8%), and fruit juices (6.5%), while imports include petroleum oils (10.6%), cigars (4.8%), petroleum gas (1.8%), footwear (1.7%), and beer (1.6%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 18.1% in 2022 and is expected to increase by 4.1% in 2023, while the volume of imports of goods and services rose by an estimated 14.8% in 2022 and is expected to decrease by 0.6% in 2023.

The country's main trade partners are the United States, the United Kingdom, Mexico, China, Guatemala, Honduras, Spain, 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. Belize's first National Trade Policy, which was launched in 2019, is aligned with the Government’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, which should ѕіgnіfісаntlу соntrіbutе tо а соmреtіtіvе есоnоmу аnd ѕuѕtаіnаblе ѕосіо-есоnоmіс dеvеlорmеnt. 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 2021 (USD 1,061 million in imports vs USD 424 million in exports). As a result, the country recorded a trade deficit for goods of USD 533 million in 2021. However, the country did export more than double the services it imported, with USD 618 million in services exported, and USD 297 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.

Main Partner Countries

Source: Comtrade, Latest Available Data

Main Products

Source: Comtrade, Latest Available Data

To go further, check out our service Import Controls and Export Controls

To go further, check out our service Import Export Flows

Main Services

Source: United Nations Statistics Division, Latest Available Data

List of tariffs and local taxes that apply to your product on our service Customs Duties and Local Taxes

Trade Compliance

International Conventions

Member of the World Trade Organization (WTO)

International Economic Cooperation

Member of Caribbean Common Market (CARICOM)

Member of Free Trade Area of the Americas (FTAA)

Useful Resources

Belize Customs and Excise Department

National Organisation of Intellectual Property

The BELIPO, Belize Intellectual Property Office .

 

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Latest Update: November 2023