Goods

Trade has been the foundation in Belize's economy and accounted for 109% percent of GDP in 2009.¹ Between 1995-2008, annual growth in exports of goods and services averaged 7.2%, and imports grew 8.4% annually. Merchandize exports and imports increased at annual rates of 5.7% and 9.5% respectively.²

Main Domestic Exports

Belize’s production sectors can be classified into primary and secondary industries. Agriculture is the traditional sector with exports of sugar, citrus and bananas. The petroleum industry and other non-traditional exports such as papayas and marine products have recently added significantly to Belize's export basket. Due to the economic downturn, Belize experienced a 14% reduction in export revenues of $501.15 million in 2009 compared to $585.17 million in 2008.³

Export Markets

Belize’s main export market is the United States (US). Petroleum exports largely accounts for significant increases in merchandise trade to the U.S Exports of goods to the US alone generated $162.52 million in 2009.⁴ Belize's second largest export market is the European Union (EU), particularly the United Kingdom, which accounted for $158.92 million from exports of mainly sugar and bananas. Central America in Belize's third largest export market which accounts for $38 million, with Mexico generating $11.07 million in revenue earnings in 2009. CARICOM, is Belize's smallest export market only generated $26.88 in 2009.  

Primary Industries

The agricultural sector has traditionally been the largest contributor to GDP. The traditional export crops which are citrus, sugar, and bananas generated $254.56 million in external earnings in 2009.⁵ Read more

Other Crops and Horticulture

Non-traditional agriculture production has played an increasingly important role in exports in recent years. While citrus, sugar, and bananas are major contributors towards GDP, there are fairly new crops that are expanding Belize’s food basket. Papayas, grains and legumes, and vegetables are a few examples.

Other Commodities and Natural Resource-Based Activity

The Fisheries and Aqua-culture industry is one of Belize’s primary natural resource-based activities that has contributed considerably to food security as well as Belize’s export basket.

In 2009, total output was at 5.2 million tonnes and generated $49.4 million in export revenues. Main exports in this sector are aquarium fish, other fish, lobster, white farm shrimp, pink sea shrimp, and conch.

The Fisheries sector is governed by three primary legislations: The Fisheries Act, Chapter 210, the High Seas Fishing Act, Chapter 210:01, and the Coastal Zone Management Act, Chapter 329 of the Laws of Belize. The Coastal Zone Management Authority has a mandate for the effective conservation, sustainable management and utilization of Belize’s resources for the benefit of the present and future generations. The Coastal Zone Management Authority operates under the auspices of the Ministry of Agriculture and Fisheries (www.agriculture.gov.bz). Read more

Secondary Industries

Belize’s secondary industries comprise of the manufacturing industry including mining and quarrying. Since 2006, the sector has been recording significant contributions to GDP with the production and export of crude petroleum. In 2008 the industry represented 40% of the value of exports but fell sharply to 25% in 2009 due to lower oil prices.⁶ The taxes levied on the sector also generate much local revenues in the form of a 40% income tax on oil production activities, a 7.5% royalty on petroleum operations, an excise tax of Bz$1 per barrel and activities related to the issuances of oil prospecting and mining licenses. In sum, the sector has contributed almost 3% to total revenue for the fiscal year of 2008/09.⁷

The petroleum industry continues to be one of the largest and leading contributors to export earnings. Revenue generated in 2009 was only $120.6 million gallons despite production increased from 48.04 million gallons in 2008 to 53.58 million gallons in 2009. Price volatility is one of the major factors that account for the decrease in revenue output.

References: 

 ¹Martin, D. & Manzano, O. (2010) Towards a Sustainable and Efficient State The Development Agenda of Belize Inter-American Development Bank: Managua, Nicaragua
²Martin, D. & Manzano, O. (2010) Towards a Sustainable and Efficient State The Development Agenda of Belize Inter-American Development Bank: Managua, Nicaragua
³Statistical Institute of Belize, 2009.
⁴Ibid.
 ⁵Statistical Institute of Belize, External Trade Bulletin, December 2009.
 ⁶WTO (2010) Belize Trade Policy Review, Secretariat Report, WT/TPR/S/238 p.4 at http://www.wto.org/english/tratop_e/tpr_e/tp338_e.htm
⁷Ibid.