Flag Belize

2019
Product
Exports | Imports
: $319M | $1.12B, 171 of 225 |  173 of 225

2019
Per Capita Product
Exports | Imports
: $817 | $2.87k, 131 of 219 |  104 of 219

2018
Service
Exports | Imports
: $626M | $203M, 73 of 88 | 84 of 88

Exports: The top exports of Belize are Raw Sugar ($69.3M), Bananas ($40.1M), Fruit Juice ($28.3M), Non-fillet Frozen Fish ($23.5M), and Crude Petroleum ($20.3M), exporting mostly to United Kingdom ($84.5M), United States ($75.1M), Spain ($17.9M), Jamaica ($16.5M), and Ireland ($15.9M).

Imports: The top imports of Belize are Refined Petroleum ($176M), Rolled Tobacco ($45.4M), Recreational Boats ($28.5M), Petroleum Gas ($21M), and Cars ($18.2M), importing mostly from United States ($407M), China ($140M), Mexico ($130M), Guatemala ($115M), and Panama ($28.5M).

Location: Belize borders Guatemala and Mexico by land and Honduras by sea.

Yearly Exports

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Value
Depth

Top Export (2019): Raw Sugar, $69.3M

Top Destination (2019): United Kingdom, $84.5M

In 2019, Belize exported a total of $319M, making it the number 171 exporter in the world. During the last five reported years the exports of Belize have changed by -$275M from $594M in 2014 to $319M in 2019.

The most recent exports are led by Raw Sugar ($69.3M), Bananas ($40.1M), Fruit Juice ($28.3M), Non-fillet Frozen Fish ($23.5M), and Crude Petroleum ($20.3M). The most common destination for the exports of Belize are United Kingdom ($84.5M), United States ($75.1M), Spain ($17.9M), Jamaica ($16.5M), and Ireland ($15.9M).

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Yearly Imports

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Value
Depth

Top Import (2019): Refined Petroleum, $176M

Top Origin (2019): United States, $407M

In 2019 Belize imported $1.12B, making it the number 173 trade destination in the world. During the last five reported years the imports of Belize changed by -$108M from $1.23B in 2014 to $1.12B in 2019.

The most recent imports of Belize are led by Refined Petroleum ($176M), Rolled Tobacco ($45.4M), Recreational Boats ($28.5M), Petroleum Gas ($21M), and Cars ($18.2M). The most common import partners for Belize are United States ($407M), China ($140M), Mexico ($130M), Guatemala ($115M), and Panama ($28.5M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Belize Exports Services (2018): $626M

Belize Imports Services (2018): $203M

In 2018, Belize exported $626M worth of services. The top services exported by Belize in 2018 were Personal travel ($469M), Miscellaneous business, professional, and technical services ($50.6M), Government services, n.i.e. ($40.2M), Business travel ($17.2M), and Sea transport ($16.2M).

The top services imported by Belize in 2018 were Sea transport ($64.9M), Personal travel ($46.4M), Miscellaneous business, professional, and technical services ($35M), Reinsurance ($19.8M), and Government services, n.i.e. ($18.6M).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Belize are Beer made from malt (100%) and Beverage waters, sweetened or flavoured (100%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Belize are:
76: Agreement between CARICOM Caribbean Community (CARICOM) Less Developed Countries (LDCs) : Antigua & Barbuda,Belize,Commonwealth of Dominica,Grenada,Republic of Haiti,Montserrat,Federation of St. Kitt
77: Agreement between CARICOM Caribbean Community (CARICOM) More Developed Countries (MDCs) : Commonwealth of the Bahamas,Barbados,Co-operative Republic of Guyana, Jamaica, Republic of Suriname and Repub
136: Most Favoured Nation duty rate treatement
154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states
218: Preferential tariff for European Union countries
229: Preferential tariff for Guatemala

Economic Complexity

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Most Specialized Products by RCA Index

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Belize has a high level of specialization in Molasses (313), Raw Sugar (181), Bananas (160), Fruit Juice (108), and Bran (99). Specialization is measured using RCA, an index that takes the ratio between Belize observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Belize according to the product complexity index (PCI) are Glass mirrors, whether or not framed (1.29), Parts and accessories for musical instruments (1.28), Transfers (decalcomanias) (1.01), Quaternary ammonium salts, hydroxides, lecithins, etc (0.76), and Copper bars, rods and profiles (0.41). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Belize according to the relatedness index, are Gold (0.13), Tropical Fruits (0.13), Coconuts, Brazil Nuts, and Cashews (0.13), Other Oily Seeds (0.13), and Non-fillet Fresh Fish (0.12). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Belize is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.