Belize
2020 Product Exports | Imports: $384M | $983M, 170 of 226 | 177 of 226
2020 Per Capita Product Exports | Imports: $965 | $2.47k, 118 of 219 | 101 of 219
2020 Service Exports | Imports : $426M | $162M, 60 of 65 | 65 of 65
Overview In 2020 Belize was the number 170 economy in the world in terms of total exports and the number 177 in total imports.
Exports The top exports of Belize are Recreational Boats ($101M), Raw Sugar ($58M), Bananas ($45.1M), Fruit Juice ($23.4M), and Non-fillet Frozen Fish ($18.5M), exporting mostly to Seychelles ($100M), United Kingdom ($65M), United States ($64.5M), Ireland ($17.6M), and Spain ($16.6M).
Imports The top imports of Belize are Refined Petroleum ($119M), Rolled Tobacco ($59.1M), Recreational Boats ($32.8M), Passenger and Cargo Ships ($21.5M), and Ethers ($17.5M), importing mostly from United States ($359M), Mexico ($133M), China ($124M), Guatemala ($87.1M), and Japan ($25M).
Location Belize borders Guatemala and Mexico by land and Honduras by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Belize.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Latest Data
#permalink to sectionThe data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2020): Recreational Boats, $101M
Top Destination (2020): Seychelles, $359M
In 2020, Belize exported a total of $384M, making it the number 170 exporter in the world. During the last five reported years the exports of Belize have changed by -$113M from $496M in 2015 to $384M in 2020.
The most recent exports are led by Recreational Boats ($101M), Raw Sugar ($58M), Bananas ($45.1M), Fruit Juice ($23.4M), and Non-fillet Frozen Fish ($18.5M). The most common destination for the exports of Belize are Seychelles ($100M), United Kingdom ($65M), United States ($64.5M), Ireland ($17.6M), and Spain ($16.6M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2019 - 2020)
- Seychelles, $100M (+ 186M%)
- Mexico, $10.2M (+ 408%)
- Portugal, $3.97M (+ 89.7%)
Fastest Growing Import Markets (2019 - 2020)
- Cyprus, $14.4M (+ 360%)
- United Arab Emirates, $14.1M (+ 158%)
- Japan, $8.49M (+ 51.6%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionBelize Exports Services (2020): $426M
Belize Imports Services (2020): $162M
In 2020, Belize exported $426M worth of services. The top services exported by Belize in 2020 were Personal travel ($237M), Miscellaneous business, professional, and technical services ($51.2M), Government services, n.i.e. ($46.3M), Computer and information services ($42.7M), and Sea transport ($18.6M).
The top services imported by Belize in 2020 were Sea transport ($62.7M), Miscellaneous business, professional, and technical services ($30.2M), Personal travel ($20.2M), Reinsurance ($19.2M), and Government services, n.i.e. ($15.3M).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionBelize has a high level of specialization in Molasses (445), Recreational Boats (233), Bananas (142), Bran (104), and Raw Sugar (101). 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
#permalink to sectionThe highest complexity exports of Belize according to the product complexity index (PCI) are Tensile Testing Machines (1.54), Other Paper Machinery (1.39), Musical Instrument Parts (1.28), Titanium Oxides (1.14), and Soil Preparation Machinery (0.7). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Belize according to the relatedness index, are Gold (0.1), Tropical Fruits (0.098), Other Oily Seeds (0.094), Fish Fillets (0.093), and Wheat Flours (0.092). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Belize is not specialized in.
Product Space
#permalink to sectionThe 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 a country currently specializes in.
Diversification Frontier
#permalink to sectionThe Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
