Flag Belize

Product Exports (2018): $354M, Rank 166 of 222

Exports Per Capita (2018): $924, Rank 193 of 219

Product Imports (2018): $1.05B, Rank 171 of 221

Imports Per Capita (2018): $2.74k, Rank 185 of 219

Service Exports (2018): $626M, Rank 55 of 62

Service Imports (2018): $203M, Rank 61 of 62

GDP (2018): $2.94B, CONST 2011 USD
Rank 169 of 188

GDP growth (2008 - 2018): 23%, CONST 2011 USD
Rank 120 of 188

GDP PC (2018): $7,674, CONST 2011 USD
Rank 119 of 188

GDP PC GROWTH (2008 - 2018): -1.48%, CONST 2011 USD
Rank 157 of 188

Overview: In 2018 Belize was the number 169 economy in the world in terms of GDP (constant 2011 international USD), the number 166 in total exports, and the number 171 in total imports. In 2018, Belize exported $354M and imported $1.05B, resulting in a negative trade balance of -$695M. In 2018, Belize's exports per capita were $924 and its imports per capita were $2.74k.

Trade: The top exports of Belize are Raw Sugar ($59.6M), Bananas ($37.8M), Fruit Juice ($36M), Non-fillet Frozen Fish ($34.5M), and Gold ($23.4M). The top imports of Belize are Refined Petroleum ($167M), Rolled Tobacco ($45.7M), Petroleum Gas ($22.1M), Trunks and Cases ($19.1M), and Cars ($17.8M).

Destinations: Belize exports mostly to United Kingdom ($98.6M), United States ($79M), Spain ($26.6M), Jamaica ($14.9M), and Ireland ($12.9M), and imports mostly from United States ($392M), Mexico ($120M), China ($119M), Guatemala ($69.1M), and Panama ($29.5M).

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

Product Exports

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Top Export (2018): Raw Sugar, $59.6M

Top Destination (2018): United Kingdom, $98.6M

In 2018 Belize exported a total of $354M, making it the number 166 exporter in the world. During the last five reported years the exports of Belize have changed by -$219M from $573M in 2013 to $354M in 2018.

The most recent exports are led by Raw Sugar ($59.6M), Bananas ($37.8M), Fruit Juice ($36M), Non-fillet Frozen Fish ($34.5M), and Gold ($23.4M). The most common destination for the exports of Belize are United Kingdom ($98.6M), United States ($79M), Spain ($26.6M), Jamaica ($14.9M), and Ireland ($12.9M).

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Product Imports

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Top Import (2018): Refined Petroleum, $167M

Top Origin (2018): United States, $392M

In 2018 Belize imported $1.05B, making it the number 171 trade destination in the world. During the last five reported years the imports of Belize changed by -$186M from $1.23B in 2013 to $1.05B in 2018.

The most recent imports of Belize are led by Refined Petroleum ($167M), Rolled Tobacco ($45.7M), Petroleum Gas ($22.1M), Trunks and Cases ($19.1M), and Cars ($17.8M). The most common import partners for Belize are United States ($392M), Mexico ($120M), China ($119M), Guatemala ($69.1M), and Panama ($29.5M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

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).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Belize. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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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 (195), Bananas (140), Raw Sugar (131), Fruit Juice (116), and Other Vegetable Residues and Waste (94.9). 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 Machinery for paper pulp, paper, paperboard making nes (1.37), Parts and accessories for musical instruments (1.27), Hand tools nes, anvils, clamps, vices, blow lamps etc (1.08), Artificial filament tow (1.05), and Articles for funfairs, table and parlour games (0.95). 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 Other Oily Seeds (0.12), Tropical Fruits (0.12), Crude Petroleum (0.11), Coconuts, Brazil Nuts, and Cashews (0.11), and Non-fillet Fresh Fish (0.11). 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.