New trade data released by the Statistical Institute of Belize (SIB) reveals a deepening trade imbalance for the Central American nation through the first eight months of 2026, with imports continuing to climb while long-running declines in domestic exports accelerate.
Between January and August this year, Belize’s total goods imports reached $2.207 billion, representing a $301.5 million increase compared to the same period in 2025. Two key categories accounted for much of this import growth: mineral fuels and lubricants, which jumped 50% year-over-year to hit $396.3 million, and machinery and transport equipment, which rose 19% to $540.4 million. Rising fuel costs and expanding infrastructure and industrial investment have pushed import spending sharply higher in 2026, according to the data.
On the export side, the figures paint a far grimmer picture: total domestic exports fell 14% year-over-year to just $272.8 million, extending a downward trend that has stretched across multiple years. SIB statistician Tiffany Vasquez emphasized that the trajectory is unambiguous, noting that after a short-lived rebound in export volumes in 2022, Belize has returned to its consistent path of declining domestic export performance.
Nearly all of Belize’s traditional core export sectors suffered double-digit declines over the eight-month period. Sugar exports, long a staple of the country’s trade portfolio, plummeted 31% to $65.1 million. Citrus exports fell even more sharply, dropping 59% to only $9.9 million, while red kidney bean exports declined 44% to $4.4 million.
Regional and international export shifts also highlight the volatility of Belize’s trade position. Exports to the United Kingdom collapsed by 66% year-over-year, a drop of $59.3 million in total value, while shipments to other CARICOM (Caribbean Community) member states fell 24%. The report recorded growth in only a few key markets: exports to the United States rose 34% to $70.9 million, and shipments to the European Union increased 13% from 2025 levels.
A small number of non-traditional export categories bucked the negative trend, with banana, marine product and cattle exports holding steady compared to last year. Cattle exports hit $49.2 million in the eight-month period, a figure that now includes previously uncounted informal cross-border shipments following an update to SIB’s counting methodology aligned with new international statistical standards. The addition of informal trade reveals just how large unregistered cross-border commerce has become: informal exports accounted for $43 million, or 16% of Belize’s total domestic exports, through August.
The growing gap between import spending and export earnings has pushed Belize’s merchandise trade deficit sharply higher. For the first six months of 2026 alone, the deficit reached $1.2 billion, up from $974.3 million in the same period last year. The imbalance is so pronounced that for every one dollar Belize earns from export sales in 2026, it spends approximately eight dollars on goods imported from overseas partners.