Carib Scope

分类： business

  • Jamaica records decline in trade activity for Jan/Feb 2026 — STATIN

    Jamaica records decline in trade activity for Jan/Feb 2026 — STATIN

    KINGSTON, Jamaica — Official trade data released Friday shows Jamaica’s cross-border merchandise trade has faced notable headwinds in the opening two months of 2026, with both import expenditure and export revenue dropping sharply compared to the same period last year. The figures were published by the Statistical Institute of Jamaica (STATIN) in its latest quarterly International Merchandise Trade Bulletin, offering an early snapshot of the country’s trade performance for the new year.

    Between January and February 2026, the total value of goods imported into Jamaica reached US$1.214 billion, down 8.1% from the US$1.321 billion recorded in the first two months of 2025. STATIN’s breakdown of the import decline attributes the drop to reduced spending across three key product categories: raw materials and intermediate goods fell 6.8%, consumer goods dropped 7.8%, and fuels and lubricants saw a steep 20.2% reduction in total import value.

    On the export side, the contraction was even more pronounced. Total export earnings for the review period hit just US$217.7 million, a 28.8% nosedive from the US$305.8 million Jamaica earned from exports in the first two months of 2025. The national statistics agency noted the overwhelming majority of this decline stems from a 59.1% collapse in the export value of crude materials (excluding fuel products), Jamaica’s largest export category by volume.

    The report also outlined the Caribbean nation’s top trade partners for the start of 2026. The United States, China, Brazil, Japan, and Trinidad and Tobago remain Jamaica’s five largest sources of imported goods. Combined imports from these five economies totaled US$837.3 million, representing a marginal 0.5% decrease from the same period in 2025.

    For exports, the top five destination markets were unchanged from previous reporting periods: the United States, the Russian Federation, Trinidad and Tobago, the Netherlands, and Canada. Combined export earnings from these key markets amounted to US$164.2 million, a 19.1% year-over-year drop that aligns with the broader downward trend across Jamaica’s entire export sector.

  • Hotel withdrawal in Cuba: Dominican Republic, the big winner

    Hotel withdrawal in Cuba: Dominican Republic, the big winner

    The Caribbean tourism landscape is undergoing a dramatic seismic shift, driven by sweeping U.S. sanctions that have forced major international hospitality players to abandon their operations in Cuba, creating an opening for neighboring Dominican Republic to solidify its position as the region’s preeminent tourist destination.

    The catalyst for this unprecedented business restructuring came with the enactment of U.S. Executive Order 14404, which tightened long-standing Washington sanctions on Cuban entities linked to the island nation’s key strategic sectors. The order mandates that any foreign company maintaining commercial ties with organizations blacklisted by the former Trump administration faces immediate asset freezing, creating an untenable legal and financial risk for international operators.

    In the wake of this regulatory crackdown, Spain’s Meliá became one of the highest-profile firms to exit the Cuban market, ending management contracts for 15 properties across the island. Fellow Spanish hospitality giant Iberostar followed suit, withdrawing from 12 joint venture properties it ran with state-owned Cuban conglomerate Gaesa. By mid-2024, Canada’s Blue Diamond Resorts — one of the last major international firms still expanding its Cuban footprint in recent years — confirmed its full withdrawal from the market effective June 1. Blue Diamond operated roughly 15 properties across five premium and mid-tier brands, with properties concentrated in top Cuban tourist hubs including Havana, Varadero, and Cayo Largo del Sur.

    In official statements shared with Dominican outlet Diario Libre, Meliá framed its exit as a response to overlapping geopolitical, legal, and economic pressures that eroded the operational and legal security of its Cuban investments. The company also acknowledged that most of the affected properties were already shuttered or operating under severe constraints, hobbled by widespread power outages, plummeting tourist demand, and chronic supply chain disruptions that have plagued Cuba’s struggling tourism sector in recent years.

    The contraction of Cuba’s tourism industry extends far beyond the hotel sector. Flagship Spanish carrier Iberia has suspended all direct flights to Havana, while Portuguese airline World2Fly has scrapped its Cuban operations entirely. Multiple other European and Canadian travel and hospitality firms have either scaled back their presence on the island or exited entirely, accelerating the downward trajectory of Cuba’s once-bustling tourism economy, which has long been the country’s largest source of foreign currency.

    While Cuba grapples with an unprecedented economic and tourism crisis, the Dominican Republic is experiencing a boom that has positioned it as the primary beneficiary of the regional shift. The country has secured its status as the Caribbean’s top tourist destination, posting consecutive years of record visitor arrivals and pursuing an aggressive growth strategy backed by upgraded airport infrastructure, expanded global air connectivity, macroeconomic stability, and clear, investor-friendly legal protections.

    Against this favorable backdrop, both Meliá and Iberostar have doubled down on their Dominican investments, making the country a core pillar of their broader Caribbean and Latin American strategic plans. Meliá now manages one of the largest hotel portfolios in the Dominican Republic, with a footprint across all of the country’s top tourist markets: Punta Cana, Bávaro, Miches, and Puerto Plata. The firm has developed some of the East Coast’s most iconic luxury resorts and continues to expand its offering of high-end and premium travel experiences for international visitors.

    For its part, Iberostar holds a strong market position across Punta Cana, Playa Bavaro, Puerto Plata, and Bayahibe, where it has built its strategy around sustainable tourism practices, industry-leading service quality, and high-value-added visitor experiences that draw millions of international tourists each year.

  • BTIA President Efrén Pérez Ratified for Second Term Atop Regional Tourism Federation

    BTIA President Efrén Pérez Ratified for Second Term Atop Regional Tourism Federation

    In a significant development for Central America and the Caribbean tourism sector, Efrén Pérez, current president of the Belize Tourism Industry Association, has secured unanimous approval to serve a second consecutive term as president of the Federation of Tourism Chambers of Central America and the Dominican Republic (FEDECATUR). The official ratification was announced during the III Ibero-American Forum on Sustainable Tourism, Innovation, and Development, a high-profile industry gathering hosted in San Pedro Sula, Honduras that drew hundreds of stakeholders including tourism leaders, public sector representatives, global intergovernmental body delegates, and private sector executives from across the Ibero-American region.

    FEDECATUR’s Board of Directors highlighted the key achievements of Pérez’s first term to justify their unanimous decision to re-appoint him. During his initial mandate, Pérez spearheaded meaningful progress in institutional strengthening for the regional federation, and advanced a cohesive regional policy agenda focused on three core pillars: cross-market tourism integration, environmentally sustainable tourism practices, and industry innovation through new technologies and business models.

    Speaking after the confirmation, Pérez framed the renewed mandate as a collective vote of confidence in the shared vision of a more connected, competitive, and fully integrated tourism economy across Central America and the Dominican Republic. “Our ongoing commitment remains centered on amplifying the voice of the private tourism sector across the region, and building a strategic, constructive partnership with regional governments,” Pérez stated. “Together, our goal is to drive inclusive economic growth, expand quality job opportunities, and deliver long-term prosperity for local communities that depend on tourism.”

    For his second term, FEDECATUR has already laid out a clear policy roadmap. Key priorities include expanding and deepening public-private sector dialogue on regional tourism challenges, upgrading air and land transportation connectivity across member states, lowering regulatory barriers that hinder cross-border visitor mobility, and embedding sustainable development as a non-negotiable core pillar of all regional tourism policy. The federation also plans to strengthen collaborative ties with international tourism bodies and multilateral institutions to access funding, technical expertise, and global market opportunities for member stakeholders.

    As the leading representative body for the organized private tourism sector across eight nations, FEDECATUR counts Belize, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, and the Dominican Republic among its core membership. The organization works to align industry priorities, advocate for policy reforms that benefit regional tourism, and position Central America and the Dominican Republic as a cohesive, competitive global tourism destination.

  • Caribbean strategic advisors and PROVEN Wealth Barbados form regional investment partnership

    Caribbean strategic advisors and PROVEN Wealth Barbados form regional investment partnership

    Two leading Caribbean financial players have joined forces to unlock new investment pathways and expand capital access for growing businesses and development initiatives across Barbados and the broader Caribbean region. Caribbean Strategic Advisors Inc. (CSA) and PROVEN Wealth (Barbados) Limited (PWB) announced their new strategic partnership in a joint press release, outlining a shared vision to address the region’s existing gap between available capital and unmet financing demand.

    The collaboration merges the unique strengths of both organizations to create a comprehensive, end-to-end investment platform. CSA brings deep expertise in transaction sourcing, strategic business consulting, and custom capital structuring, while PWB contributes fully regulated investment services spanning securities trading, brokerage, personalized investment advising, and professional wealth management. This complementary skill set is designed to address every stage of the investment process, from initial project identification to final capital deployment.

    Through the new alliance, the two firms aim to build a unified regional investment platform that channels both individual and institutional capital into high-impact sectors. Key focus areas will include infrastructure development, the global energy transition, private sector expansion, and other industries that drive sustainable long-term economic growth across the Caribbean.

    Industry observers note that the timing of the partnership responds to a unique market dynamic in the region: Barbados and many neighboring Caribbean nations hold substantial levels of domestic savings and institutional liquidity, yet local businesses and large-scale infrastructure projects continue to face challenges accessing the growth capital they need to scale. The alliance is structured to complement existing funding sources by proactively identifying, structuring, and facilitating investment opportunities that appeal to both domestic and cross-regional investors.

    Oliver Jordan, Co-Founder and Managing Director of CSA, emphasized that the partnership fills a critical gap in the regional investment ecosystem. “Mobilising capital at scale requires three capabilities working in concert: disciplined transaction origination, sound structuring, and regulated distribution. The CSA–PROVEN alliance brings those elements together within a single platform — positioning us to deliver institutional-grade opportunities to Barbadian and Caribbean investors, and meaningful long-term capital to Caribbean enterprises,” Jordan explained.

    Garfield Sinclair, Chairman of PWB, echoed this sentiment, noting that the combined expertise and resources of the two firms will strengthen the region’s entire investment landscape. “We believe there is a significant opportunity to strengthen the regional investment ecosystem by combining origination capability, regulated market access, and execution capacity within a coordinated platform. The alliance reflects a shared commitment to expanding investment participation and supporting long-term economic growth across the Caribbean,” Sinclair said.

    Beyond immediate investment activity, the partnership is aligned with Barbados’ broader national goal of solidifying its status as a leading regional hub for investment structuring, large-scale institutional capital mobilization, and financing for the economy’s productive sectors. Across the wider Caribbean, the initiative is expected to support inclusive economic development by deepening regional capital markets and expanding access to high-quality investment opportunities for both investors and enterprises.

    The announcement of the alliance comes as Barbados’ domestic capital markets are experiencing a notable uptick in activity. It follows CSA’s recent role as sole financial advisor for the public share offering of Roberts Manufacturing Company Limited, a landmark deal that marked the first domestic public equity offering launched in Barbados in several years.

  • COMMENTARY: The Cost of Money in the ECCU

    COMMENTARY: The Cost of Money in the ECCU

    For small open economies bound together in a monetary union like the Eastern Caribbean Currency Union (ECCU), the dynamics of money go far beyond simple transactions and cash holdings. Every aspect of the currency system, from interest rate setting to currency stability, carries a tangible cost that shapes the daily lives of citizens, the growth trajectory of local businesses, and the fiscal space of member governments. To understand these costs, we must first examine the structural foundations that underpin the ECCU: a long-standing currency board arrangement pegged to the U.S. dollar, which has delivered decades of exchange rate stability but also imposes unique tradeoffs that are often overlooked in mainstream policy discussions.

    One of the most immediate costs of money for ECCU residents is the cost of borrowing. Across the union, commercial interest rates remain significantly higher than those available in larger advanced economies, even with the currency peg locking in low exchange rate risk. This gap stems from multiple factors: small domestic financial markets that lack depth, higher perceived risk of default in small island economies, and rigidities in the regulatory environment that limit competition among lending institutions. For small and medium-sized enterprises (SMEs) that form the backbone of the ECCU’s tourism-dependent and service-based economy, these elevated borrowing costs often mean abandoned expansion plans, missed opportunities to innovate, and a persistent gap in job creation that holds back inclusive growth. For individual households, high lending rates translate into less access to affordable mortgages, consumer loans for education or healthcare, and greater financial vulnerability when economic shocks hit.

    Beyond borrowing costs, the ECCU’s currency framework carries another significant cost: the requirement to hold large foreign reserve buffers to maintain the U.S. dollar peg. The Eastern Caribbean Central Bank (ECCB) is required to keep a high percentage of the monetary base backed by foreign reserve assets to guarantee full convertibility at the fixed exchange rate. While this reserve requirement is critical to maintaining market confidence and the peg’s credibility, it also represents an opportunity cost. Those reserves could otherwise be deployed to finance domestic infrastructure projects, social programs, or green transition investments that would deliver long-term economic and social benefits to member states. For small island nations already facing tight fiscal constraints and growing costs from climate change adaptation, this locked-up capital represents a substantial ongoing burden that cannot be ignored.

    Inflation, too, imposes a silent cost of money across the ECCU. In recent years, global inflationary pressures driven by supply chain disruptions, rising energy and food prices, and post-pandemic demand shifts have spilled over into the ECCU, eroding the purchasing power of household incomes and savings. Because the ECCU imports nearly all of its essential goods, it is disproportionately exposed to global price swings, meaning inflation hits lower-income households the hardest, as they spend a larger share of their income on basic necessities. This erosion of purchasing power is a hidden but persistent cost that reduces living standards across the union, even when nominal wages remain stagnant.

    Looking ahead, the evolving global financial landscape is creating new cost dynamics for the ECCU. As major central banks around the world raised interest rates to combat inflation in recent years, the ECCB has had to follow suit to maintain the attractiveness of the Eastern Caribbean dollar and protect reserve levels, passing on higher global borrowing costs to domestic borrowers. At the same time, the rise of digital payment technologies and crypto assets presents both opportunities to reduce transaction costs and new risks that require costly regulatory and infrastructure upgrades to protect consumers and financial stability.

    Addressing the cumulative cost of money in the ECCU will require targeted policy reforms that preserve the core benefits of the existing currency arrangement while easing its burdens on households and businesses. Proposals to deepen regional financial integration, increase competition in the banking sector, and unlock capital for domestic investment are all critical steps to reduce borrowing and opportunity costs. Investing in digital financial infrastructure can also lower transaction costs for cross-border remittances and daily commerce, bringing greater financial inclusion to unbanked and underbanked populations across the region. Ultimately, confronting the cost of money is not just a technical monetary policy issue—it is a core priority for boosting shared prosperity and building more resilient economies across the Eastern Caribbean.

  • Antigua and Barbuda Faces Aging Population Trend as Median Age Hits 35.5

    Antigua and Barbuda Faces Aging Population Trend as Median Age Hits 35.5

    Demographic age structure stands as one of the most powerful determinants of a country’s long-term economic health, influencing everything from labor market capacity to the sustainability of public social programs and the composition of domestic consumer demand. For the Caribbean Community (CARICOM), a 15-member regional bloc, new 2023 demographic estimates from the United Nations Department of Economic and Social Affairs’ World Population Prospects 2024 reveal a stark split in median ages, creating vastly different economic challenges and opportunities across member states.

    At one end of the spectrum, four CARICOM economies retain relatively young demographic profiles, with median ages falling below the global median of 30 years. Haiti, the bloc’s youngest nation, records a median age of just 23.5 years, followed by Guyana at 25.6, Belize at 25.9, and Suriname at 28.1. Persistently higher birth rates in these countries, most notably Haiti and Guyana, have kept populations young even as fertility rates decline across most of the broader region. For these young economies, the central economic challenge is creating enough quality formal employment to absorb a rapidly expanding cohort of working-age people, a hurdle that will define growth and social stability for decades to come.

    On the opposite end of the demographic spectrum, 11 CARICOM member states have already surpassed the global median age, with three nations leading the older end of the distribution. Montserrat, the bloc’s oldest territory, has a median age of 41.5 years, followed closely by Barbados at 38.9 and Trinidad and Tobago at 36.7. This aging trend has been driven by two long-term demographic shifts: decades of falling fertility rates that have reduced the number of young people entering the population, and sustained emigration of working-age residents that shrinks the labor pool over time. For these aging economies, the growing strain is felt acutely in public finance: as the working-age population contracts, the share of older residents relying on public pension systems and healthcare services grows, stretching government budgets and forcing difficult policy trade-offs.

    Between the two clear tiers of young and aging member states, eight nations fall in a middle demographic range, with median ages clustering between 31 and 36 years. Recent regional fertility data suggests this demographic split will shift in the coming decades, with an increasing number of CARICOM economies moving from the young, growing cohort group into the aging, shrinking labor force group over time.

    This analysis was published by CARISTATS, a free regional statistical and analysis platform. The outlet has called for voluntary reader support, noting that users can pledge a future subscription to endorse its work, with no charges incurred until payment systems are formally activated.

  • Disgruntled Former BEL Workers Take Fight to National Assembly

    Disgruntled Former BEL Workers Take Fight to National Assembly

    After months of unaddressed grievances and stalled negotiations, a group of disgruntled former employees of Belize Electricity Limited (BEL) has escalated its campaign for owed severance pay by demonstrating on the steps of Belize’s National Assembly. Organized under the banner Belize Energy Workers for Justice, the group says it has exhausted all lower-level avenues to resolve the dispute—holding public protests, meeting with government officials, staging press conferences, and protesting directly at BEL headquarters—yet has been met with continued inaction.

    The core of the workers’ demand is straightforward: they are seeking the same severance compensation that was awarded to former employees of Belize Telemedia Limited (BTL) following a binding court ruling. According to the group, BEL has rejected this comparison, arguing that the BTL ruling does not apply to its former workers, and is now preparing to bring the dispute before the High Court to seek declaratory confirmation of its position.

    In addition to demanding immediate payment of their owed severance, the workers are calling for leadership changes at the top of BEL, specifically the removal of newly appointed company chairman Lynn Young.

    Dorla Staine, a representative of Belize Energy Workers for Justice, spoke on behalf of the group during the National Assembly demonstration, outlining the urgency of the workers’ situation. “We have already exhausted every channel,” Staine explained. “We met with the responsible minister, who publicly expressed support and promised to bring our case before Cabinet and the Attorney General for review. But even as we wait, BEL is moving forward with new court action over a matter that has already been ruled on. We came here today to appeal directly to the Prime Minister, as the nation’s top leader, to intervene on behalf of elderly workers who gave decades of service to Belize.”

    Staine pushed back against BEL’s claim that the BTL severance precedent does not apply, noting that unlike BTL workers, the former BEL employees’ severance pay is not already incorporated into their existing pension benefits—a key distinction BEL has refused to acknowledge. She also emphasized that the years-long legal process has already taken a devastating toll on the group of mostly elderly former workers. “This legal battle already dragged on for five years: the Marin Group first filed the case in 2020, and the ruling was only issued in 2025,” Staine said. “Many of our members do not have five more years to wait. We have already lost colleagues to death, others are hospitalized, and many more are struggling with poor health just to get by each day.”

    As the dispute heads toward a new round of High Court litigation, the former workers warn that time is running out for many of their members, and are pressing elected and corporate leaders to intervene before more workers pass away without ever receiving the compensation they are owed.

  • BermudAir Charts New Route from North Carolina to Belize

    BermudAir Charts New Route from North Carolina to Belize

    As the global travel and tourism sector continues to adjust to post-pandemic market shifts, a new air connectivity development is poised to expand access to one of Central America’s most popular tropical getaway destinations. Caribbean-based premium carrier BermudAir has publicly announced plans to launch a new twice-weekly nonstop seasonal route connecting Raleigh-Durham International Airport in North Carolina to Belize, with service scheduled to debut in December 2026. The route is tailored specifically to meet high seasonal demand from North American travelers seeking to escape frigid winter temperatures, with flights operating from December 20 through May 2 of each travel season.

  • New Flights to Belize? Government in Talks with BermudAir

    New Flights to Belize? Government in Talks with BermudAir

    Against a backdrop of widespread operational contraction across the global aviation sector, the Central American nation of Belize is actively pursuing expanded air connectivity through ongoing negotiations with niche premium carrier BermudAir, Belize’s Ministry of Tourism confirmed recently.

    Tourism Minister Anthony Mahler publicly acknowledged that discussions between the government and the Bermuda-based airline have been progressing for several months, with early conversations even exploring the possibility of custom-branded aircraft bearing a Belizean national identity. According to Mahler, BermudAir’s leadership views Belize as an ideal strategic addition to its route network, aligning perfectly with the carrier’s premium-focused business model that caters to leisure and high-value travelers.

    Mahler outlined that the talks have covered potential new routes originating from multiple points across the United States, Guatemala, and an additional undisclosed market. He noted that BermudAir made the ongoing negotiations public earlier than the Belizean side had planned, as the government still required additional time to review the carrier’s full proposal and formal demands. Despite the premature announcement, Mahler stressed that the airline remains fully committed to forging a partnership with Belize.

    The minister emphasized that while the government is encouraged by BermudAir’s strong interest, all discussions remain in the preliminary stage, and no binding contractual agreement has been reached to date.

    This development emerges at a moment of upheaval for the global airline industry, with major carriers pulling capacity and cutting underperforming routes to adjust to shifting demand and rising operational costs. Just in Belize’s existing market, two major U.S. carriers – Spirit Airlines and JetBlue – have already withdrawn all their routes serving the country, while American Airlines has scaled back its domestic flight operations within Belize.

    Mahler openly acknowledged the difficult operating environment facing the global aviation sector, but framed the current shifts as a natural cycle of change for Belize’s air connectivity. “These are trying times for the entire industry… You lose some, and you gain some. I believe another airline will increase its capacity to Belize,” he said, projecting cautious optimism about the future of the country’s aviation market.

    Beyond negotiations with BermudAir, Mahler added that the Belizean government is also holding parallel discussions with existing carriers that already serve the country. Those talks are focused on adding new service from additional U.S. cities, with at least four to five potential new routes currently being evaluated for viability.

  • $290,000 Grant Given for Businesses Affected by Sargassum

    $290,000 Grant Given for Businesses Affected by Sargassum

    Coastal communities across Belize are grappling with a worsening crisis of proliferating sargassum seaweed washing up on their popular shorelines, prompting the national government to roll out new targeted interventions: a six-figure grant for affected private businesses and specialized new machinery to ramp up cleanup operations.

    Announced in an official statement from the country’s National Sargassum Task Force, the multi-pronged response comes as invasive sargassum accumulates at persistent high levels across several of Belize’s most tourism-reliant coastal zones. Co-chaired by the Ministry of Blue Economy and Marine Conservation and the Ministry of Tourism, the task force has prioritized response efforts for the hardest-hit regions, which include key tourist destinations: Ambergris Caye, Caye Caulker, Hopkins, Seine Bight, and Placencia.

    To boost the efficiency of on-ground cleanup, the task force has acquired purpose-built new equipment, specifically a Barber Beach Rake and a New Holland tractor. These heavy-duty tools are scheduled to be deployed first in Placencia, a popular coastal community that has struggled with ongoing, large-scale sargassum buildup on its beaches.

    Placencia Village Chairman Warren Garbutt recognized the coordinated response while acknowledging the long-term complexity of the sargassum issue. “We do realise there is no one fixed solution to this problem and stand ready to work together to find effective and efficient ways to improve the quality of our beaches and visitors’ experience,” Garbutt said.

    Beyond expanded cleanup infrastructure, the government is delivering direct economic support to businesses that have suffered financial losses from the seaweed invasion. The Belize Fund for a Sustainable Future has approved a BZ$290,000 grant that will be distributed to impacted private sector businesses throughout June. The Belize Tourism Board is also contributing to local response efforts, providing municipalities with dedicated funding for cleanup operations and running field trials of new sargassum removal technology across affected coastal areas.

    The ongoing intervention reflects the Belizean government’s continued commitment to addressing the sargassum crisis, which threatens both the country’s critical tourism sector and the ecological health of its coastal marine ecosystems, which are core to the nation’s blue economy strategy.