The Statistical Institute of Belize has released a sobering update on the country's external trade for March 2026, revealing a massive widening of the trade deficit.
In March alone, Belize's total merchandise imports skyrocketed to $321.4 million, a staggering 38.7% increase compared to the same month last year. Meanwhile, domestic exports plummeted to just $25.1 million, representing an 18.7% decline from March 2025.
The data for the first quarter of 2026 paints an even more dire picture: Total Imports are at $807.1 million - up 16.5% from 2025 - while Total Exports are at $65.4 million, down 9.1% from 2025. So, for the first quarter the Trade Deficit is Approximately $741.7 million. If that trend continues, it would work out 3 billion dollars for the year.
While the country is spending more to bring goods in, its primary sector earnings are shrinking. For the first three months of the year, several major commodities reported significant earnings losses. Sugar registered the largest decline, falling by $3.2 million to a total of $6.7 million. SIB attributes this to weaker export performance and lower market prices. And for Cattle, Formal exports dropped by $1.6 million as volumes decreased.
It's worth noting that the trade balance in Belize is often subject to heavy seasonality. The first quarter typically captures the early stages of the sugar crop and citrus harvests, which may see bulk shipments and higher revenues in later months.
However, the current data shows that even when compared to the same period last year, these exports are underperforming.
