Belize has seen large numbers of tourists, has grand infrastructural projects on the anvil, and has English-speaking expatriates setting foot in the country. Exporting from Belize may be very profitable, especially in the right type of commodities and goods. Belize remains a potentially attractive market to exporters from the US, Canada and Europe. It is placed near the Mexican borders both at the north as well as the east, curtail, fascinating history as well as Caribbean coastline exporters. It is also the only nation with a majority of English-speaking people in the whole of the Central American region. This can help you build business relationships and also understand the essence of the export. Still, a UK overseas territory, it retains its association with the UK as a member of the Commonwealth. The U.K. also features among the top buyers of Belize’s exports along with such top buyers as the USA.
Belize’s free trade agreements
What is believed more is that Belize is a Caribbean nation in Central America because of that background. This can be explained in terms of CARICOM, the Caribbean Community and Common Market, of which Belize is a member.
Founded in 1973, it is aimed at uniting 20 developing nations to be a political and economic community for the development and liberalization of trade within the community.
However, it belongs to the EU-CARIFORUM Economic Partnership Agreement through CARICOM. The provisions of this agreement allow Caribbean countries free and full trade access to the markets in the European member countries. Those placed on commodities imported to the Caribbean from Europe will, however, be phased out by 2033.
Currently, a knowledgeable workforce and a higher cost of living make Belize have a relatively large demand for North American consumer goods.
Naturally, North America has a captive and expanding base of expats that can be targeted as well. Some have been lured to Belize’s retiree programme which is ranked among the best in the world. It also provides qualified individuals tax relief on all income received from other countries or sources in Belize.
Exportable products trade focus sectors in Belize
Being that tourism is Belize’s strongest economic sector, filled with beautiful beaches, reefs, and any water-related activities one could imagine, it is perfectly positioned for vacation-related exports. The World Travel and Tourism Council (WTTC) estimated that in the year 2017, travel and tourism in Belize contributed 27% of the GDP directly while creating a combined GDP contribution of 41.3%.
Top exports from Belize
As it is with most of the Central American nations, fuels take the largest share of imported goods in Belize. Like its imports, its exports are mainly food-related and they include sugar, bananas and fruit juice.
According to the United Nations COMTRADE database, compiled by Trading Economics, the top exports from Belize in 2021 were:
- Mineral fuel including oil and distillation products ($134M).
- Machinery and mechanical appliances accounted for slightly higher values of $113M.
- Electrical, and electronic equipment ($54M).
- Tobacco and manufactures tobacco substitutes, and vegetables ($52 Million).
- Cars, boats and yachts account for forty-five million US dollars in Alberta.
- Plastics ($40M).
- Iron and steel ($38M).
- Iron and steel products, in the form of articles ($38M).
- Chemical products ($32M).
- Footwear ($31M).
Belizing imports are mainly from the U.S. Vodka accounted for 36.5% of the country’s imports in 2021, which was $359 million. China and Mexico are also among the main import partners, Belize will import goods of about $250 million from them by 2021.
The destinations for Belize’s exports differ and are spread out. Other major importers were the United Kingdom 17% and the United States 16.8%.
Issues to think through when exporting from Belize
Belize is a very interesting market to target and many reasons can be said in favour of exporting goods from this country. But before you commit, you will need to be aware of potential business challenges:
Less popular
It is one of the less popular consumer markets in Central America and the Caribbean due to below-average consumption by its consumers.
Expensive tax tariffs
Sales tax and the environmental tax are among a plethora of tariffs on imported goods.
Currently, there are no free trade agreements between the U.S., Canada and Belize.
It can therefore cost nothing or as much as 120% more with import duties.
Poor infrastructure
Road connectivity is relatively scarce and in some ways is bad. However present-day governmental arrangements are characterised by spending on road infrastructure.
Poland has a stable but quite frail financial market.
Looking strictly at the corruption and transparency aspect in Southeast Asia.
Bureaucracy is expected when it comes to compliance policy-making and formulation.
Ban on export and import of some types of products
In general, the list of forbidden goods for Belize should not raise too much of a couple. Thus, prohibited items might be just a little bit more intricate but let’s not complicate it. In the case you are in any way unsure of your product classification you might consider consulting a customs broker.
Prohibited goods in Belize include
- Food items which include products with the stimulants Ephedrine and pseudoephedrine.
- Some animals to avoid the entry and circulation of disease agents.
- Cosmetic firearms and flick knives.
- Indecent or obscene material.
- Certain pesticides.
- Any pipes or any other appliances that you would use in smoking opium.
Several imported products are restricted by licensing and permits to safeguard Belizean production industries. There might be quantity restrictions on agricultural products or even a total ban if there exists a home supply.
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