Belize Economics and Business

Business

Abbreviated as BLZ by abbreviationfinder.org, Belize is considered by the World Bank as a medium-income country. The country is dependent on foreign aid for its investments and, through favorable conditions, seeks to attract foreign capital to the business community.

Belize GDP (Nominal, $USD) 2003-2017

In 2006, foreign companies began extracting oil off the coast of the country and oil exports now account for one-third of export revenues.

Of the total area, only a few percent are agricultural land, but the industry accounts for 25 percent of exports. The main products are sugar and citrus fruits. For export, for example, bananas and cocoa are grown, while maize, rice and beans go to local consumption. Hurricanes in 2007 and 2010 as well as major floods in 2008 hit the country’s agricultural industry hard. Belize is forest rich (44 percent of the country is covered by forest), but timber (primarily mahogany), which was previously the country’s dominant export product, now accounts for 2 percent of exports. On the other hand, fishing is of great importance for both domestic consumption and export (lobster).

The industry, which is underdeveloped, is focused on processing products from the arable industries, such as sugar, fruit (including juice concentrate), timber and fish. These products, together with clothing and oil, also constitute the majority of the country’s exports. The much larger imports consist of industrial products, fuel and food. The largest trading partners are the United States and the United Kingdom. Like many of its neighboring countries, Belize is investing in developing the tourism industry.

  • COUNTRYAAH: Find major trading partners of Belize, including major exports and major imports with latest trade value and market share as well as growth rate.

Tourism

In order to increase the inflow of foreign currency, the government has sought to develop the tourism industry. The number of foreign visitors has risen sharply, but the number is still quite modest from an international perspective; Every year, about 250,000 tourists and about 600,000 cruise visitors come to the country. Foremost are tourists from the United States. Belize has fine beaches, the world’s second largest coral reef and many small islands (cays). Furthermore, there are interesting remains from the Maya civilization. You want to invest heavily in ecotourism. in connection with the country’s nature reserve.

Note: the capital city of Belize is Belmopan with a population of 13,400 (estimate 2020). Other major cities include Belize City with a population of 61 500, San Ignacio / Santa Elena with a population of 16 800 (2020 estimate).

Belize Economics and Business

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