Belize Travel Guide - Business

• GDP: US$1.08 billion (2005).
• Main exports: Sugar, citrus concentrate, banana and fish.
• Main imports: Food, consumer goods, building materials, vehicles and machinery.
• Main trade partners: USA, EU, CARICOM and Mexico.

Agriculture is Belize’s principal economic sector – cane sugar accounts for almost half the country’s exports, while the banana industry is the country’s biggest employer, although the latter is threatened by a new EU import regime. Citrus fruit production and exports of seafood have increased in the past few years.

The tourism industry also plays an important part in Belize’s economy. Overnight tourists increased by 3% in 2005, a more moderate rise than in previous years however.

Belize registered annual growth of 3.1% in 2005, while inflation increased slightly to 3.7%. Unemployment dropped from 11.6% to 11%.

In 2006, the economy was predicted to grow by 2 to 3%, with inflation expected to increase to 4.5%. Exports are forecast to do well as sugar and citrus earnings rise. Additionally, Belize Natural Energy has confirmed the discovery of 50 million barrels of sweet crude oil; only now have technological developments made oil extraction viable.

Lightweight suits are often worn. Appointments should be made and business cards are acceptable. October to March are the best months for visits.

Office hours: Mon-Fri 0800-1200 and 1300-1700. Some businesses are open Saturdays.

Belize Chamber of Commerce and Industry
PO Box 291, 63 Regent Street, Belize City, Belize
Tel: 227 3148 or 0668.
Website: www.belize.org

Belize Trade & Investment Development Service (Beltraide)
14 Orchid Garden Street, Belmopan, Belize
Tel: 822 3737.
Website: www.belizeinvest.org.bz