• GDP: US$1.77 billion (2004 estimate).
• Main exports: Sugar, citrus and banana.
• Main imports: Foodstuffs, machinery and transport equipment.
• Main trade partners: USA, UK, Thailand and Mexico.

Agriculture is the most important economic sector – the main products are citrus fruit, bananas and sugar cane. Timber is also important, especially mahogany and other tropical hardwoods. Fishing and livestock are being developed. The fastest-growing area of the Belize economy has been the service sector, particularly ‘offshore’ activities, including the lightly regulated banking sector and a ‘flag of convenience’ shipping register. However, these have started to cause political difficulties for the Belizean government. In June 2000, Belize was identified by the Organisation for Economic Cooperation and Development (OECD) – the world’s 30 wealthiest economies – as one of 35 ‘tax havens’ whose financial laws are believed to encourage large-scale tax evasion and money laundering. The government has since taken measures to meet the OECD’s demands. Tourism, fuelled by foreign investment, has also expanded in recent years, although not at the rate the government had originally hoped – net tourist expenditure in Belize is approximately US$100 million annually. Industry is dominated by the processing of agricultural products (for example, the production of rum from sugar) and light industries such as textiles. The country has no natural energy resources, although the search for oil reserves continues both on- and offshore and hydroelectric projects are underway. The USA is the largest single trading partner, providing half of all imports and taking about 60 per cent of Belizean exports. Belize is a member of CARICOM, the Caribbean economic community, and provides some transit facilities for trade to and from other countries in the region. Belize is a significant recipient of overseas aid from Britain, the EU and North America. Recently, things have been looking up for the Belize economy. The unemployment rate dropped to 11.6 per cent in 2004. GDP growth in 2004/2005 was estimated at 4.2 per cent. Tourism is proving strong for Belize, plus there has been pleasing performances in agricultural and construction sectors. However, due to borrowing funds from other counties (predominantly the USA) on less-than-favourable terms, the crucial fixed exchange rate (Bz$2 to US$1) looks increasingly under pressure.

Lightweight, tropical suits are often worn. Appointments should be made and calling 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: (22) 73148 or 70668.
Website: www.belize.org

Belize Trade & Investment Development Service (BELTRAIDE)
14 Orchid Garden Street, Belmopan City, Cayo, Belize
Tel: (8) 222 832.
Website: www.belizeinvest.org.bz

Ministry of Tourism, Investment and Culture (Information on Conferences/Conventions)
14 Constitution Drive, Belmopan, Belize
Tel: (8) 223 393/4.
E-mail: tourismdpt@btl.net