The flora of Belize is highly diverse by regional standards, given the country's small geographical extent. Situated on the Caribbean coast of northern Central America the flora and vegetation have been intimately intertwined with Belize's history. The nation itself grew out of British timber extraction activities from the 17th century onwards, at first for logwood ("Haematoxylum campechianum") and later for mahogany ("Swietenia macrophylla"), fondly called "red gold" because of its high cost and was much sought after by European aristocracy. Central America generally is thought to have gained much of it characteristic flora during the "Great American interchange" during which time South American elements migrated north after the geological closure of the isthmus of Panama. Few Amazonian elements penetrate as far north as Belize and in species composition the forests of Belize are most similar to the forests of the Petén (Guatemala) and the Yucatán (Mexico).