Guinea: Trade Profile
Guinea is open to foreign trade, which accounts for 132% of its GDP (World Bank, latest data available). About 95% of exports are mining products, and the country has become the world’s third-largest producer of bauxite. Gold and aluminum ores are among the main exports; whereas imports are led by refined petroleum, rice, wheat, rolled tobacco, motorcycles, and cycles (ITC, 2022).
The three main destinations of Guinea’s exports are China (36.9%), India (26.8%), and the UAE (25%), followed by Switzerland (3.3%) and Spain (2%). On the other hand, the country’s imports come mainly from China (37.4%), India (9.7%), the UAE (4.1%), the Netherlands (7.7%), and Belgium (3.8% - ITC, 2021). The country is a member of both WTO and ECOWAS and is in the process of an economic partnership with the EU as an ACP country. Customs duties are relatively high, but Guinea continues to work to make its economy more open by reducing other non-tariff barriers. Yet, nepotism, corruption, unskilled labor, and lack of transparency in duties and other tax payments are all factors that undermine trade growth.
The country had a structural trade deficit; nevertheless, in recent years, the trend reversed: in 2022, merchandise exports reached USD 7.6 billion thanks to increased gold and bauxite exports, whereas imports stood at USD 4.6 billion. Concerning services, Guinea is a net importer with USD 906 million in imports and USD 146 million in exports in 2022 (data WTO). According to Reuters, Guinea's bauxite production and exports increased for the third consecutive year in 2023 (+24.5%), as production reached 123 million tonnes (+19% y-o-y).
| Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 3,470 | 3,727 | 4,187 | 4,843 | 4,696 |
| Exports of Goods (million USD) | 3,945 | 8,931 | 10,239 | 8,753 | 9,636 |
| Imports of Services (million USD) | 850 | 2,586 | 1,166 | 906 | 2,554 |
| Exports of Services (million USD) | 95 | 65 | 27 | 146 | 155 |
| Imports of Goods and Services (Annual % Change) | -2 | 74 | -4 | -13 | 16 |
| Exports of Goods and Services (Annual % Change) | -2 | 53 | 30 | -5 | 8 |
| Trade Balance (million USD) | 475 | 5,204 | 6,052 | 3,910 | 6,783 |
| Foreign Trade (in % of GDP) | 78 | 116 | 115 | 94 | 91 |
| Imports of Goods and Services (in % of GDP) | 43 | 69 | 59 | 49 | 49 |
| Exports of Goods and Services (in % of GDP) | 35 | 47 | 56 | 45 | 42 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
To go further, check out our service Import-Export Flows
| 0.1 bn USD of services exported in 2022 | |
|---|---|
| 40.58% | |
| 31.71% | |
| 10.02% | |
| Business travelBusiness travel | 10.02% |
| 8.17% | |
| 6.41% | |
| 3.08% | |
| 0.03% | |
| 0.9 bn USD of services imported in 2022 | |
|---|---|
| 62.97% | |
| 10.24% | |
| 7.95% | |
| 7.23% | |
| 6.64% | |
| 4.84% | |
| 0.06% | |
| 0.05% | |
| 0.01% | |
| Personal travelPersonal travel | 0.01% |
| OtherOther | 37.02% |
Source: United Nations Statistics Division, Latest Available Data
Member of the Economic Community of West African States (ECOWAS)
Member of the ‘Mano River Union’ which aims to form a Customs union bringing together Guinea, Sierra Leone and Liberia.
Member of the Economic Community of West African States (ECOWAS)
Member of the ‘Mano River Union’ which aims to form a Customs union bringing together Guinea, Sierra Leone and Liberia.
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Latest Update: May 2024
