Trade Profile

flag Guinea Guinea: Trade Profile

Foreign Trade in Figures

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 20182019202020212022
Imports of Goods (million USD) 3,3863,4703,7274,1874,679
Exports of Goods (million USD) 3,9783,9458,93110,2397,650
Imports of Services (million USD) 7988502,5861,166906
Exports of Services (million USD) 101956527146
Imports of Goods and Services (Annual % Change) -6-4-765-3
Exports of Goods and Services (Annual % Change) -07-939-3
Trade Balance (million USD) 5924755,2046,0523,910
Foreign Trade (in % of GDP) 8978115106107
Imports of Goods and Services (in % of GDP) 4943686364
Exports of Goods and Services (in % of GDP) 4035474344

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Services

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of the African Union

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.

Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
14.24%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
Party to the International Coffee Agreement
International Economic Cooperation
Member of the African Union

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.

Useful Resources
The national customs website
 
 
 

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Latest Update: May 2024