Trade Profile

flag Guyana Guyana: Trade Profile

Foreign Trade in Figures

With an economy heavily dependent on international trade, - which represents 79% of the country's GDP - the government of Guyana actively pursues multilateral trade agreements and ways to increase the competitiveness of its products. However, obstacles to investments and trade include inadequate infrastructure, high production costs and regulatory constraints. According to the latest available data, in 2021, Guyana mainly exported petroleum oils (69.1%), gold (13.1%), rice (4.9%), containers (4.2%), and aluminium ores and concentrates (1.9%), while main imports included light-vessels (39.9%), petroleum oils (14.2%), motor vehicles (3.2%), self-propelled bulldozers (1.9%), and cement (1%), among other products. According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 102.3% in 2022 and is expected to increase by 32.8% in 2023, while the volume of imports of goods and services increased by an estimated 6.8% in 2022 and is expected to decrease by 10.5% in 2023.

Guyana's main trade partners are the United States, Singapore, Trinidad and Tobago, the United Arab Emirates, the United Kingdom, China, Canada, and Japan. Government openness to foreign investment is above average. Guyana has trade agreements with the European Community, Costa Rica, the Dominican Republic, Brazil, Colombia, Venezuela, and the UK. The country, which has been a member of the WTO since 1995, has low customs duties (the average applied tariff rate is 6.7%) and moderate non-tariff barriers. In addition, the goods coming from CARICOM are duty free. However, high duties (up to 100%) are imposed on certain products such as agricultural products, alcohol and tobacco. Banking remains inefficient and the financial regulatory framework is poor. High credit costs and scarce access to financing remain barriers to more dynamic trade. Discovery of oil in Guyana - a medium-light crude closer to Middle East than U.S. grades - promises wealth, but poses challenges often faced by new oil states: corruption and nepotism.

Guyana has a systemic trade deficit that is mainly due to the country's low exports of its vast natural resources, and its dependence on imports of fuel, manufactured products and machinery. Nevertheless, the country has recorded positive trade balances in the past couple of years. According to the last available data, Guyana's trade balance totalled USD 655 million in 2021. That year, imports of goods reached USD 4,3 billion, while exports totalled USD 4,3 billion. As a services, the country imported USD 1,2 billion and exported USD 251 million in 2020, according to the last available data.

 
Foreign Trade Indicators 20182019202020212022
Imports of Goods (million USD) 2,4104,0402,2504,3763,617
Exports of Goods (million USD) 1,3391,5672,5904,35611,299
Imports of Services (million USD) 1,1331,4151,8012,9103,869
Exports of Services (million USD) 198238209285219
Trade Balance (million USD) -710-2,043635655n/a

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

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Main Partner Countries

Main Customers
(% of Exports)
2022
Panama 25.9%
Netherlands 14.7%
Italy 11.8%
United States 9.2%
United Kingdom 7.3%
See More Countries 31.2%
Main Suppliers
(% of Imports)
2022
Trinidad and Tobago 29.7%
United States 25.3%
China 9.9%
Suriname 5.2%
Japan 4.6%
See More Countries 25.3%

Source: Comtrade, Latest Available Data

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Main Products

22.6 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 87.3%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 7.3%
RiceRice 1.7%
Aluminium ores and concentratesAluminium ores and concentrates 0.9%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages) 0.5%
See More Products 2.1%
3.6 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 34.7%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers 3.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.4%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof 2.1%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.0%
See More Products 55.8%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

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 Caribbean Community (CARICOM)

Member of Free Trade Area of Americas (FTAA)

Member of Association of Caribbean States (ACS)

Member of Organization of American States (OAS)

Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
11.62%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Caribbean Community (CARICOM)

Member of Free Trade Area of Americas (FTAA)

Member of Association of Caribbean States (ACS)

Member of Organization of American States (OAS)

Useful Resources
Guyana Revenue Authority
 
 
 

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Latest Update: November 2023