Suriname: Trade Profile
Suriname is highly dependent on foreign trade, which represents 91% of the country's GDP (World Bank, latest data available). The country’s heavy reliance on the extractive sector (over three quarters of Suriname's exports) renders its trade especially vulnerable to global commodity prices. The country's main exports include gold (69%), refined petroleum (9.5%), excavation machinery (4%), rough wood (2.7%), and rolled tobacco (1.3%); whereas imports are led by refined petroleum (10.2%), excavation machinery (4.0%), cars (3.0%), rolled tobacco (2.7%), and delivery trucks (2.5% - data OEC 2022).
Suriname's main import partners include the United States (24.9%), China (14.8%), Netherlands (12.8%), Trinidad and Tobago (5.5%), and Japan (3%), with exports being directed mainly towards Switzerland (39.1%), the United Arab Emirates (20.7%), Belgium (10.3%), Guyana (5.4%), and Trinidad and Tobago (4.3% - data OEC 2022). The country is a member of the WTO, CARICOM, and CARIFORUM, and has trade agreements with Brazil, Venezuela, and Costa Rica. However, inadequate technical capabilities and the State's interference in the country’s economy limit trade. The trade licensing system is also outdated and extremely time-consuming.
Unlike many countries in the region, Suriname generally runs a merchandise trade surplus. According to the WTO, the country exported USD 2.5 billion worth of goods in 2022, vis-à-vis USD 1.8 billion in imports (+12.5% and +30.5% year-on-year, respectively). Concerning services, exports stood at USD 143 million, much lower than imports (USD 640 million).
| Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 1,711 | 1,533 | 1,381 | 1,803 | 1,822 |
| Exports of Goods (million USD) | 2,155 | 2,193 | 2,291 | 2,579 | 2,498 |
| Imports of Services (million USD) | 815 | 563 | 538 | 640 | 633 |
| Exports of Services (million USD) | 157 | 103 | 96 | 143 | 172 |
| Trade Balance (million USD) | 532 | 1,061 | 865 | 755 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
To go further, check out our service Import-Export Flows
| 0.2 bn USD of services exported in 2022 | |
|---|---|
| 41.14% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 35.92% |
| Merchanting and other trade-related...Merchanting and other trade-related services | 5.22% |
| 22.36% | |
| Sea transportSea transport | 12.31% |
| OtherOther | 7.19% |
| FreightFreight | 5.12% |
| Air transportAir transport | 10.05% |
| OtherOther | 5.45% |
| PassengerPassenger | 3.98% |
| FreightFreight | 0.63% |
| 17.47% | |
| Personal travelPersonal travel | 14.94% |
| OtherOther | 14.94% |
| Business travelBusiness travel | 2.53% |
| OtherOther | 2.53% |
| 10.09% | |
| Telecommunications servicesTelecommunications services | 10.09% |
| 2.94% | |
| 2.90% | |
| 1.23% | |
| Construction in the compiling...Construction in the compiling economy | 1.23% |
| 0.93% | |
| 0.91% | |
| 0.02% | |
| Franchises and similar rightsFranchises and similar rights | 0.02% |
| 0.02% | |
| Other personal, cultural, and...Other personal, cultural, and recreational services | 0.02% |
| 0.6 bn USD of services imported in 2022 | |
|---|---|
| 42.09% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 42.09% |
| 26.39% | |
| Sea transportSea transport | 23.72% |
| FreightFreight | 23.46% |
| OtherOther | 0.25% |
| Air transportAir transport | 2.67% |
| FreightFreight | 1.90% |
| OtherOther | 0.43% |
| PassengerPassenger | 0.34% |
| 15.49% | |
| Personal travelPersonal travel | 13.17% |
| OtherOther | 13.17% |
| Business travelBusiness travel | 2.32% |
| OtherOther | 2.32% |
| 3.97% | |
| 3.91% | |
| 2.82% | |
| Construction in the compiling...Construction in the compiling economy | 2.82% |
| 2.65% | |
| Telecommunications servicesTelecommunications services | 2.65% |
| 1.15% | |
| Franchises and similar rightsFranchises and similar rights | 1.15% |
| 0.97% | |
| 0.52% | |
| 0.04% | |
| Other personal, cultural, and...Other personal, cultural, and recreational services | 0.04% |
Source: United Nations Statistics Division, Latest Available Data
Member of FTAA - Free Trade Area of the Americas
Member of FTAA - Free Trade Area of the Americas
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Latest Update: May 2024
