Guinea: Trade Profile
Guinea is open to foreign trade, which accounted for 90% of its GDP in 2020 (World Bank). About 98% of exports are mining products and the country has become the world’s third-largest producer of bauxite. Gold and diamonds are among the main exports; whereas imports are led by machinery, vehicles, rice, iron, plastics, mineral oils, ships and medicines (ITC, 2020).
The main destinations of Guinea’s exports are the UAE, China, India, Switzerland and Belgium. On the other hand, the country’s imports come from China, India, the UAE, the Netherlands and France (OEC, 2020). 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 (the average rate is 12.6%), but Guinea continues to work to make its economy more open by reducing other non-tariff barriers. Yet, nepotism, corruption, unskilled labour, lack of transparency in duties and other taxes’ payment are all factors that undermine trade growth. Following the September 2021 coup, the country is at risk of economic sanctions. In November, the United States already suspended the country's eligibility for African Growth and Opportunity Act (AGOA) programme.
The country has a structural trade deficit. In 2020, merchandise exports increased to USD 5.6 billion, whereas merchandise imports decreased to USD 3.37 billion. Nevertheless, Guinea is a net service importer, with USD 1 billion in imports and only USD 40 million in exports in 2020 (WTO). Exports of goods and services increased by 186% in 2020, whereas imports decreased by 18% (World Bank). Trade deficit is expected to narrow in 2022 due to increased gold and bauxite exports, combined with reduced need for capital goods imports following the completion of the Souapiti project (Coface).
| Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 2,151 | 3,484 | 3,386 | 3,470 | 3,374 |
| Exports of Goods (million USD) | 1,839 | 4,594 | 3,978 | 3,945 | 5,595 |
| Imports of Services (million USD) | n/a | 755 | 797 | 850 | 1,011 |
| Exports of Services (million USD) | n/a | 52 | 101 | 95 | 40 |
| Imports of Goods and Services (Annual % Change) | 71 | -18 | -6 | -4 | -18 |
| Exports of Goods and Services (Annual % Change) | 38 | 79 | -0 | -16 | 186 |
| Trade Balance (million USD) | -2,015 | 1,111 | 592 | 475 | n/a |
| Foreign Trade (in % of GDP) | 112 | 101 | 89 | 72 | 90 |
| Imports of Goods and Services (in % of GDP) | 82 | 57 | 49 | 42 | 37 |
| Exports of Goods and Services (in % of GDP) | 29 | 45 | 40 | 30 | 53 |
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 2019 | |
|---|---|
| 65.16% | |
| 14.65% | |
| 12.11% | |
| Business travelBusiness travel | 11.87% |
| Personal travelPersonal travel | 0.24% |
| 4.71% | |
| 2.01% | |
| 1.34% | |
| 0.03% | |
| 0.8 bn USD of services imported in 2019 | |
|---|---|
| 51.51% | |
| 19.79% | |
| 9.35% | |
| 6.64% | |
| 6.20% | |
| 6.10% | |
| 0.36% | |
| Business travelBusiness travel | 0.38% |
| 0.06% | |
| n/a% | |
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: October 2022
