With an economy heavily dependent on international trade, - which represents 83% 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 2020 Guyana mainly exported petroleum oils (39.4%), gold (21.6%), rice (9.2%), containers (9%), and medicaments (3.7%), while main imports included light-vessels (17.1%), petroleum oils (15%), cement (4.8%), tubes and pipes (3.7%), and machinery parts (2.8%), among other products. According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 16.1% in 2021 and is expected to increase by 53.2% in 2022, while the volume of imports of goods and services increased by an estimated 7.1% in 2021 and is expected to decrease by 12.2% in 2022.
Guyana's main trade partners are the United States, Trinidad and Tobago, Canada,China, Jamaica, the United Arab Emirates, 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.
According to the last available data, imports of goods reached USD 2 billion in 2020, while exports totalled USD 2,5 billion. As a services, the country imported USD 1,2 billion and exported USD 251 million over that same period. Guyana's systemic trade deficit 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.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 1,644 | 2,410 | 4,040 | 2,073 | 4,376 |
Exports of Goods (million USD) | 1,437 | 1,377 | 1,567 | 2,587 | 4,356 |
Imports of Services (million USD) | 481 | 1,027 | 1,411 | 1,234 | 0 |
Exports of Services (million USD) | 133 | 157 | 225 | 251 | 0 |
Trade Balance (million USD) | 11 | -710 | -2,043 | 635 | 655 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
United States | 42.0% |
Singapore | 16.5% |
United Arab Emirates | 6.9% |
United Kingdom | 6.9% |
Canada | 6.6% |
See More Countries | 21.2% |
Main Suppliers (% of Imports) |
2021 |
---|---|
Singapore | 40.1% |
United States | 19.8% |
Trinidad and Tobago | 8.0% |
China | 6.7% |
Japan | 2.6% |
See More Countries | 22.7% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
0.2 bn USD of services exported in 2019 | |
---|---|
72.82% | |
11.39% | |
Personal travelPersonal travel | 11.39% |
6.02% | |
5.34% | |
2.77% | |
1.06% | |
0.44% | |
0.15% |
1.4 bn USD of services imported in 2019 | |
---|---|
61.38% | |
30.41% | |
3.30% | |
Personal travelPersonal travel | 3.30% |
2.14% | |
1.32% | |
0.88% | |
0.30% | |
0.26% |
Source: United Nations Statistics Division, Latest Available Data
Member of Free Trade Area of Americas (FTAA)
Member of Association of Caribbean States (ACS)
Member of Organization of American States (OAS)
Member of Free Trade Area of Americas (FTAA)
Member of Association of Caribbean States (ACS)
Member of Organization of American States (OAS)
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: February 2023