With an economy heavily dependent on international trade, 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 national Bureau of Statistics, in 2023, exports were led by petroleum products, which accounted for 88.2% of total exports. Other items included raw gold (6.1%), rice (1.6%), and bauxite (0.6%). On the other hand, imports were led by ships and boats (30.8%), fuel & lubricants (19.1%), civil engineering and contractors' plant and equipment (machinery - 4.7%), articles of iron or steel (4.3%), and motor cars (2.6%).
Guyana's main import partners in 2023 were Singapore (26.9%), Trinidad & Tobago (20.7%), the United States (15.2%), China (9.2%), and Brazil (3%). The top three trading partners for exports for January to December 2023 were Singapore, United States of America, and the Kingdom of the Netherlands (data from the Bureau of Statistics). The country, which has been a member of the WTO since 1995, has low customs duties and moderate non-tariff barriers. In addition, 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.
Guyana used to have a systemic trade deficit due to its dependence on imports of fuel, manufactured products, and machinery. However, the trend reversed since the country started exporting petroleum products. According to preliminary data from the Bureau of Statistics, domestic exports for January to December 2023 totaled USD 12,965.1 million, representing a 15.5% increase over the corresponding period in 2022; whereas imports totaled USD 6,623.1 million (+83.5% year-on-year). Guyana remains a net service importer (USD 3,869 million in exports vs. USD 219 million in exports in 2022 – WTO, latest data available).
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 4,040 | 2,250 | 4,376 | 3,640 | 6,478 |
Exports of Goods (million USD) | 1,567 | 2,590 | 4,356 | 11,299 | 13,059 |
Imports of Services (million USD) | 1,415 | 1,801 | 2,910 | 3,863 | 0 |
Exports of Services (million USD) | 238 | 209 | 285 | 237 | 0 |
Trade Balance (million USD) | -2,043 | 635 | 655 | n/a | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
Trinidad and Tobago | 17.6% |
United States | 16.5% |
Singapore | 15.2% |
Netherlands | 9.3% |
United Kingdom | 7.7% |
See More Countries | 33.7% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 30.2% |
China | 12.3% |
Trinidad and Tobago | 12.0% |
Bahamas | 4.5% |
United Kingdom | 4.3% |
See More Countries | 36.7% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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0.3 bn USD of services exported in 2021 | |
---|---|
46.03% | |
21.82% | |
10.85% | |
9.18% | |
Personal travelPersonal travel | 9.18% |
OtherOther | 84.21% |
6.61% | |
4.70% | |
0.81% | |
0.01% |
2.9 bn USD of services imported in 2021 | |
---|---|
54.71% | |
23.23% | |
15.46% | |
2.55% | |
2.02% | |
Personal travelPersonal travel | 1.95% |
OtherOther | 74.75% |
Business travelBusiness travel | 0.07% |
1.00% | |
0.84% | |
0.10% | |
0.08% |
Source: United Nations Statistics Division, Latest Available Data
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Member of Free Trade Area of Americas (FTAA)
Member of Association of Caribbean States (ACS)
Member of Organization of American States (OAS)
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Latest Update: May 2024