Guyana: Perfil comercial

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	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 Partner Countries

Main Customers (% of Exports)	2022
United States	34.4%
Trinidad and Tobago	25.9%
Singapore	10.2%
Barbados	6.3%
United Arab Emirates	6.1%
United Kingdom	5.7%
Spain	3.8%
Jamaica	2.0%
China	1.5%
Venezuela	0.7%
Germany	0.5%
Portugal	0.4%
Saint Lucia	0.3%
Canada	0.3%
Netherlands	0.3%
France	0.2%
Italy	0.2%
Suriname	0.2%
Poland	0.1%
Dominican Republic	0.1%
See More Countries	17.2%

Main Suppliers (% of Imports)	2022
Bahamas	59.6%
United States	14.3%
Trinidad and Tobago	4.9%
China	4.0%
Japan	1.9%
Suriname	1.6%
United Kingdom	1.1%
Türkiye	0.9%
Br. Virgin Isds	0.9%
Netherlands	0.8%
India	0.7%
Brazil	0.7%
Italy	0.6%
Panama	0.6%
Mexico	0.5%
Dominican Republic	0.4%
Colombia	0.4%
Hong Kong SAR, China	0.4%
Canada	0.4%
South Korea	0.4%
See More Countries	15.3%

Source: Comtrade, Latest Available Data

Main Products

7.9 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude	54.4%
Containers, incl. containers for the transport of...Containers, incl. containers for the transport of fluids, specially designed and equipped for carriage by one or more modes of transport	29.9%
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	4.8%
RiceRice	2.6%
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships)	2.1%
Aluminium ores and concentratesAluminium ores and concentrates	1.3%
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)	0.8%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	0.7%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	0.6%
Wood sawn or chipped lengthwise, sliced or peeled,...Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm	0.4%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.3%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	0.3%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form	0.2%
Fish, fit for human consumption, dried, salted or...Fish, fit for human consumption, dried, salted or in brine; smoked fish, fit for human consumption, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption	0.1%
See More Products	6.2%

8.6 bn USD of products imported in 2022
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships)	59.8%
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	12.4%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers	1.3%
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	1.1%
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)	1.0%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab	0.8%
Tubes, pipes and hollow profiles, seamless, of...Tubes, pipes and hollow profiles, seamless, of iron or steel (excl. products of cast iron)	0.8%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns", of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel (excl. prefabricated buildings of heading 9406)	0.6%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured	0.5%
Waters, incl. mineral waters and aerated waters,...Waters, incl. mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured, and other non-alcoholic beverages (excl. fruit or vegetable juices and milk)	0.5%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.4%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	0.4%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled or cold-rolled "cold-reduced", clad, plated or coated	0.4%
Milk and cream, concentrated or containing added...Milk and cream, concentrated or containing added sugar or other sweetening matter	0.3%
Bread, pastry, cakes, biscuits and other bakers'...Bread, pastry, cakes, biscuits and other bakers' wares, whether or not containing cocoa; communion wafers, empty cachets of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products	0.3%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528)	0.3%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons	0.3%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg)	0.3%
Wheat and meslinWheat and meslin	0.3%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils)	0.3%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	0.3%
Other bars and rods of alloy steel other than...Other bars and rods of alloy steel other than stainless, angles, shapes and sections of alloy steel other than stainless, n.e.s.; hollow drill bars and rods, of alloy or non-alloy steel	0.3%
Maize or cornMaize or corn	0.3%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors	0.2%
Tractors (other than tractors of heading 8709)Tractors (other than tractors of heading 8709)	0.2%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers	0.2%
Flours and meals of oil seeds or oleaginous fruits...Flours and meals of oil seeds or oleaginous fruits (excl. mustard)	0.2%
Organic surface-active agents (excl. soap);...Organic surface-active agents (excl. soap); surface-active preparations, washing preparations, incl. auxiliary washing preparations, and cleaning preparations, whether or not containing soap (excl. those of heading 3401)	0.2%
Carboys, bottles, flasks, jars, pots, phials,...Carboys, bottles, flasks, jars, pots, phials, ampoules and other containers, of glass, of a kind used for the conveyance or packing of goods, preserving jars, stoppers, lids and other closures, of glass (excl. glass envelopes and containers, with vacuum insulation, perfume atomizers, flasks, bottles etc. for atomizers)	0.2%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	0.2%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.2%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s.	0.2%
Toilet paper and similar paper, cellulose wadding...Toilet paper and similar paper, cellulose wadding or webs of cellulose fibres, of a kind used for household or sanitary purposes, in rolls of a width <= 36 cm, or cut to size or shape; handkerchiefs, cleansing tissues, towels, tablecloths, serviettes, bedsheets and similar household, sanitary or hospital articles, articles of apparel and clothing accessories, of paper pulp, paper, cellulose wadding or webs of cellulose fibres	0.2%
Angles, shapes and sections of iron or non-alloy...Angles, shapes and sections of iron or non-alloy steel, n.e.s.	0.2%
Motorcycles, incl. mopeds, and cycles fitted with...Motorcycles, incl. mopeds, and cycles fitted with an auxiliary motor, with or without side-cars; side-cars	0.2%
Pumps for liquids, whether or not fitted with a...Pumps for liquids, whether or not fitted with a measuring device (excl. ceramic pumps and secretion aspirating pumps for medical use and medical pumps carried on or implanted in the body); liquid elevators (excl. pumps); parts thereof	0.2%
Machinery for sorting, screening, separating,...Machinery for sorting, screening, separating, washing, crushing, grinding, mixing or kneading earth, stone, ores or other mineral substances, in solid, incl. powder or paste, form; machinery for agglomerating, shaping or moulding solid mineral fuels, ceramic paste, unhardened cements, plastering materials or other mineral products in powder or paste form; machines for forming foundry moulds of sand; parts thereof	0.2%
Centrifuges, incl. centrifugal dryers (excl. those...Centrifuges, incl. centrifugal dryers (excl. those for isotope separation); filtering or purifying machinery and apparatus, for liquids or gases; parts thereof (excl. artificial kidneys)	0.2%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture)	0.2%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with internal combustion piston engine of heading 8407 or 8408	0.2%
Pebbles, gravel, broken or crushed stone, for...Pebbles, gravel, broken or crushed stone, for concrete aggregates, for road metalling or for railway ballast, shingle and flint, whether or not heat-treated; macadam of slag, dross or similar industrial waste, whether or not incorporating the materials cited in the first part of the heading; tarred macadam; granules, chippings and powder, of stones of heading 2515 and 2516, whether or not heat-treated	0.2%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.2%
Sauce and preparations therefor; mixed condiments...Sauce and preparations therefor; mixed condiments and mixed seasonings; mustard flour and meal, whether or not prepared, and mustard	0.2%
Machines and mechanical appliances having...Machines and mechanical appliances having individual functions, not specified or included elsewhere in this chapter; parts thereof	0.1%
Special purpose motor vehicles (other than those...Special purpose motor vehicles (other than those principally designed for the transport of persons or goods), e.g. breakdown lorries, crane lorries, fire fighting vehicles, concrete-mixer lorries, road sweeper lorries, spraying lorries, mobile workshops and mobile radiological units	0.1%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber	0.1%
Polymers of vinyl chloride or of other halogenated...Polymers of vinyl chloride or of other halogenated olefins, in primary forms	0.1%
Food preparations, n.e.s.Food preparations, n.e.s.	0.1%
Cheese and curdCheese and curd	0.1%
Unglazed ceramic flags and paving, hearth or wall...Unglazed ceramic flags and paving, hearth or wall tiles; unglazed ceramic mosaic cubes and the like, whether or not on a backing (excl. of siliceous fossil meals or similar siliceous earths, refractory ceramic goods, tiles specially adapted as table mats, ornamental articles and tiles specifically manufactured for stoves)	0.1%
Mixtures of odoriferous substances and mixtures,...Mixtures of odoriferous substances and mixtures, incl. alcoholic solutions, based on one or more of these substances, of a kind used as raw materials in industry; other preparations based on odoriferous substances, of a kind used for the manufacture of beverages	0.1%
Prepared foods obtained by the swelling or...Prepared foods obtained by the swelling or roasting of cereals or cereal products, e.g. corn flakes; cereals (other than maize "corn") in grain form or in the form of flakes or other worked grains (except flour, groats and meal), pre-cooked or otherwise prepared, n.e.s.	0.1%
Motor vehicles for the transport of >= 10 persons,...Motor vehicles for the transport of >= 10 persons, incl. driver	0.1%
Birds' eggs, in shell, fresh, preserved or cookedBirds' eggs, in shell, fresh, preserved or cooked	0.1%
Air conditioning machines comprising a...Air conditioning machines comprising a motor-driven fan and elements for changing the temperature and humidity, incl. those machines in which the humidity cannot be separately regulated; parts thereof	0.1%
Air or vacuum pumps (excl. gas compound elevators...Air or vacuum pumps (excl. gas compound elevators and pneumatic elevators and conveyors); air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; parts thereof	0.1%
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg	0.1%
Malt extract; food preparations of flour, groats,...Malt extract; food preparations of flour, groats, meal, starch or malt extract, not containing cocoa or containing < 40% by weight of cocoa calculated on a totally defatted basis, n.e.s.; food preparations of milk, cream, butter milk, sour milk, sour cream, whey, yogurt, kephir, and similar goods of heading 0401 to 0404, not containing cocoa or containing < 5% by weight of cocoa calculated on a totally defatted basis, n.e.s.	0.1%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus	0.1%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	0.1%
Articles of plastics and articles of other...Articles of plastics and articles of other materials of heading 3901 to 3914, n.e.s.	0.1%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s.	0.1%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their fractions, partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, whether or not refined, but not further prepared	0.1%
Molasses resulting from the extraction or refining...Molasses resulting from the extraction or refining of sugar	0.1%
Sanitary towels (pads) and tampons, napkins and...Sanitary towels (pads) and tampons, napkins and napkin liners for babies, and similar articles, of any material	0.1%
Diagnostic or laboratory reagents on a backing,...Diagnostic or laboratory reagents on a backing, prepared diagnostic or laboratory reagents whether or not on a backing, and certified reference materials (excl. compound diagnostic reagents designed to be administered to the patient, blood-grouping reagents, animal blood prepared for therapeutic, prophylactic or diagnostic uses and vaccines, toxins, cultures of micro-organisms and similar products)	0.1%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled, not clad, plated or coated	0.1%
Electrical transformers, static converters, e.g....Electrical transformers, static converters, e.g. rectifiers, and inductors; parts thereof	0.1%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.1%
Beer made from maltBeer made from malt	0.1%
See More Products	24.4%

Source: Comtrade, Latest Available Data

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Main Services

0.2 bn USD of services exported in 2019
Other business servicesOther business services	72.82%
TravelTravel +	11.39%
Personal travelPersonal travel	11.39%
Financial servicesFinancial services	6.02%
Government servicesGovernment services	5.34%
Insurance servicesInsurance services	2.77%
TransportationTransportation	1.06%
Royalties and license feesRoyalties and license fees	0.44%
Computer and information servicesComputer and information services	0.15%

1.4 bn USD of services imported in 2019
Other business servicesOther business services	61.38%
TransportationTransportation	30.41%
TravelTravel +	3.30%
Personal travelPersonal travel	3.30%
Insurance servicesInsurance services	2.14%
Financial servicesFinancial services	1.32%
Computer and information servicesComputer and information services	0.88%
Government servicesGovernment services	0.30%
Royalties and license feesRoyalties and license fees	0.26%

Source: United Nations Statistics Division, Latest Available Data

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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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