flag Suriname Suriname: Trade Profile

Foreign Trade in Figures

Suriname is highly dependent on foreign trade, which represents 102% of the country's GDP. Suriname's heavy reliance on the extractive sector (over three quarters of Suriname's exports) render its trade especially vulnerable to global commodity prices. The country's main exports include gold (78.4%), wood (5%), refined petroleum (3.8%), frozen fish (1.9%), and rolled tobacco (1.7%), while imports include motor vehicles (18.2%), refined petroleum (7.7%), rolled tobacco (1.4%), iron products (1.4%), and plastic pipes (1.3%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by an estimated 6.8% in 2021 and is expected to increase by 4.1% in 2022, while the volume of imports of goods and services decreased by an estimated 7.3% in 2021 and is expected to decrease by 7.6% in 2022.

Suriname's main trade partners include Switzerland, the United Arab Emirates, the United States, the Netherlands, China, Belgium, Trinidad and Tobago, and Japan. The country is a member of the WTO, CARICOM, and CARIFORUM, and has trade agreements with Brazil, Venezuela, and Costa Rica. Customs duties and non-tariff barriers are moderate at a 10.8% average applied tariff. The implementation of a new investment code and legislation on the protection of intellectual property are factors that encourage the development of trade. Nevertheless, inadequate technical capabilities and the State interference in the country’s economy limit trade. The trade licensing system is also outdated and extremely time-consuming. The banana industry has been revamped, but import tax reforms established by the European Union tend to favour Ecuador's and Colombia's banana exports over Suriname's.

Unlike many countries in the region, Suriname had a trade surplus of USD 1 billion in 2020, as exports of goods closed at USD 2.3 billion and imports trailed at USD 1.3 billion. Additionally, over the last five years, exports have been consistently increasing, while imports have been decreasing - a trade that is expected to continue in the coming years. Concerning the trade of services, Suriname is a net importer: exports amounted to USD 97 million in 2020, while imports were equal to USD 559 billion.

 
Foreign Trade Indicators 20162017201820192020
Imports of Goods (million USD) 1,2101,3631,4861,7021,329
Exports of Goods (million USD) 1,2802,0352,0702,1272,345
Imports of Services (million USD) 565513664807559
Exports of Services (million USD) 16513416315297
Trade Balance (million USD) 238774662532n/a
Foreign Trade (in % of GDP) 9395107105102
Imports of Goods and Services (in % of GDP) 5047525637
Exports of Goods and Services (in % of GDP) 4448555064

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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To go further, check out our service Import Export Flows

 
 

Main Services

0.1 bn USD of services exported in 2020
38.68%
27.70%
14.80%
7.88%
5.40%
2.28%
1.69%
0.84%
0.68%
0.04%
0.5 bn USD of services imported in 2020
53.54%
17.66%
11.54%
4.10%
3.91%
3.84%
2.90%
1.03%
0.84%
0.65%

Source: United Nations Statistics Division, Latest Available Data

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List of tariffs and local taxes that apply to your product on our service Customs duties

 

Trade Compliance

International Conventions
Member of World Trade Organisation
International Economic Cooperation
Member of CARICOM - Caribbean Community

Member of FTAA - Free Trade Area of the Americas

Useful Resources
National Organisation of Intellectual Property
You can contact the Intellectual Property Office by Email.
 
 
 

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Latest Update: September 2022