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Foreign Trade in Figures

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 20192020202120222023
Imports of Goods (million USD) 4,0402,2504,3763,6406,478
Exports of Goods (million USD) 1,5672,5904,35611,29913,059
Imports of Services (million USD) 1,4151,8012,9103,8630
Exports of Services (million USD) 2382092852370
Trade Balance (million USD) -2,043635655n/an/a

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

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Main Partner Countries

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

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Main Products

22.6 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 87.3%
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 7.3%
RiceRice 1.7%
Aluminium ores and concentratesAluminium ores and concentrates 0.9%
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) 0.5%
See More Products 2.1%
3.6 bn USD of products imported in 2022
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 34.7%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers 3.1%
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) 2.4%
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 2.1%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.0%
See More Products 55.8%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import controls and Export Controls

To go further, check out our service Import-Export Flows

 
 

Main Services

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 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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Latest Update: May 2024