Guinea: Trade Profile
Guinea is open to foreign trade, which accounts for 132% of its GDP (World Bank, latest data available). About 98% of exports are mining products and the country has become the world’s third-largest producer of bauxite. Gold and diamonds are among the main exports; whereas imports are led by machinery, vehicles, rice, iron, plastics, mineral oils, ships and medicines (ITC, 2021).
The three main destinations of Guinea’s exports are India (33.8%), China (27.4%), and the UAE (25.3%), followed by Switzerland (2.4%), and Spain (1.9%). On the other hand, the country’s imports come mainly from China (39.6%), India (10.9%), the UAE (4.5%), Belgium (4.4%), and Turkey (4.1% - ITC, 2021). The country is a member of both WTO and ECOWAS and is in the process of an economic partnership with the EU as an ACP country. Customs duties are relatively high, but Guinea continues to work to make its economy more open by reducing other non-tariff barriers. Yet, nepotism, corruption, unskilled labour, and lack of transparency in duties and other taxes payments are all factors that undermine trade growth. Following the September 2021 coup, the country is at risk of economic sanctions. In November, the United States already suspended the country's eligibility for African Growth and Opportunity Act (AGOA) programme and the ECOWAS suspended Guinea’s membership.
The country has a structural trade deficit; nevertheless, in 2021 the trend reversed as merchandise exports almost doubled to USD 10.4 billion (from USD 5.6 billion one year earlier) thanks to increased gold and bauxite exports, combined with reduced need for capital goods imports following the completion of the Souapiti project; whereas merchandise imports stood at USD 4 billion (+21.3% y-o-y). Concerning services, Guinea is a net importer with USD 1.1 billion in imports and only USD 27 million in exports in 2021 (WTO). Although official figures for 2022 are not available at the time of publishing, minerals exports increased over the year (especially bauxite) and the country’s trade balance is expected to remain positive.
| Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 3,386 | 3,470 | 3,727 | 4,187 | 4,679 |
| Exports of Goods (million USD) | 3,978 | 3,945 | 8,931 | 10,239 | 7,650 |
| Imports of Services (million USD) | 798 | 850 | 2,586 | 1,166 | 906 |
| Exports of Services (million USD) | 101 | 95 | 65 | 27 | 146 |
| Imports of Goods and Services (Annual % Change) | -6 | -4 | -7 | 65 | -3 |
| Exports of Goods and Services (Annual % Change) | -0 | 7 | -9 | 39 | -3 |
| Trade Balance (million USD) | 592 | 475 | 5,204 | 6,052 | 3,910 |
| Foreign Trade (in % of GDP) | 89 | 78 | 115 | 106 | 107 |
| Imports of Goods and Services (in % of GDP) | 49 | 43 | 68 | 63 | 64 |
| Exports of Goods and Services (in % of GDP) | 40 | 35 | 47 | 43 | 44 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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| 0.1 bn USD of services exported in 2022 | |
|---|---|
| 40.58% | |
| 31.71% | |
| 10.02% | |
| Business travelBusiness travel | 10.02% |
| 8.17% | |
| 6.41% | |
| 3.08% | |
| 0.03% | |
| 0.9 bn USD of services imported in 2022 | |
|---|---|
| 62.97% | |
| 10.24% | |
| 7.95% | |
| 7.23% | |
| 6.64% | |
| 4.84% | |
| 0.06% | |
| 0.05% | |
| 0.01% | |
| Personal travelPersonal travel | 0.01% |
| OtherOther | 37.02% |
Source: United Nations Statistics Division, Latest Available Data
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Member of the Economic Community of West African States (ECOWAS)
Member of the ‘Mano River Union’ which aims to form a Customs union bringing together Guinea, Sierra Leone and Liberia.
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Latest Update: December 2023
