flag Guinea Guinea: Trade Profile

Foreign Trade in Figures

Guinea is open to foreign trade, which accounted for 90% of its GDP in 2020 (World Bank). 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, 2020).

The main destinations of Guinea’s exports are the UAE, China, India, Switzerland and Belgium. On the other hand, the country’s imports come from China, India, the UAE, the Netherlands and France (OEC, 2020). 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 (the average rate is 12.6%), but Guinea continues to work to make its economy more open by reducing other non-tariff barriers. Yet, nepotism, corruption, unskilled labour, lack of transparency in duties and other taxes’ payment 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.

The country has a structural trade deficit. In 2020, merchandise exports increased to USD 5.6 billion, whereas merchandise imports decreased to USD 3.37 billion. Nevertheless, Guinea is a net service importer, with USD 1 billion in imports and only USD 40 million in exports in 2020 (WTO). Exports of goods and services increased by 186% in 2020, whereas imports decreased by 18% (World Bank). Trade deficit is expected to narrow in 2022 due to increased gold and bauxite exports, combined with reduced need for capital goods imports following the completion of the Souapiti project (Coface).

 
Foreign Trade Indicators 20162017201820192020
Imports of Goods (million USD) 2,1513,4843,3863,4703,374
Exports of Goods (million USD) 1,8394,5943,9783,9455,595
Imports of Services (million USD) n/a7557978501,011
Exports of Services (million USD) n/a521019540
Imports of Goods and Services (Annual % Change) 71-18-6-4-18
Exports of Goods and Services (Annual % Change) 3879-0-16186
Trade Balance (million USD) -2,0151,111592475n/a
Foreign Trade (in % of GDP) 112101897290
Imports of Goods and Services (in % of GDP) 8257494237
Exports of Goods and Services (in % of GDP) 2945403053

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

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

To go further, check out our service Import Export Flows

 

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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
Party of the International Coffee Agreement 2007
International Economic Cooperation
Member of the African Union

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.

Useful Resources
The national customs website
National Organisation of Intellectual Property
You can contact the National Service of Industrial Property by Email.
 
 
 

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Latest Update: May 2022

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