flag Guyana Guyana: Trade Profile

Foreign Trade in Figures

With an economy heavily dependent on international trade, - which represents 83% 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 2020 Guyana mainly exported petroleum oils (39.4%), gold (21.6%), rice (9.2%), containers (9%), and medicaments (3.7%), while main imports included light-vessels (17.1%), petroleum oils (15%), cement (4.8%), tubes and pipes (3.7%), and machinery parts (2.8%), among other products. According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 16.1% in 2021 and is expected to increase by 53.2% in 2022, while the volume of imports of goods and services increased by an estimated 7.1% in 2021 and is expected to decrease by 12.2% in 2022.

Guyana's main trade partners are the United States, Trinidad and Tobago, Canada,China, Jamaica, the United Arab Emirates, 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.

According to the last available data, imports of goods reached USD 2 billion in 2020, while exports totalled USD 2,5 billion. As a services, the country imported USD 1,2 billion and exported USD 251 million over that same period. Guyana's systemic trade deficit 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.

 
Foreign Trade Indicators 20162017201820192020
Imports of Goods (million USD) 1,4471,6442,4104,0402,073
Exports of Goods (million USD) 1,4411,4371,3771,5672,587
Imports of Services (million USD) n/a4811,0271,4111,234
Exports of Services (million USD) n/a133157225251
Trade Balance (million USD) 9411-710-1,022n/a

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

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Main Partner Countries

Main Customers
(% of Exports)
2021
United States 42.0%
Singapore 16.5%
United Arab Emirates 6.9%
United Kingdom 6.9%
Canada 6.6%
See More Countries 21.2%
Main Suppliers
(% of Imports)
2021
Singapore 40.1%
United States 19.8%
Trinidad and Tobago 8.0%
China 6.7%
Japan 2.6%
See More Countries 22.7%

Source: Comtrade, Latest Available Data

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Main Products

4.3 bn USD of products exported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 69.1%
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 13.1%
RiceRice 4.9%
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 4.2%
Aluminium ores and concentratesAluminium ores and concentrates 1.9%
See More Products 6.9%
4.2 bn USD of products imported in 2021
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) 39.9%
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 14.2%
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) 2.0%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers 1.9%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 1.2%
See More Products 40.8%

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 World Trade Organisation
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: October 2022

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