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Trade Data

Guyana's trade data highlights its reliance on key exports like gold, bauxite, rice, and timber, with major trading partners including the United States, Canada, and the UK. Imports mainly consist of machinery, fuel, and foodstuffs.

Recent oil discoveries are reshaping its trade dynamics, potentially boosting GDP and foreign investments. However, infrastructure challenges and the need for economic diversification remain critical.

Trade policies, including regional agreements like CARICOM, play a significant role. Data from the Bank of Guyana and international organizations offer insights into these trade trends and their impact on the economy.

In 2024, imports including cost, insurance and freight (CIF) totaled USD $6.8 Billion. The top imports included fuel and lubricants, articles of iron and steel, machinery and equipment, pipes and valves, and vehicles including those for goods and special services and passenger vehicles. Some of the top countries which Guyana imported these items from included the USA, Trinidad & Tobago, China and Brazil.

In 2024, exports totaled US 19.8 billion (FOB). The top exports included crude oil, raw gold, rice, bauxite, and fish, where 91% of Guyanese exports came from crude oil. It is imperative that Guyana seeks to diversify and industrialize in order to shift the percentage of exports to other sectors. Some of the main destinations included the United Kingdom, Netherlands, Panama and the United States.

In the past year, Guyana experienced mixed price movements across key commodities due to external market factors. Sugar prices declined by 13.1% to US$0.45 per kg, while rice prices rose by 6.3% to US$588.4 per metric tonne. Log prices fell by 7.4% to US$196.7 per cubic metre, whereas aluminium prices increased by 7.2% to US$2,419 per metric tonne, driven by strong global demand. Gold prices surged by 22.9% to US$2,387 per troy ounce, reflecting geopolitical uncertainty. Meanwhile, oil prices contracted by 2.3% to US$80.7 per barrel, primarily due to slowing global demand, particularly in China.

This year, the merchandise trade balance (or export vs import balance) is projected to be US$ 10.8 billion, with non-oil exports projected to expand by 20.7% to US$ 2.2 billion. Export earnings from crude oil are expected to decline by 2.1% to US$ 17.6 billion due to expected lower prices.

Total imports payments are expected to increase by 32.3% to US$ 9 billion in 2025, mainly due to the arrival of the One Guyana FPSO in the second half of 2025.