Guyana Trade

Subchapters:

  • Business Relationships
  • Foreign direct investment
  • FTAs ​​and Treaties
  • Development Cooperation
  • Prospective fields of study (MOP)

Business relations

Trade relations with the EU

The framework for the EU’s trade relations with Guyana is the EU-CARIFORUM Economic Partnership Agreement, concluded in 2008. The agreement goes further than a normal free trade agreement. In essence, it is a broad-spectrum partnership putting trade at the service of development. The agreement is asymmetric, allowing Guyana virtually duty-free and unrestricted access to the European market, while the opening of Guyana’s market to the EU is gradual over periods of up to 25 years, allowing Guyana to protect some of its sensitive products.

  • Allcountrylist: Overview of major industries in Guyana, including mining, construction, transportation, tourism, and foreign trade.

Guyana’s main exports are: oil, gold, rice and bauxite. It mainly imports: consumer goods, fuels and lubricants, food.

2017 2018 2019 2020 2021
Exports from the EU (million EUR) 74 86.9 106.2 137.1 176.4
Imports into the EU (million EUR) 187.9 183.6 193.6 229.5 578.4
Balance with the EU (million EUR) 113.9 96.8 87.3 92.4 401.9

Source: European Commission

Trade relations with the Czech Republic

The importance of Guayna in bilateral trade with the Czech Republic is negligible. In 2021, it was in 164th place as a recipient of Czech exports.

Ranked 125th as an exporter to the Czech Republic.

2017 2018 2019 2020 2021
Exports from the Czech Republic (billion CZK) 0 0 0 0.009 0.2
Imports to the Czech Republic (billion CZK) ON ON ON 0.014 0.44
Balance with the Czech Republic (billion CZK) 0 0 0 -0.005 -0.24

Source: CZSO

Trade relations with countries outside the EU

The main exporters to Guyana are: Uruguay (43.3%), Qatar (21.8%), Tunis (15%) and China (11.3%).

The main buyers of Guyanese exports are: Uruguay, Canada, Jamaica and Great Britain

2017 2018 2019 2020 2021
Exports from countries outside the EU (million EUR) 1 147.7 1,083.7 1,225.8 2,061.9 3,380.0
Imports to countries outside the EU (million EUR) 1,024.8 1,590.6 2,874.8 1,374.8 1,844.0
Balance with non-EU countries (million EUR) 122.9 -506.9 -1,649.0 687.1 1,536.0

Source: EIU, Eurostat

Foreign direct investment

In 2021, Guyana received foreign direct investment (FDI) of US$1.85 billion.

According to analysts’ estimates, this trend should continue and in 2022, Guyana should receive even more FDI due to the growing demand for commodities on world markets.

FTAs and treaties

Treaties with the EU

The main treaty documents between Guyana and the EU: the “Cotonou Agreement” and the “CARIFORUM-EU Economic Partnership Agreement (EPA)”.

Contracts with the Czech Republic

Mutual trade and economic relations between the Czech Republic and Guyana are not contractually regulated.

Developmental cooperation

The “Multi-annual Indicative Program (MIP)” is currently underway in cooperation with the EU, which is primarily based on the “2030 Agenda and the Sustainable Development Goals (SDGs)”.

The year 2020 was completely marked by restrictions resulting from the COVID-19 pandemic.

In 2019, the implementation of the 11th European Development Fund (EDF) National Indicative Program (NIP) for 2014-2020 continued.

Prospective fields of study (MOP)

Perspective field 1

Mechanical engineering: machines and equipment, pumps, energy – supplies within the framework of projects for the production of electricity from water sources, prospective exploration and extraction of new oil and gas deposits, construction of wind power plants.

Perspective field 2

Forestry – wood processing industry: 52% of state forests are allocated to logging concessions, opportunities in the wood processing and furniture industry, especially when importing tropical woods and garden and other furniture to the Czech Republic.

Perspective field 3

Services: tourism – investment in related infrastructure, accommodation capacities (now Guyana has a capacity of approx. 1,000 hotel rooms, others are under construction), transport and business services, in craft production of souvenirs, etc.

Perspective field 4

Mining industry – exploration and extraction of non-metallic raw materials.

 

Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

Police: 911

Emergency service: 913

Important web links and contacts

Georgetown Chamber of Commerce and Industry https://gcci.gy/

Guyana Go invest https://goinvest.gov.gy/

Ministries https://dpi.gov.gy/government-ministries/

Guyana Trade