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Guyana (meaning "land of many waters" in Indian languages), is located in the northern part of South America. It is bordered by Venezuela to the northwest, Brazil to the south, Suriname to the east, and the Atlantic Ocean to the northeast.
The official language and lingua franca of Guyana is English. Creole (based on English and borrowing from Dutch, Hindi, African and Indian languages) is widely used.
【Oil and gas industry】
The Stabroek block is currently the only oil block in the production stage in Guyana. It is jointly invested and developed by ExxonMobil (45%), Hess (30%) and CNOOC (25%). As of May 2021, the cumulative proven high-quality, low-cost, recoverable oil and gas reserves have exceeded 9 billion barrels of oil equivalent. In 2020, the block had a maximum daily oil production of 120,000 barrels, realizing oil export revenue of 1.11 billion U.S. dollars, accounting for 39% of Guyana's total export revenue, and bringing about 300 million U.S. dollars in royalties and concession fees to the Guyanese government.
【Mining industry】
Gold, bauxite, and diamond mining are the pillars of Guyana's mining industry. In 2020, Guyana's declared gold production was about 584,000 ounces, a decrease of 7.90% year-on-year, realizing export revenue of 809 million U.S. dollars, accounting for about 28.76% of its total export revenue; in 2020, Guyana's bauxite production was about 1.123 million tons, a decrease of 41.20% year-on-year, and export revenue was 80 million U.S. dollars, accounting for about 2.85% of its total export revenue; in 2019, Guyana's declared diamond production was 55,000 tons.
【Planting industry】
The main crops in Guyana are rice and sugar cane. In addition, cash crops such as fruits, vegetables, and tobacco are also cultivated in a certain area. Rice planting is one of the pillar industries of Guyana's national economy. In 2020, the export revenue of rice reached 236 million U.S. dollars, an increase of 6% year-on-year.
【Foreign Trade】
As a member of GATT, Guyana automatically became a member of the WTO when it was established in 1995. It has signed the Protocol on the Single Market and Economy of the Caribbean Community (CARICOM) (CSME). Members of CARICOM enjoy the right to free movement of people, goods, and investment within the region. Products that meet the origin standards can flow freely between member states without tariffs. The product radiation range includes the European Union, North America, the Caribbean region, Brazil and Venezuela in South America.
As a member of CARICOM, Guyana can enjoy the free trade agreements signed by CARICOM with other countries or regions, including the Caribbean Basin Initiative (CBI) signed by CARICOM and the United States, the Caribbean-Canada Economic and Trade Assistance Plan signed with Canada, and trade agreements signed with Venezuela (1992), Colombia (1994), Dominican Republic (1998), Cuba (2000), Costa Rica (2004), the European Union (2008), the United Kingdom (2019), etc. Guyana also has a free trade agreement with Brazil (2001).
In 2020, Guyana's total trade in goods was 4.66 billion U.S. dollars, a decrease of 16.90% year-on-year. Among them, imports were 2.073 billion U.S. dollars, a decrease of 48.70% year-on-year; exports were 2.587 billion U.S. dollars, a year-on-year increase of 65.10%. The main export commodities are crude oil, gold, rice, bauxite and sugar, and the main import commodities are fuel and lubricants, machinery, cement, etc. The top five export destinations are the United States, Canada, Jamaica, the United Arab Emirates and Barbados. The top five import destinations are the United States, Portugal, Trinidad and Tobago, China and Japan.
【Blooming Trade Data】
Guyana customs data has reliable data sources. Guyana customs transaction data covers detailed information of importers, detailed information of exporters, cargo information, freight information, and key price and volume information such as commodity trading volume, transaction amount, and transaction unit price.
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