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Guyana spends USD$321M on imports in first quarter of 2010

Dec 06, 2010 News

In the first quarter of this year alone, Guyana has spent some US$321.76M on importing goods.
This is according to a report on trade compiled by the Bureau of Statistics.
At the top of our country’s shopping list is the item classified under the SITC3 Group number 334 and listed as Fuel and Lubricant by the Bureau.
The SITC3 grouping or The Standard International Trade Classification (Rev 3) is a system of classification used by the Statistical Commission of the United Nations.
The importation of fuel and other related hydrocarbon products has cost the country more than US$90M for those three months of the year. It accounts for more than 28 per cent of the total monies spent on imports in the first quarter of 2010.
The rest of the items on the list range from percentages of 1.8 to 4.1 and are from varied groups of items. The items in this group are described as equipment for builders and contractors, articles of paper, articles of iron and steel, articles of plastic and un-milled wheat.
The importation of motorcars, car related products and “Special Purpose Motor Vehicles” added up to 5.1 percent of the total figure with a combined total of US$16.3M. The next highest category of imports was building and contracting equipment where US$13M was spent alone.
Under ‘Other Imports’ the Bureau accounted for the remaining 46.2 per cent of imports or US$148.6M spent therein.
Of the total import dollars spent in the first quarter, 29.2 percent or US$93.8M went to the United States of America while US$62.9M or 19.5 percent went to Trinidad and Tobago. Venezuela received 9 percent or US$28.9M while countries such as the UK, Suriname, China, Japan, Canada, Brazil and Barbados ranged between 1.3 and 5.5 percent. Other countries only accounted for some 16.9 percent or US$54.3M of the total US$321.8M.
On the other side of the import-export coin, Canada supplied more than a quarter of Guyana’s export earnings, racking up 25.8 percent or US$46.1M in the three month period. The United States came in a close second with a 21.5 percent contribution, amounting to US$38.3M. Other countries which accounted for a significant proportion of the total UD$178.4M export earnings were Germany, the Netherlands, the Ukraine and the United Kingdom. Together, these four countries accounted for US$55.6M of the total export earnings.
The items that generated these earnings were principally gold, rice, bauxite and sugar with gold topping the list by accounting for 34 percent of the total export earnings, some US$60.8M. Meanwhile, rice and sugar generated 16.4 and 10.1 percent of the country’s export income, a total of US$47.2M. Bauxite earned 15.8 percent or US$28.2M of the total.
Other export items were timber, shrimp and prawns, prepared food, diamond, fish and by-products, fruits and vegetables, other exports (which only account for some 5.8 percent) and re-exports.
These figures are reported by the Bureau of Statistics where trade information for the country is regularly compiled. According to the Bureau, ‘“Imports” are the totals of all imports cleared through customs for the local economy while “Exports” are the exports of domestic producers, and include the re-exports of imported goods which had previously been cleared through customs for the local economy.’

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