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US, Venezuela are Guyana’s biggest trading partners

Nov 21, 2012 News

 
– fuel imports, gold exports dominate for first half of 2012

By Leonard Gildarie

Purchases of fuel and lubricants continue to dominate Guyana’s imports, accounting for almost 32% of total expended for the first half of the year.
According to the Bureau of Statistics’ Trade and Prices published figures covering the period January to June, 2012, the United States remained Guyana’s largest trading partner with imports here totaling US$249M.
Venezuela’s trade with Guyana for especially fuel made that country the next largest importing country with US$147M in business done for the first half of the year.
Currently, Venezuela has a deal under the Petro-Caribe agreement to sell oil and in return, Guyana trades rice and paddy with them.
The other countries nipping on the heels of Venezuela with imports to Guyana are Trinidad and Tobago with US$135M; Suriname with almost US$80M; China -US$66.6M; Japan –US$38.6M and neighbouring Brazil, US$15.7M.
Imports from other countries for the first half were around US$133.6M.
In terms of exports, it is no surprise again that the US remained the largest partner with US$141M in goods from Guyana exported for the first six months in 2012.
Venezuela remained in second again with US$62.7M; Canada –US$51.6M; United Kingdom –US$50M; Trinidad and Tobago US$32M; with Ukraine next at US$19M.
Exports to other countries totaled US$137M.
According to the Bureau of Statistics, an analysis of the import figures indicate that for the period, Guyana spent US$303M for fuel and lubricants, with a hefty US$53.5M accounting for equipment destined for contracting companies.
Motors cars imported were almost US$24M with drugs and veterinary medicine costing US$20.6M. Plastic articles, fertilizers and telecommunications-related items were also in high demand in Guyana, seeing imports of almost US$50M.
Regarding the items exported, the Bureau disclosed that gold exports, because of current high demand worldwide, were the highest earner for Guyana with US$268M recorded. Rice and bauxite have continued to out-perform sugar with US$84.5M and US$79.3M, respectively, compared to US$43M of sugar.
Guyana’s fishing sector has continued to show strength, earning US$28.7M from shrimp and prawns. Timber was next with US$18.5M. Diamond, almost forgotten because of the gold rush, earned just US$4M.
The continued disappointment is that while Guyana imported US$945M in the first half, exports were US$582M or just 60% of the total imports.
According to the Bureau on its website, it relies exclusively on the supply of data from the Guyana Revenue Authority Customs Department and other import/export agencies.
It said that imports are the totals of all imports cleared through customs for the local economy while exports are those of domestic producers, and include the re-export of imported goods which had previously been cleared through customs for the local economy.

 

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