Gold revenue declines by US$86M

Oct 28, 2021 News

Despite higher world market price…

Kaieteur News – The country’s gold export earning as at the end of the first half of 2021 has declined by US$86.4 million when compared to the same period last year. This is according to the recently released Bank of Guyana (BoG) Half Year Report which states that this year’s revenue amounted to US$438.1 million while in 2020 it amounted to US$524.5 million.
According to the BoG, the total export earnings increased by 63.6 percent or US$786.9 million to US$2,024.3 million from US$1,237.5 recorded at the end of June 2020.
In its 186-page report, the Bank indicated that the revenue in gold dropped because of a decline in the volume of gold exported despite having improved prices.
“The volume of gold exported reduced by 22.0 percent or 72,018 ounces to 255,750 ounces as a result of lower declarations,” the report explained.
In its 2020 report, the Bank noted that gold export revenue climbed because of an increase in the volume exported as a result of higher declarations as well as improved prices. It noted too that export volume increased as a result of higher declarations.
The Bank stated that the average export price per ounce of gold was higher by 7.1 percent or US$112.93 moving to US$1,713.13 per ounce from US$1,600.20 per ounce one year ago.
Further in the half year report, the Bank revealed that in the total earnings from all other exports, which include re-exports, were US$102.4 million, 14.4 percent more than the value for the same period last year.
The increase was primarily on account of higher receipts in the sub-categories of rum and other spirits, beverages, diamonds, re-exports and wood products by US$8.7 million, US$8.2 million, US$5.1 million, US$4.9 million and US$0.1 million, respectively.

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