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Oil drives up export earnings to US$4.3B

Jan 27, 2022 News

Kaieteur News – Senior Minister with responsibility for Finance, Dr. Ashni Singh disclosed yesterday during his reading of Budget 2022 that at the end of 2021, total export earnings amounted to US$4,352 million, 68 percent higher than the US$2,590 million earned in 2020.
Dr. Singh said this was mainly driven by oil exports growing by 179.6 percent to US$2,975.5 million amid increases in both volume and price. Non-oil export earnings amounted to US$1,376.5 million.
Matching the intensity of the rise in exports, Dr. Singh said total import payments grew by 90.8 percent to US$4,293.1 million. He said this was primarily attributed to the arrival of Guyana’s second floating, production, storage and offloading (FPSO) vessel, Liza Unity, which accounted for US$1,658.6 million or 38.6 percent of total imports for 2021.
Further, Dr. Singh said net service payments stood at US$2,557.1 million at the end of 2021, rising 40.4 percent above the end-2020 position. The official said this resulted from payments for non-factor and factor services growing by 40.1 percent and 60.8 percent to US$2,503.9 million and US$53.2 million, respectively.

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