International Trade in Guyana

International Trade in Guyana

With its per capita income of around 1300 dollars, the Republic of Guyana is one of the poorest countries in the Western Hemisphere. Guyana's economy depends mainly on agriculture and mining resources. The agricultural sector accounts for more than one quarter of the GDP. Exports of sugar,... Read more

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    Trade Finance, Guyana

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Overview About International Trade in Guyana

Economic Overview

With its per capita income of around 1300 dollars, the Republic of Guyana is one of the poorest countries in the Western Hemisphere. Guyana's economy depends mainly on agriculture and mining resources. The agricultural sector accounts for more than one quarter of the GDP. Exports of sugar, bauxite, gold and rice are the main sources of the country's income. The export of shrimp has recently experienced growth.

Industry accounts for approximately one fourth of the Guyanese wealth. The tertiary sector is the most important sector since it contributes to half of the country's GDP.

Poor infrastructure and lack of skilled workforce are the main barriers the country has to surmount. Moreover, the country has a huge external debt and depends heavily on foreign aid. It should be noted that the inflation rate decreased from 8.1% in 2008 to 2.9% in 2009.

The economic crisis of 2008-2009 had an impact on the country because its trade partners were affected by the crisis themselves and bought less Guyanese products.

The transfers from the Guyanese diaspora have also been reduced due to the economic crisis. These transfers represent substantial amounts and play an important rol...

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