The forestry sector earns US$31M

• Guyana’s forestry sector managed to rake in export earnings of more than US$31Mn in 2021, according to figures provided by the Minister of Natural Resources, Vickram Bharrat. The exported products included logs, lumber, and round wood, derived from 377,838 cubic metres of production. The production numbers represent a 16% increase when compared to the previous year. 
• Although securing notable revenues, the forestry sector still has much more scope for development, particularly in the area of added value. Guyana is the producer of world-class timber, yet much more can be done to boost manufacturing, particularly in the area of furniture-making. 
• Even amid a global pandemic and months of devastating and unprecedented floods, the sector is well on its way to making a drastic turnaround, especially with the governing body, the Guyana Forestry Commission (GFC) being brought back from the brink of bankruptcy, with a monthly income revenue of $90Mn, a notable increase when compared to a pre-pandemic period in 2019, when the commission’s revenue collection stood at $70Mn. 
• The Minister explains that while oil is lucrative and as a country, they stand to benefit financially from oil and gas, what creates the majority of employment is the traditional productive sectors, especially agriculture, logging, mining. 
• The growth that Guyana has experienced from its forestry sector will present an opportunity for increased export earnings, job creation, and economic growth on a whole for the nation.

 (Source: Guyana Chronicles)