Guyana Export Earnings Top US$10Bn in First Half of 2024

• Guyana has recorded US$10.22Bn in export earnings for the first half of 2024 (H1 2024), amidst growth in its oil and gas production and across various sectors within the local economy, according to the Mid-Year Report released by the Ministry of Finance.
• According to the report, the merchandise trade balance registered an H1 2024 surplus of US$6.976Bn,  compared to US$2.340Bn recorded for H1 2023.
• “This improvement was largely supported by a significant ramp up in crude oil production offshore, following the start-up of Guyana’s third FPSO – Prosperity,” the report highlighted. An FPSO is a floating vessel near an offshore oil field where oil is processed and stored until it can be transferred to a tanker. “Total export earnings grew by 68.7% to US$10.22Bn at the end of June 2024.”
• Importantly, H1 2024 also saw a 23.4% in non-oil export earnings. Earnings from rice and gold expanded by US$24.7Mn and US$12.2Mn, respectively, with the increase in gold reflecting favourable price developments.
• At the start of 2024, the Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh, projected that Guyana’s total export receipts could grow by 41.9% for 2024. This growth, he added, was expected to be driven by a robust expansion in both oil and non-oil earnings. Dr Singh said that the government would continue its focus on developing a conducive environment to boost the country’s trade, both in importing and exporting goods and services.

(Source: Guyana Chronicle)