Guyana’s Exports to Rise By 77% This Year

  • As 2024 draws to a close, Guyana has emerged as the standout performer in Latin America and the Caribbean, with exports set to increase by an astounding 77%, largely driven by the country’s oil and gas, and agriculture sectors according to the latest ‘International Trade Outlook for Latin America and the Caribbean, 2024’ report from latest Economic Commission for Latin America and the Caribbean (ECLAC).
  • The December report highlighted that following a contraction of 1.2% in global goods trade in 2023, the world economy is tentatively rebounding in 2024, with global goods trade growing by 1%. Latin America, however, presents a brighter picture, with regional goods exports projected to rise by 4% in value this year. Among the regional leaders, Guyana stands out, driven by a substantial increase in the volume of its oil exports and key agricultural products like soybeans.
  • Guyana's exceptional performance places it ahead of other nations. Suriname, for example, is expected to see a more modest export growth of 12%. Larger economies like Brazil and Mexico are forecast to experience more restrained growth, with exports increasing by just 3% and 2%, respectively.
  • Latin America and the Caribbean are set to move from a US$26 billion trade deficit in 2023 to a US$36 billion surplus in 2024, driven by strong export performance in countries like Guyana and Argentina. Guyana’s exceptional export growth is helping to boost the overall Caribbean trade performance, with export volumes in the subregion set to expand by 24%.
  • Despite the positive export trends, the region’s economic growth remains sluggish with a projected GDP growth of just 1.8% for 2024. Latin America continues to experience weak demand for imports, with regional imports expected to increase by only 2%. Nonetheless, the region’s trade balance has been improving.
  • The value of goods exports from Latin America and the Caribbean is expected to grow by 4%, driven by a 5% increase in export volumes, despite a 1% decline in prices. Agricultural exports will lead this growth with an 11% increase, followed by a 5% rise in mining and oil exports and a 3% uptick in manufactured goods.

(Source: Guyana Chronicles)