Georgetown, GINA, September 3, 2003
CARICOM is gaining importance as an export market for Guyana
although the market remains very small.
A review of Guyana’s foreign trade over the past two years
show that exports to CARICOM States have increased from 15 percent
in 2001 to 23 percent in 2002. However, this is less than a quarter
of Guyana’s total exports
In 2002, Guyana’s largest export market within the Community
was Jamaica, which accounted for close to $5.4 billion of Guyana’s
total exports sales, compared to just under $4.7 billion in 2001.
Trinidad and Tobago was the second largest, accounting for close
to $4.1 billion in 2002 as compared to close to $3.2 in 2001.
Export sales to Barbados also increased slightly, from $2.45 billion
in 2001, to just over $2.46 billion in 2002. Antigua and Barbuda
and Suriname were also significant exports markets. Together these
five destinations accounted for 88 percent of Guyana’s exports
to CARICOM.
In terms of value, exports sales to CARICOM increased from $13.9
billion in 2001 to $16.7 billion in 2002, signalling a growth
of 8.3 percent. With regards to imports, 19 percent of Guyana’s
total imports in 2002 came from CARICOM States, this represents
a one-percent increase from 2001.
In 2001 and 2002, Trinidad and Tobago was the largest source of
imports from the Community and the second largest generally behind
the United States.
In 2002, the value of goods imported from Trinidad and Tobago
was $16.9 billion, a slight increase from $16.6 billion in 2001.
Other main sources of imports from the Region, included Barbados
and Jamaica, with the three countries accounting for approximately
92 percent of Guyana’s imports from CARICOM.
One of the objectives of the Ministry of Foreign Trade and International
Co-operation, which compiled the review, is to promote the expansion
of Guyana’s export market. This involves ensuring access
for Guyana’s goods on the Regional market and where necessary
bringing to the Region’s attention unfair trade practices.
In the past the Ministry has had cause to identify such measures
and press for their removal.
These efforts are working to improve Guyana’s trade with
sister CARICOM States.
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