Guyana is gaining ground in the international market with the boom of its oil industry. Because of this strong economic position, it is no wonder why Guyana’s import and export trade remains to be competitive with $2.99B worth of total exports and $2.61B of total imports in 2020. Based on its performance in 2015, these recent figures have grown significantly: more than 100% from $1.33B for exports and 67% from $1.56B for imports. And, measuring per capita product, Guyana ranked 37th for exports and 90th for imports out of 219 countries.
The top export was crude petroleum followed by gold, rice, shipping containers, and packaged medicaments. For imports, topping the list was special purpose ships followed by refined petroleum, excavation machinery, large construction vehicle, and cement.
Guyana’s major exports were to the United States, Canada, Trinidad and Tobago, Jamaica, and the United Arab Emirates. The US was still the top partner for imports followed by Portugal, Trinidad and Tobago, China, and the United Kingdom.
Moving goods, products, and resources in and out of the country presents some challenges. In Guyana, requirements vary depending on the sector and product. The government has made sure that the country provides a conducive environment for businesses to thrive such as through tax waivers. However, there are still documentary requirements and fees that need to be complied with and this is where it can get tricky.
Making the most of the opportunities that the import and export industry presents, it is important to have a reliable custom brokerage partner to help navigate through the requirements and processes. Excel Guyana has a team of experts that are highly knowledgeable not just on these topics but also on the classification, valuation, and the duties and taxes imposed on exports and imports.
With decades of business experience, Excel can also guide the specific needs of its partners including avoiding unnecessary costs, securing clearances, and processing complex requirements, among others.
Aside from custom brokerage, Excel’s partnership also extends to government relations and governance, recruitment and labour, finances, security, travel and immigration, aerial survey and GIS mapping, procurement and logistics, and many more.