Between 2020 and 2023, Guyana’s exports increased by a massive 285 per cent, moving from US$2.8 billion to US$10.8 billion. This was revealed by the Minister of Foreign Affairs and International Cooperation, Hugh Todd, who was defending the 2025 budget in the National Assembly on Friday.
“This accounts for a 106 per cent improvement in our non-oil exports,” the minister said.
He emphasised that the government has consistently engaged in negotiations with trading partners to remove market access barriers and expand market presence for local products in regional and international markets.
As a result, Minister Todd explained that trade with the country’s major extra-regional partners increased significantly.
“Exports to the United States and Canada expanded by US$6.2 billion and US$385 billion respectively. The growth of our exports to the United Kingdom and the European Union have also been exponential, increasing by US$747 million and US$2.2 billion during that period,”he said.
Exports to non-traditional markets have also increased substantially with the United Arab Emirates (UAE), Singapore and India being ranked among Guyana’s top deri export destinations. Since 2020, exports to these countries have grown by US$2.1 billion.
The minister further noted that this increase is a result of the government’s efforts to implement measures directed at the expansion of the economy and enhance both traditional and non-traditional export profiles.