Guyana increases reach in US market
The United States imported US$1.7 billion worth of commodities from Guyana in 2021
The United States imported US$1.7 billion worth of commodities from Guyana in 2021

–earns more than US$1.7B from the exportation of commodities last year

GUYANA’S presence in the US market continues grow, with the country expanding its reach last year by shipping more commodities to the North American nation.
Addressing the enhanced trade relations between the two nations was US Ambassador to Guyana, Sarah-Ann Lynch, during a recent ceremony to commemorate the United States of America’s Independence Anniversary.

The ambassador said that the US has been a close partner of Guyana, and evidence of this relationship lies in both the public and private sectors.
To this end, Lynch said that for the year 2021, the United States imported US$1.7 billion worth of commodities from Guyana.

Guyana’s major exports to the United States in 2021 continued to be non-monetary gold, fish, shellfish, bauxite, lumber and wood, apparel, and household goods.
And, according to Ambassador Lynch, while oil and gas is important, US companies are also partnering in infrastructure, agriculture, healthcare, and tourism among others.

She went on to say that the US will continue to partner with Guyana in these areas, and, more broadly, on inclusive democracy, economic development, security, and other important areas.
“Our commitment to Guyana is to continue to collaborate with you along this fascinating journey and to reinforce your aspirations to realise a safe and prosperous Guyana for all the people of this beautiful country,” the Ambassador said.

Guyana has been recording positive economic growth, benefitting meaningfully from the exportation of local commodities during the first quarter of 2022.
In the area of trade, the Bank of Guyana (BoG) reported that export earnings in the first quarter, topped some US$1.3 billion

Higher export receipts, according to the BoG, came from crude oil, which earned US$1.6 billion; “other export,” US$63.8 million; bauxite, US$23.3 million, and timber, US$6.9 million.
Conversely, lower export receipts were from gold, rice and sugar, which earned US$27.7 million, US$5.3 million and US$2.8 million, respectively.

It was reported that earnings from the exportation of locally produced commodities could reach US$7 billion this year, as Guyana looks to further overcome the pervasive challenges presented by COVID-19, and institute appropriate mechanisms and measures to guard against any eventualities that might arise as time progresses.

Using current basic prices as a benchmark, authorities had determined that Guyana could earn roughly US$7,792,800,000 by the end of this year; this represents an increase of about 55 per cent, when compared with revenues totalling US$4,352,000,000 earned last year.

Notwithstanding the projected volatility in prices, based on Budget 2022, the government intends to maintain and even enhance its approach to stimulating growth in various economic sectors.

WORK IN EARNEST
“Even as we confront, head-on, the formidable challenges before us, our government continues to work in earnest to advance the aggressive agenda for transformation that we had previously outlined. At this moment of unprecedented opportunity for our country, we seek now to convert the bright prospects before us into realised national and individual well-being for all Guyanese,” Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh had said.

Supported by the robust institutional architecture that the government has established, Budget 2022 ensures that two complementary and critically important objectives are met: Firstly, that the urgent development needs of the country are met in the shortest possible time, and that the long-term economic well-being of the country is protected and safeguarded at all times.

The first quarter of 2022 was somewhat a reflection of the government’s vision, as that period was a productive one for Guyana’s economy, which recorded positive economic growth, on account of sustained production in the oil-and-gas sector, and positive output performances in the non-oil sectors.

“As oil-and-gas activities continued, the non-oil economy experienced moderate growth, on account of economic activities regaining momentum from the full reopening of the economy, coupled with fiscal measures to alleviate the rising costs of production and services,” the Central Bank said.

Considering its overall performance in the first quarter of 2022, Guyana’s economy is well positioned to record real oil Gross Domestic Product (GDP) growth of 49.6 per cent, and 7.5 per cent non-oil growth by the end of this year.

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