Home Politics Guyana’s exports soar by 285% in three years

Guyana’s exports soar by 285% in three years

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Minister of Foreign Affairs and International Cooperation, Hugh Todd during the debate (Photo: DPI/ January 24, 2025)

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 ten 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.

Recognising President Dr Mohamed Irfaan Ali’s visionary leadership in positioning Guyana as a model in economic, social and environmental development, the foreign affairs minister also highlighted the vast achievements of the government in foreign policy.

The government continues to demonstrate its commitment to protecting its sovereignty and territorial integrity. It has been actively involved in the international arena, which includes its role in the United Nations Security Council (UNSC).

“Guyana’s international engagements are grounded in the provisions of our Constitution, respect for the purposes and principles of the United Nations Charter, and the fundamental adherence to international law,” he said.

Minister Todd also emphasised Guyana’s efforts to promote indigenous rights, address racial discrimination and pursue reparations for historical injustices related to the transatlantic slave trade.

The minister noted that under the stewardship of the PPP/C government, Guyana has also established itself as a leader in climate and energy security, piloting bold initiatives to foster sustainable development and advance global climate adaptation and mitigation efforts.

“The agriculture and food systems sector in Guyana is being repositioned and transformed into an expanded, diversified, modernised, resilient and competitive sector. Moreover, Guyana has emerged as a leader in CARICOM, being the lead head with responsibility for agriculture, agricultural diversification and food security within the CARICOM Quasi-Cabinet,” he said.

The government also resuscitated the Diaspora Unit and re-established stakeholder engagement to improve the services provided to the diaspora. In this regard, since 2020 about 2,035 remigrant applications have been processed.

“This highlights the trust and confidence the diaspora places in the PPP/C government,” the foreign affairs minister asserted (Republished from the Department of Public Information)

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