Guyana’s export earnings grew by 16.9 percent to an estimated US$13.2B. According to the 2024 budget, this is on account of higher revenues from both the oil and non-oil sectors.
With respect to export earnings for the oil sector, the document states that this is estimated to have grown by 18 percent to US$11.6B, with a 40.2 percent increase in export volume. Meanwhile, earnings from non-oil exports amounted to US$1.5B, growing by 8.7 percent. This is reflective of growth in commodities such as sugar, rice, and bulk alcohol, offsetting the lower earnings received from the gold and bauxite sectors.
With respect to total import payments, the 2024 budget states that this expanded by 83.1 percent to US$6.6B in 2023. This is mainly due to the arrival of Guyana’s third floating, production, storage and offloading (FPSO) vessel called Prosperity. It operates at the Payara Project in the ExxonMobil-operated Stabroek Block. The budget states that the oil ship contributed approximately 26.6 percent to total import costs for 2023.
At the same time, increases across all major import categories are estimated. Specifically, imports of capital goods rose by an estimated US$2.4B over the review period. This largely reflects increased payments for mining machinery, mostly on account of the Prosperity FPSO, along with transport machinery, which grew by an estimated US$2B and US$176 million, respectively.
Similarly, intermediate goods grew by an estimated US$358.8 million, largely indicating increased imports of parts and accessories and other intermediate goods. As for consumption goods, this category expanded by an estimated US$181.9 million with increases across all sub-categories, particularly motor cars and food for final consumption, which grew by an estimated US$83.2 million and US$39.8 million, respectively.
