Guyana diversifying trade as US$9.7B in crude, other local products imported by EU in 2024

– 66% of crude oil produced by Guyana was exported to Europe last year

During the observance of Europe Day celebrations on Friday at the residence of European Union (EU) Ambassador to Guyana René van Nes, it was revealed that the EU imported US$9.7 billion in products from Guyana.
However, President Dr Irfaan Ali has assured that Guyana is working to diversify its trade programme with Europe, to include more agricultural produce.
President Ali, who was the keynote speaker at this event, revealed that most of these imports comprised of Guyana’s crude oil. This, he noted, has contributed significantly to energy security in Europe, particularly in the context of the Russian/Ukraine war.
“My dear friend Ambassador René spoke about the increase in trade between Guyana and EU and he made the point that we have a tremendous surplus. I hope that surplus does not come with a re-evaluation of tariffs. But I’m happy that he qualified the surplus, by making it clear. And he made it clear and we’ll accept your thanksgiving, that we’re contributing positively to energy security in Europe.”
“So, whilst the trade surplus is a result of crude oil, you must acknowledge that Guyana is contributing positively to the energy security of Europe. And I think we deserve a round of applause for that,” the Head of State said.
That being said, President Ali also explained that the Government has been working on an elaborate trade programme that will allow Guyana to increase its export capacity and the range of products being exported to Europe.
“We have been working on a very elaborate trade programme. To build our capacity here in Guyana. To access a more diversified market in Europe. Fresh fruits and vegetables. Coconut water from Pomeroon.”
“And we’re very confident that with the type of infrastructure and investment we’re putting in place, for the agricultural expansion – especially in products like coconut, coconut water and by-products, this also would be an important area for the trade expansion,” President Ali added.
Approximately 66 per cent of Guyana’s crude from the Stabroek Block went to European countries, making Europe the largest consumer of Guyana’s crude. Bilateral trade between Guyana and Europe went from $15 billion in 2014 to $2.4 trillion in 2024.
“Since the discovery of oil, there is an increasing demand for Guyana’s crude, with that being the top export to the EU. In the year 2024, 66 per cent of Guyana’s crude was exported to Europe,” President Ali explained.
From January 2017 to September 2023, total trade between Guyana and the EU stood at approximately US$11 billion. It has increased steadily in the past five years, with an average annual growth of 20 per cent.
It was only in 2023 that the new EU Chamber of Commerce (Guyana) was launched, presenting an opportunity to facilitate greater trade and allow easier access for Guyanese businesses wanting to explore European markets.
The introduction of the chamber came at a time when an EU Trade Mission was visiting Guyana, with delegates from 10 EU Member States, visiting to identify potential investment opportunities.
Once again, plans are afoot for another European delegation visit. This time, it is a trade mission that will be in Guyana in June 2025, looking for opportunities for partnerships in the area of healthcare.
During the launch of the Healthcare Voucher at the Arthur Chung Conference Centre (ACCC) in March, it was announced that a trade mission from the EU would soon be visiting. According to Minister of Health Dr Frank Anthony, this trade mission which is due in June of 2025, will be primarily focused in healthcare.
The EU delegation that is expected to arrive in Guyana in June comes at a time when Guyana is aggressively seeking to revamp its healthcare system. The People’s Progressive Party/Civic (PPP/C) Government plans to build a world-class health sector by 2030.
In fact, the current administration has made a number of partnerships with countries in North America and Europe, all aimed at furthering Guyana’s healthcare development. These partnerships range from Harvard University in the US to Mac Masters in Canada.
A partnership also exists with York University from Canada. Guyana has also been working closely with Mount Sinai to advance various areas with its healthcare delivery, such as at the Georgetown Public Hospital Corporation (GPHC).