The trade of goods and services between Guyana and the United Kingdom has tripled since 2022, with the UK currently regarded as the largest funder of projects in the country.
This information was revealed by President Dr Irfaan Ali following his keynote address during the official birth anniversary celebrations of King Charles III at the residence of the British High Commissioner to Guyana.
According to President Ali, this is the first time in Guyana’s history that most of the ongoing projects are being funded by the UK.
“We have seen the progression in our Private Sector partnership, which has contributed over £1.8 billion total in goods and services between the two countries in 2023… the transformative projects that are in the pipeline and those that are being conceptualised are done so with UK financing and UK support,” Ali said.
On this point, President Ali further revealed that the UK and Guyana were currently working together to enhance the Stabroek area.
“As I speak to you, we have a working group between Guyana and the King’s Foundation working on a project that is called the ‘Redevelopment of the Stabroek area” and an urbanisation project that fits into the beatification of our country.”
British High Commissioner to Guyana, Jane Miller lauded the growth in Private Sector and Government-to-Government partnerships between the two nations. In fact, she noted that goods and services between Guyana and the UK tripled since 2022.
“In 2023, the total trade of goods and services between the UK and Guyana amounted to £1.8 billion and that’s an increase of 51 per cent compared to 2022; this is tripling over the last three years,” the High Commissioner said.
Additionally, she highlighted various collaborations between the two nations which reaped significant rewards.
“It would be remiss of me not to mention the amazing collaboration that the UK has had with the Georgetown Chamber of Commerce and Industry, with the Private Sector Commission… these associations continue to be key partners in facilitating dialogue and partnership to promote cooperation between British and Guyanese companies.”
Trade in goods and services (exports plus imports) between the UK and Guyana was £1.8 billion in the four quarters to the end of Q4 2023, an increase of 51.2 per cent or £620 million in current prices from the four quarters to the end of Q4 2022.
In the four quarters to the end of Q4 2023, total UK exports to Guyana amounted to £1.4 billion (an increase of 171.3 per cent or £867 million in current prices, compared to the four quarters to the end of Q4 2022).
Of all UK exports to Guyana in the four quarters to the end of Q4 2023, £150 million (10.9 per cent) were goods and £1.2 billion (89.1 per cent) were services.
This means the UK reported a total trade surplus of £916 million with Guyana, compared to a trade deficit of £198 million in the four quarters to the end of Q4 2022. In the four quarters to the end of Q4 2023, the UK had a trade-in goods deficit of £271 million with Guyana, compared to a trade-in goods deficit of £564 million in the four quarters to the end of Q4 2022. Meanwhile, in the four quarters to the end of Q4 2023, the UK reported a trade-in services surplus of £1.2 billion with Guyana, compared to a trade-in services surplus of £366 million in the four quarters to the end of Q4 2022.
