Guyana’s export value surged by a record 77% in 2024, powered by the country’s rapidly expanding oil and gas sector, according to the Economic Commission for Latin America and the Caribbean’s (ECLAC) latest trade report.
This performance secured Guyana’s position as the fastest-growing exporter in the Caribbean, significantly outpacing its regional peers, including Suriname and Venezuela. While Guyana soared, neighboring Suriname posted a more modest 18% increase in export value, supported by its emerging oil sector.
Venezuela registered a 38% export boost, attributed to a partial recovery in oil production despite enduring economic sanctions.
Guyana’s oil industry success in 2024 was underscored by the government’s revised oil export forecast of US$18.67 billion, up from an earlier estimate of US$16.8 billion, as detailed in the country’s 2024 Mid-Year Report. This adjustment reflects higher-than-expected oil production, with total output for the year projected at 228 million barrels, exceeding the initial forecast of 202 million barrels. The Mid-Year Report also highlights the oil sector’s remarkable 67.1% growth in the first half of 2024, producing 113.5 million barrels of oil.
Production from ExxonMobil’s flagship projects—Liza 1, Liza 2, and Payara—drove these results, with combined daily production rates reaching over 624,000 barrels per day.
ECLAC’s International Trade Outlook highlights the uneven trade recovery across the Caribbean, noting that oil-driven economies like Guyana and Venezuela led export growth, while non-oil exporters struggled amid declining global commodity prices.
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“While Guyana and other oil-exporting countries have benefited from rising oil production, the rest of the region faces a less favorable trade environment due to declining prices for key commodities,” ECLAC warned, stressing the importance of economic diversification.
Despite this, Guyana’s Mid-Year Report shows that its non-oil sectors grew by 12.6% in the first half of 2024, contributing to a projected overall economic expansion of 42.3% for the year, with non-oil GDP growth expected to reach 11.8%.
ECLAC urges Caribbean nations to adopt more integrated trade policies, including lowering tariffs, improving logistics, and enhancing digital services exports.
As Guyana’s oil-driven trade momentum continues, the ECLAC report reaffirmed that the country is poised to reshape the Caribbean’s economic landscape while setting a benchmark for future regional growth.
