Oil drives Guyana’s export earnings to massive 68% increase

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At the end of 2021, Guyana’s total export earnings amounted to US$4,352 million, 68 percent higher than the US$2,590 million earned in 2020. According to the country’s Finance Minister, Dr. Ashni Singh during his 2022 budget presentation on Wednesday, this was mainly driven by oil exports growing by 179.6 percent to US$2,975.5 million amid increases in both volume and price.

With respect to non-oil export earnings, he said this amounted to US$1,376.5 million.

Matching the intensity of the rise in exports, Dr. Singh said total import payments grew by 90.8 percent to US$4,293.1 million. The economist said this was primarily attributed to the arrival of Guyana’s second FPSO, Liza Unity, which accounted for US$1,658.6 million or 38.6 percent of total imports for 2021.

In particular, the finance minister said crude oil exports are projected to increase by 107.7 percent to US$6,180.6 million amid the commencement of production from Liza Unity.

As for non-oil exports, the finance minister said this is forecast to increase by 17.1 percent to US$1,612.1 million. At the same time, imports are expected to fall by 31.1 percent to US$2,957.1 million, as no new FPSO is projected to be imported this year.

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