Monday, October 2, 2023

Oil emerges king of Guyana’s export earnings – half-year report

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Guyana’s Central Bank has noted in its 2021 Half Year Report that the nation’s oil sector has taken the lead in boosting Guyana’s export earnings. According to the report, total export receipts increased by 63.6 percent or US$786.9 million to US$2,024.3 million from US$1,237.5 recorded at the end of June 2020.

The financial regulator said the higher receipts stemmed from crude oil, sugar, ‘other exports’ (which consists of wildlife, personal effects, handicrafts and nibbi-furniture), and rice which grew by 195.7 percent, 35.8 percent, 14.4 percent and 1.2 percent respectively. In contrast, Central Bank noted that receipts from gold, timber and bauxite declined by 16.5 percent, 8.1 percent and 2.8 percent, respectively.

With respect to crude oil export earnings, Bank of Guyana said this amounted to US$1,296.6 million, which is US$858.2 million higher than the same period one year ago. It was further noted that the volume of crude oil exported increased by 60.0 percent to 20 million barrels due to production reaching its maximum. Central Bank was keen to note as well that Guyana benefitted significantly on its oil production exports due to the fact that the average export price received for crude oil this year increased by 84.9 percent or US$29.74 to US$64.78 per barrel from US$35.04 per barrel one year ago.

Guyana on its way to cashing in over half billion US dollars in oil revenue by year-end

As for the nation’s sugar export earnings, Central Bank said this amounted to US$10.7 million, 35.8 percent or US$2.8 million above the level at the end of June 2020. It said this outturn was attributed to a 21.1 percent increase in the volume exported combined with a 12.1 percent rise in the average export price for the commodity.

On rice export earnings, the financial institution said this amounted to US$123.6 million, 1.2 percent or US$1.5 million above the level for the same period last year, resulting from higher average export price, despite lower export volume. The volume of rice exported amounted to 282,053 metric tonnes, 4.0 percent or 11,886 metric tonnes less than the 293,939 metric tonnes exported one year ago.

Guyana hoping oil revenue will help remove development roadblocks

Turning its attention to total earnings from all other exports, which included re-exports, Bank of Guyana said this totaled US$102.4 million, 14.4 percent more than the value for the same period last year. The financial institution said this improvement was primarily on account of higher receipts in the sub-categories of rum and other spirits, beverages, diamonds, re-exports, and wood products by US8.7 million, US$8.2 million, US$5.1 million, US$4.9 million, and US$0.1 million, respectively.

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