Total trade in goods and services between the United Kingdom and Guyana has reached an impressive £1.6 billion in the four quarters leading up to the end of Q2 2023, a new report from its Department of Business and Trade has outlined. It marks a substantial increase of 312.5% or £1.2 billion in current prices compared to the same period in 2022.
The remarkable growth in trade is reflected in both exports and imports between the two nations. According to official statistics, UK exports to Guyana amounted to £678 million in the four quarters ending Q2 2023, up by 96.5% or £333 million in current prices compared to the same period in 2022. The rise in exports showcases the increasing demand for UK products and services in the South American nation.
Rising flows from Guyana’s oil fields continue to shore up UK shortfall | OilNOW
Analysts attribute this significant surge in trade to the strengthening economic ties between the two countries. Guyana, a country in South America, has emerged as the United Kingdom’s 78th largest trading partner during the four quarters to the end of Q2 2023, accounting for 0.1% of the total UK trade.
Moreover, in 2021, the UK saw an outward stock of foreign direct investment (FDI) amounting to £11 million into Guyana, showcasing the UK’s interest in expanding its economic presence in the region. However, specific data on inward stock of foreign direct investment from Guyana into the UK is not currently available.
The robust growth in trade and investment between the UK and Guyana signals promising prospects for both nations’ economies. With the increasing demand for UK products in Guyana and the growing inflow of goods from Guyana into the UK, bilateral trade relations are expected to continue on an upward trajectory in the coming months.
Guyana has already pitched to become the UK’s energy security partner with its Gas-to-Energy project in tow. Just last year, the two nations bolstered its partnership with a new partnership agreement. The UK also waived the visa requirement for nationals of Guyana. Direct flights began back in March.
