AMIDST growing production in Guyana’s oil and gas industry and across various sectors within the local economy, the country has recorded export earnings of US$10.221 billion in the first half of 2024, according to the Mid-Year Report released recently by the Ministry of Finance.
According to the report, the merchandise trade balance registered a surplus of US$6.976 billion in the first half of the year, compared with the surplus of US$2.340 billion recorded in the corresponding period of last year.

“This improvement was largely supported by a significant ramp up in crude oil production offshore, following the start-up of Guyana’s third FPSO – Prosperity,” the report highlighted.
It went on to state: “Total export earnings grew by 68.7 per cent to US$10,221.9 million [US$10.221 billion] at the end of June 2024.”

Importantly, outside of the oil and gas sector, growth was also seen in non-oil export earnings in the first half of 2024 by some 23.4 per cent.
The earnings from rice and gold expanded by US$24.7 million and US$12.2 million, respectively, with the increase for gold reflecting favourable price developments.

At the start of 2024, Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh had projected that Guyana’s total export receipts could grow by 41.9 per cent for 2024.
This growth, he added, was expected to be driven by a robust expansion in both oil and non-oil earnings.
At that time, Dr Singh said that the government would continue its focus on developing a conducive environment to boost the country’s trade in both the import and export of goods and services.