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Scope of Export & Import in Guinea
Guinea benefits from dynamic trade between exports of its mineral resources to Europe, Asia and the Middle East and imports of transport equipment and food products. The main destinations of Guinea’s exports are the UAE (38.9%), China (35.6%), India (6.2%) and Belgium (4.2%). On the other hand, the country’s imports come from China (39%), India (8%), the UAE (5%), and Turkey (3.1% – data OEC). The country is a member of both WTO and ECOWAS, and is in the process of an economic partnership with the EU as an ACP country. Customs duties are relatively high (the average rate is 12.6%), but Guinea continues to work to make its economy more open by reducing other non-tariff barriers.
The country has a structural trade deficit. In 2019, merchandise exports (at USD 3.8 billion) decreased by 3.2% year-on-year, but they overtook imports (at USD 3.5 billion, +3.2% y-o-y). Nevertheless, Guinea is a net service importer, with USD 955 million in imports and only USD 135 million in exports in 2019 (data WTO). According to figures from the World Bank, the overall trade deficit stood at 15% of GDP in 2019.