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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.

Top imports - equipment and food.

In terms of imports, transport equipment skyrocketed in 2016, mainly due to the many infrastructure projects underway. Food industry purchases also increased but to a much lesser degree. Guinea continues to import rice (555,000 tons in 2016), twice as much as six years ago, as well as sugar (140,700 tons) and milk (31,400 tons), via the Autonomous Port of Conakry. Flour imports have dropped off, probably due to an increase in production by Guinea’s own f lour mills (see report p. 64-65).

On the other hand, the value of imported plant and vegetable produce has increased fivefold in six years according to the NSI, reaching 4,440 billion GNF in 2016, while that of animal products has increased fourfold, reaching 215 billion GNF in 2016. Asian countries, led by China, which is already one of Guinea’s main import partners, were Guinea’s leading suppliers in 2016, far ahead of Europe, while East Africa is leaping ahead.

Top exports - mineral resources.

Guinea’s exports have risen sharply over the past two years, boosted by a healthy mining sector, particularly bauxite, which attracted several billion dollars in investment. Gold also contributed to this increase in exports, estimated at 17% between 2014 and 2018. Almost 80% of Guinea’s external revenue thus comes from its mineral resources.

In the nomenclature of the National Statistics Institute , mineral “products”, which represented 424 billion GNF in 2011, rose to 4,327 billion in 2014 and 16,740 billion in 2016. Three areas were fairly represented in 2016 as Guinea’s export destinations for its mining industry products: Europe – declining, Asia and the Middle East – rising sharply. Year after year, vegetable products represent a low and uncertain value of Guinean exports, with 71 billion GNF in 2013, 291 billion in 2015 and 135 billion the following year.

Start an Export Import Business in Guinea

For the most part in all nations there are three phases of process for import. One time enrolment method to acquire import permit, documentation required for importation and Import customs clearance procedures. Point by point data on these three phases of imports has been specified independently in this site. You may click underneath those data connects to find out about well ordered techniques on the most proficient method to import.

At Solis Investments, we can help our clients register and start Import & Export business in Republic of Guinea. And provide all the support to grow the business.

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