Guyana has experienced both trade deficit as well as balance of payment deficit over the years.
Country's trade scenario is not so good and competitive. It has suffered from a balance of payment deficit over the years.
Important exportable commodities of the country include gold, sugar, rice, rum and timber. Country's exports partners are Canada, US, UK and Jamaica.
Major importable commodities are machinery, petroleum, food and manufactures. Imports partners are Japan, Netherlands Antilles and UK.
The country' foreign exchange market is fully liberalized since the year 1991. This liberalization policy has positively affected to the over all trade scenario in the country.
Country' overall trade position is as follows:
2000 2003 2004 Merchandise trade (% of GDP) 150.4 145.4 157.6 Foreign direct investment, net inflows (BoP, current US$) 67.0 million 26.0 million 30.0 million Long-term debt (DOD, current US$) 1.1 billion 1.2 billion 1.1 billion Present value of debt (% of GNI) .. .. 72.2 Total debt service (% of exports of goods, services and income) 9.7 7.5 5.8 Imports of goods and services (% of GDP) 110.7 99.8 105.7 Gross capital formation (% of GDP) 22.6 21.0 23.6
Both International Monetary Fund and World Bank have stepped forward with many strategies for the country's economic development. In 2002, they endorsed Guyana's Poverty Reduction Strategy Paper (PRSP).