Guinea-Bissau Export, Import and Trade
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According to the African Economic Outlook, cashew nut production was responsible for more than 95 percent of Guinea-Bissau’s total exports in 2009 with India as their largest export partner, purchasing almost 70 percent of Guinea-Bissau’s cashew nuts.
According to the African Economic Outlook, cashew nut production was responsible for more than 95 percent of Guinea-Bissau’s total exports in 2009 with India as their largest export partner, purchasing almost 70 percent of Guinea-Bissau’s cashew nuts.
Guinea-Bissau is the sixth largest producer of cashew nuts in the world. However majority of cashew nuts the country exports are unprocessed. Therefore India is able to purchase Guinea-Bissau’s cashew nuts below global market prices – before processing and re-exporting to the US and other developed nations.
The Guinea-Bissauan government recognises the need to diversify it’s exports. The ease of growing cashew nuts, as well as the demand for cashew nuts has led many farmers to switch from growing other crops such as rice to growing cashew nuts. This affects the country’s imports. Despite having the potential to grow rice and produce oil, Guinea-Bissau’s imports are almost completely cmade up of consumer and capital goods. Sixty percent of imports are made up of commodities such as rice, flour and sugar, 30 percent is represented by oil.
This has resulted in Guinea-Bissau’s trade deficit. A drastic decline in cashew nut prices has also caused a negative impact on the trade balance despite a slight drop in the price of its imports.
Guinea-Bissau Import and Export Indicators and Statistics at a Glance
Total value of exports: US$133 million (2006 estimate)
Primary exports – commodities: cashew nuts, shrimp, peanuts, palm kernels, sawn lumber
Primary export partners: India (62.21 percent of total exports), Nigeria (31.28 percent), Portugal (1.48 percent)
Total value of imports: US$200 million (2006 estimate)
Primary imports – commodities: foodstuffs, machinery and transport equipment, petroleum products
Primary import partners: Portugal (17.33 percent of total imports), Senegal (13.66 percent), Netherlands (9.27 percent), India (9.11 percent), Thailand (5.2 percent), Brazil (4.49 percent)
Read more on Guinea-Bissau’s economy, including forecasts and trade statistics on EconomyWatch below.
