Guyana’s export relationship with the European Union reached a new milestone in 2024, with the EU importing US$9.7 billion in Guyanese products-a figure overwhelmingly driven by crude oil but now the focus of a broader diversification strategy.
President Irfaan Ali, speaking at Europe Day celebrations in Georgetown, highlighted that 66% of Guyana’s crude oil exports were shipped to Europe in 2024. This surge in crude exports has played a vital role in supporting Europe’s energy security, particularly in the wake of the Russia-Ukraine conflict, which has reshaped global oil flows and increased demand for alternative suppliers. Guyana’s light, sweet crude has become especially attractive to European refineries, many of which are less suited to processing heavier grades traditionally sourced from other regions.
While crude oil remains the dominant export-accounting for the vast majority of the US$9.7 billion in trade-Guyana’s government is actively pursuing a comprehensive trade expansion programme. President Ali outlined efforts to broaden the export base, emphasizing agricultural products such as fresh fruits, vegetables, and coconut water from the Pomeroon region. Investments in infrastructure and agricultural capacity are expected to make these non-oil exports a significant part of future trade with the EU.
The government’s strategy includes building the necessary ecosystem to meet international technical and regulatory standards, such as phytosanitary requirements and certifications, to ensure smooth entry for Guyanese goods into European markets. This approach is aimed at creating long-term, sustainable trade relationships and reducing reliance on a single commodity.
The EU Ambassador to Guyana, Rene Van Nes, noted the dramatic growth in trade over the past decade, with exports from Guyana to the EU rising from G$15 billion in 2014 to G$2.4 trillion in 2024. This robust trade surplus not only benefits Guyana’s economy but also strengthens ties with Europe.
As Guyana continues to ramp up oil production and output, the country is simultaneously positioning itself to become a key supplier of diversified goods to Europe, signaling a new era in its international trade relations.
