66% of Guyana’s crude went to Europe in 2024 – Pres Ali

Last year, the European Union (EU) imported US$9.7 billion in products from Guyana – a sizeable sum that is dominated by crude oil, but according to President Dr Irfaan Ali, the government is working to diversify its trade programme with Europe to include more agricultural produce.

Guyana enjoys a sizeable surplus of trade with Europe. During the Europe Day celebrations on Friday evening in Georgetown, it was revealed that the European Union imported US$9.7 billion in products from Guyana.

President Ali revealed that most of these imports comprised of Guyana’s crude oil. This, he noted, has contributed significantly to energy security in Europe, particularly in the context of the Russian/Ukraine war.

“Since the discovery of oil, there is an increasing demand for Guyana’s crude with that being the top export to the EU. In the year 2024, 66 per cent of Guyana’s crude was exported to Europe,” the Head of State noted.

That being said, the Guyanese Leader also explained that his government has been working on an elaborate trade programme that will allow Guyana to increase its export capacity and the range of products being exported to Europe.

“We have been working on a very elaborate trade programme. To build our capacity here in Guyana. To access a more diversified market in Europe. Fresh fruits and vegetables. Coconut water from Pomeroon.”

“And we’re very confident that with the type of infrastructure and investment we’re putting in place, for the agricultural expansion. Especially in products like coconut, coconut water and byproducts, this also would be an important area for the trade expansion,” President Ali added.

Bilateral trade between Guyana and Europe went from $15 billion in 2014 to $2.4 trillion in 2024.