In Guyana, Gold Exports on the Rise

Finance Minister Dr. Ashni Singh recently disclosed that, due to external price factors, export for gold in Guyana brought in more than double what the traditional champion, sugar earned. Gold generated US$281.7 million, which represents more than the combined receipts earned for rice and sugar during 2009. In the 2009 budget, Singh had projected export receipts of US$165.5 million.

While the volume of sugar exported saw an increase, the country recorded a decline in export receipts because the average export price declined by 13.1 percent. Singh noted that this may be attributed to the third and final step of the European Union’s price cuts taking effect on 1st October, 2009—in total a 36% cut. A similar trend was seen in rice exports, increased in volume of sales, but the average price declined by 27.3 percent.

It should be noted that Guyana has faced challenges due to the negative environmental and social impact of small-and medium-scale mining, especially gold-mining.

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