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– High decline in exports notedThe recently released 2014 report by the Bank of Guyana (BOG) has shown that the year registered both lowered exports and imports for Guyana. However, the country registered a higher decline in its exports whileExports tableimports marginally decreased.In its 152-page report, the Bank indicated that total export receipts declined by 15.1 per cent or US$208M in 2014 from 2013. In 2013, the country had a total export of US$1,375.2M while last year saw exports in the sum of US$1,167.2M.According to the report, this downturn resulted from lower export receipts for gold, sugar,Beau Bennett Penguins Jersey, bauxite and “other exports”. Only timber and rice registered higher earnings for exports, the report added.For sugar, earnings amounted to US$88M, a 22.9 per cent decline from 2013, the BOG report showed. This decline was mainly due to a 34.8 per cent decrease in the average price since there was an 18.3 per cent increase in export volume; the volume of sugar exported amounted to 189,565 metric tonnes or 29,281 metric tonnes more than the level exported in 2013, while the average export price for sugar decreased by 34.8 percent or US$248.2 to US$464.3 per metric tonne, compared to US$712.6 per metric tonne in 2013.In regards to rice, the BOG report showed that export earnings amounted to US$49.5M, 4 per cent above the 2013 level. This increase was due to high export volume and “continued favourable preferential prices from Venezuela”, the report said.Further, the volume of rice exported amounted to 501,209 metric tonnes, a 26.9 per cent increase or 106,220 metric tonnes more than 2013.The average export price of rice decreased by 18.0 percent to US$497.8 per metric tonne compared to US$607.2 per metric tonne in 2013, the report showed.Bauxite and gold both saw declines in their export earnings; for bauxite,Marcin Gortat Wizards Jersey, earnings amounted to US$124.7M, 7.4 per cent below the 2013 level of US$134.6M while gold export receipts were US$469.8M, 27.6 per cent or US$178.7M lower than the 2013 earnings of US$648.5M.For bauxite, the decline was due to lower export volumes while for gold the contraction was attributable to “persistent low world market prices” for the precious metal along with lower export volumes; the average export price per ounce of gold declined by 9.4 percent to US$1,218.1 per ounce from US$1,344.0 per ounce in 2013.Meanwhile, the value of timber exports rose by 38.8 per cent while total earnings from all other exports, which included re-exports, declined by 8.9 per cent.Similarly, the value of merchandise imports decreased, though the percentage decrease was smaller than that of the exports decrease. In 2014, imports decreased by 5.1per cent or US$96.2M to US$1,778.7M.This contraction, the bank said, was on account of lower capital goods, consumption goods and intermediate goods imported.Further, the report showed that in the consumption goods sub-category,Pavel Datsyuk Red Wings Jersey, the imports amounted to US$415.7M, a five per cent or US$22M decline from 2013.“This position was due to declines in the value of imports of other non-durable goods, beverages and tobacco,Chase Utley Jersey, motor cars, food for final consumption and clothing and footwear…while other durable goods and other semi-durable goods increased,” the report stated.In the intermediate goods sub-category, imports declined by 2014 3.9per cent or US$39.2M to US$966.6M from US$1,005.8M in 2013. While in the sub-category of capital goods, imports decreased by 81per cent or US$342M to $US38.7M. The latter position was due to a reduction in imports of industrial machinery by 47.2 per cent, agricultural machinery by 24.5 and transport machinery by 8.1 per cent.Meanwhile,Wholesale NFL Jerseys, higher imports were realized in the categories of mining machinery,Dexter McCoil Chargers Jersey, other capital goods and building machinery by 132.5 per cent, 8.2per cent, and 1.3per cent respectively.The BOG 2014 report takes an in-depth look into Guyana’s economy and makes comparisons on the economy’s growth over the years.
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