Suriname is intensifying all its trade relations with other countries.
All Trade Relations
Suriname has many unrealized trade export potentials and untouched business opportunities.
Suriname’s economy is currently principally based in the export of gold, aluminum oxide (alumina) and small amounts of aluminum produced from bauxite. Democracy in Suriname has gained strength in recent years, creating an economy more diversified and less dependent on external financial assistance.
The country’s biodiversity makes it an attractive destination for eco-tourism. The country still has many opportunities in terms of broadening its economic base and diversifying its trading partners. If you are an investor, entrepreneur or student, we invite you to come to Suriname and start doing business here. Source: ITC
3 Views on Trade with Suriname
You can look at Suriname in different ways:
- One way is that it is a small country, with a small population and a small internal economy.
- Another way is looking at Suriname as potentially the largest agricultural partner for the region/in Caricom, a single market of 14 countries and 15 million people. https://caricom.org/
- The third way of looking at Suriname is it's being the potential logistic and technological gateway and popular Free Trade Zone for South America and specifically Brazil.
Each of these three views gives different business opportunities for trade with Suriname. Below you will read figures on import and export and the potential for Suriname as supplier for the region/Caricom.
The Gross Domestic Product (GDP) in Suriname was worth 3.43 billion US dollars in 2018. Source: Trading Economics.
This diagram shows a significant increase in GDP for the last 2 years and projected growth. Source: Statista.
Suriname recorded a trade surplus of 148.20 USD Million in the first quarter of 2019. Source: Trading Economics
Suriname runs trade surpluses due to exports of bauxite. Suriname's top exports are gold, precious metal scraps, refined petroleum, rough wood and bananas. Our main trading partner is the United States (23 percent of total exports and 26 percent of imports). Other trading partners include: The Netherlands, United Arab Emirates and Guyana.
In 2017 Suriname exported $2.69B, making it the 123rd largest exporter in the world. During the last five years the exports of Suriname have increased at an annualized rate of 8.5%, from $1.06B in 2012 to $2.69B in 2017. The most recent exports are led by Gold which represent 67.3% of the total exports of Suriname, followed by Precious Metal Scraps, which account for 12%. Source: OEC
In 2017 Suriname imported $1.38B, making it the 161st largest importer in the world. During the last five years the imports of Suriname have decreased at an annualized rate of -7.2%, from $1.47B in 2012 to $1.38B in 2017. The most recent imports are led by Refined Petroleum (fuel) which represent 9.1% of the total imports of Suriname, followed by Excavation Machinery, which account for 4.57%. Other top imports are Delivery Trucks, Cars, Large Construction Vehicles, food and clothing. Source: OEC
Trade Potential in the Region/Caricom
When looking at the region and Caricom, Suriname has various unrealized potentials for trade. This because of market demands.
From Import to Export
Currently Suriname and Caricom countries are importing food, fruits and meat. Suriname should, considering the opportunities, be exporting food, fruits and meat, and be the largest importer for this in Caricom.
Interested in Doing Business?
Are you interested in doing business with Suriname, build a startup, subsidiary or invest? Please contact us for more information and check out the published business opportunities