Caribbean Region: Review of Economic Growth and ... - USITC

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Guyana: Selected international integration indicators, MRY (2000–07)Merchandise exports to the United States (% of total exports, 2006) 15.5CBERA utilization rate (% of total exports to the U.S. entering under program, 2007) 7.7CBERA utilization rate (% of total apparel exports to the U.S. entering under program, 2007) 100.0Exports of goods and services (% relative to GDP, 2005) 88Imports of goods and services (% relative to GDP, 2005) 124Export concentration indicators, 2005Herfindahl-Hirschmann index (world value = 0.067, lower value implies more diversification) 0.325Number of products exported (world value = 260, calculated at 3-digit SITC level) 221MFN tariffs, total, applied 2006 (simple average of ad-valorem duties, %) 11.1Agricultural goods 21.1Non-agricultural goods 9.6Official development assistance ($ million, 2005) 136.8Total debt service (% of exports of goods, services, and income, 2005) 3.7Sources: DataWeb; World Development Indicators; UNCTAD Handbook of Statistics Online; WTO; WITS. See appendix D forsources and definitions.Note: MRY=most recent year for which data are available; na = “not available.”Merchandise exports to the United States represented approximately 15 percent of Guyana’s totalmerchandise exports in 2006. Guyana is eligible for preferential access to the U.S. market under the originalCBERA, GSP, and CBTPA. In 2007, the value of U.S. imports from Guyana was $146 million, of which $11million was under the CBERA program. The main products exported to the United States in 2007 werealuminum ores and concentrates and shrimps and prawns. Guyana’s CBERA utilization rate is approximately8 percent, and the main products exported under the CBERA program were sugar, plywood, and apparelproducts. In 2007, the value of Guyana’s imports from the United States was $179 million. The mainproducts imported from the United States include petroleum products, cellular phones, soybean oil cakes,eggs, and donated articles.Total goods and services trade was more than 200 percent relative to GDP in 2005. Guyana’s trade balanceshifted from a trade surplus in 2004 to a trade deficit in 2006 in large part because of the large increase inthe price of petroleum products over the period. In addition, Guyana’s export earnings tend to fluctuate withchanging weather conditions. Guyana’s main export products are sugar, gold, bauxite, alumina, rice, seafoodand shrimp, molasses, rum, and timber. Its main export markets include the United States, Canada, the UnitedKingdom, and Portugal. Most of Guyana’s sugar is exported to the EU under a preferential trading regime.Guyana’s main import products include manufactures, machinery, petroleum, and food. Its main importsources are Trinidad and Tobago, the United States, China, Cuba, and the United Kingdom.Guyana has experienced an increase in net FDI inflows in recent years. The government’s office ofinvestment notes that, in 2005, approximately one-third of the number of total projects and more than 70percent of total investment involved foreign investors, primarily from Asia, the Caribbean, and NorthAmerica. The main industries receiving investment were food products, mining, and wood products. Thereis also emerging interest in investment in the biofuel industry, and Guyana has already begun producingbiodiesel using palm oil. Guyana maintains a floating exchange rate for its currency, the Guyanese dollar.4-66
Box 4.1 Bauxite Industry in Guyana: International Investment Upgrades IndustryThe bauxite industry in Guyana has succeeded in attracting foreign investment, creating jobs, increasing exports, andhelping to raise the standard of living for a portion of the population. In 2006, Guyana was the seventh-largest worldexporter of bauxite, an essential input in the production of aluminum and Guyana’s fourth-largest foreign exchangeearner after sugar, gold, and rice. The largest bauxite mine in Guyana is the Aroaima mine, managed by the BauxiteCompany of Guyana (BCGI). Total employment by BCGI at the end of 2007 was 560. 1BCGI was established in December 2004 with the signing of an agreement between UC RUSAL (Russia), the world’s2largest aluminum and alumina producer, and the government of Guyana. Under the agreement, the assets offormerly state-owned Aroaima Mining Company, including property, infrastructure, and deposits and reserves of 96million metric tons of bauxite, were sold to BCGI for $22 million. At the same time, the Russian government agreedto cancel approximately 98 percent of Guyana’s debt to Russia, amounting to $16 million.RUSAL is in the process of providing sustained financing for the development of Guyana’s bauxite deposits. Inseparate developments, RUSAL has obtained licenses for the development of the Linden bauxite deposits in Guyanawith total reserves of over 100 million metric tons of bauxite, and also holds a license for the development of the Itunideposits in Guyana, with potential reserves of about 100 million metric tons. Total bauxite deposits in Guyana arelikely to ensure a stable supply of high-quality bauxite for RUSAL’s Nikolaev aluminum refinery (Ukraine) and promoteRUSAL’s efforts toward raw material self-sufficiency. RUSAL expected to export 350,000 metric tons of bauxite fromGuyana to the Nikolaev refinery in 2006 and 1 million metric tons by 2008. RUSAL announced an investmentprogram in 2005–07 to enable bauxite output by BCGI to be raised from 1.3 million metric tons annually to 2.5 millionmetric tons annually. According to RUSAL, the investment program is more than 95 percent complete and includesthe purchase of new mining and drying equipment and further development and modernization of plant infrastructure.The goals of the introduction of new equipment and the plant modernization have been to increase productionefficiency and to lower environmental emissions, especially emissions into groundwater. RUSAL is presentlyconsidering building an aluminum smelter in Guyana, which would likely increase bauxite production in Guyana by50 percent.Sources: Bauxite Company of Guyana Inc. Web site.http://www.sual.com/index.php?lang=eng&topic=3&subtopic=57&subtopic2=71&subtopic3=105 (accessedJanuary 31, 2008); “Bauxite and Alumina.” Minerals Yearbook. U.S. Geological Survey. 2006; Edwards, Al.“RUSAL begins search for bauxite in Guyana,” The Jamaica Observer. June 9, 2006. ;http://www.jamaicaobserver.com; Global Trade Atlas; Kommersant (Russian online daily newspaper); “Mining.”The Guyana Office for Investment. http://www.goinvest.gov.gy/mining.html (accessed March 20, 2008); RUSALInc. “Social Report, 2005-2006.” http://www.rusal.ru/UserFiles/File/Rusal-SocOtchet_2007_eng.pdf, (accessedMarch 20, 2008); United Company RUSAL in Guyana Web site. http://www.sual.com/index.php?lang=eng&topic=3& subtopic=57&subtopic2=193&subtopic3=196, (accessed January 31, 2008); U.S. Geological Survey.“The Mineral Industries of French Guiana, Guyana, and Suriname.” Country Report, 2005.12Telephone conversation by Commission staff with company officials, February 21, 2008.UC RUSAL owns 90 percent of BCGI and the government of Guyana retains a 10 percent ownership stake.SourcesCaribbean Development Bank. “Guyana.” CDB Annual Economic Review 2006.CIA. “The World Factbook: Guyana.” March 6, 2008, www.cia.gov.DaCosta, Michael. “Colonial Origins, Institutions and Economic Performance in the Caribbean: Guyanaand Barbados.” IMF Working Paper, WP/07/43, February 2007.4-67
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TABLE OF CONTENTSPagePreface ......
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TABLE OF CONTENTS-ContinuedChapter
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List of Frequently Used Abbreviatio
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PPPPRGFSDRSMESPSTASCTEUTIEATIFATRQU
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the Netherlands Antilles, accounted
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most influence investment in the re
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Expanding to Higher-Skill-Intensive
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Focusing on Unique Strategic Advant
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U.S.A.CubaBahamasMap of the Caribbe
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Table 1.1 Summary of CBERA preferen
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13under the same rules of origin ap
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training, orientation visits, and b
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domestic population growth pressure
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Figure 2.2 GDP, most recent year, 2
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Figure 2.3 GDP per capita, PPP, mos
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Table 2.1 Selected CBERA countries:
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Box 2.1 Mobile Telephone Industry i
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Table 2.4 Goods and services trade
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Table 2.6 U.S. merchandise imports
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aTable 2.7 Leading U.S. merchandise
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aTable 2.9 Leading U.S. merchandise
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Extent of Utilization of CBERA Pref
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Table 2.12 U.S. imports of apparel
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important trend in the region is th
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GDP in CBERA countries. When the tw
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percent of GDP; this low figure con
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firms from scrutiny, non-transparen
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and Trinidad and Tobago (the only c
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Table 2.17 World Bank IBRD and IDA
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Table 2.19 Caribbean Development Ba
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Table 2.20 Membership of covered CB
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changes specifically in U.S. policy
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Using country-level data, researche
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Reinhardt. 24 The authors find that
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CBTPA programs. Table 3.1 presents
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exports fluctuated within a range o
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promising for all countries covered
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infrastructure, macroeconomic stabi
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exporters have also been affected b
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Policies identified in the literatu
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outside of the domestic market.”
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infrastructure, the 2005 World Bank
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companies.” 99 The islands provid
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government, provide another opportu
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(CDS), was established in 1983 to p
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Policies identified in the literatu
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that, in the early 1990s, Caribbean
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policies discussed in earlier secti
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Caribbean government officials. 159
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These experiences suggest that supp
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which can generate more internation
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Dean, Judith M., and John Wainio.
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Josling, Tim. “Trade Policy in Sm
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———. Textiles and Apparel: Ef
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CHAPTER 4Current Level of Caribbean
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ANTIGUA & BARBUDAEconomic and Socia
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has been an employer of last resort
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International Integration 4Sources:
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improve its overall financial posit
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Aruba: Selected social development
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elated services, such as conference
Page 138 and 139: SourcesCaribbean-Central American A
Page 140 and 141: The Bahamas: Selected social develo
Page 142 and 143: In addition to its beaches that cou
Page 144 and 145: investment in the services sector,
Page 146 and 147: Barbados: Selected social developme
Page 148 and 149: The main agricultural products are
Page 150 and 151: $418 million. The main products imp
Page 152 and 153: Belize: Selected social development
Page 154 and 155: and is one of the fastest-growing i
Page 156 and 157: Belize: Selected international inte
Page 159 and 160: BRITISH VIRGIN ISLANDSEconomic and
Page 161 and 162: Domestic EconomyBritish Virgin Isla
Page 163 and 164: Data are unavailablefrom sourceData
Page 165: USITC. DataWeb (data compiled from
Page 168 and 169: Dominica: Selected social developme
Page 170 and 171: mainland or Europe, impede developm
Page 172 and 173: Dominica: Selected international in
Page 175 and 176: Economic and Social Development 1GR
Page 177: Grenada’s ongoing poverty eradica
Page 180 and 181: As Grenada’s economy has become i
Page 183 and 184: Economic and Social Development 1GU
Page 185 and 186: income average. The government has
Page 187: International Integration 3Sources:
Page 191 and 192: Economic and Social Development 1HA
Page 193 and 194: poor nutrition and inadequate acces
Page 195 and 196: International Integration 3Sources:
Page 197 and 198: Box 4.2 Apparel Industry in Haiti:
Page 199 and 200: Economic and Social Development 1JA
Page 201 and 202: Hurricane Dean caused significant d
Page 203 and 204: Source: World Development Indicator
Page 205 and 206: Box 4.4 Film Production Outsourcing
Page 207 and 208: MONTSERRATEconomic and Social Devel
Page 209 and 210: constraint to the country’s futur
Page 211 and 212: International Integration 2Source:
Page 213: CIA. “The World Factbook: Montser
Page 216 and 217: Netherlands Antilles: Selected soci
Page 218 and 219: services industry is an important s
Page 220 and 221: Netherlands is a major source of FD
Page 222 and 223: Panama: Selected social development
Page 224 and 225: The services sector contributes mor
Page 226 and 227: Panama: Selected international inte
Page 228 and 229: SourcesCaribbean-Central American A
Page 230 and 231: St. Kitts & Nevis: Selected social
Page 232 and 233: government closed the state-run sug
Page 234 and 235: St. Kitts & Nevis: Selected interna
Page 236 and 237: U.S. Department of State. “Backgr
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St. Lucia: Selected social developm
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St. Lucia’s main service industri
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St. Lucia: Selected international i
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———. St. Lucia: 2005 Article
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Vincent & the Grenadines: Selected
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3the islands’ adherence to the
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Total goods and services trade was
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TRINIDAD & TOBAGOEconomic and Socia
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development” category. Since 1990
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International Integration 5Sources:
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Trinidad and Tobago has consistentl
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Ethanol Producer Magazine. “Ethan
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He said that, in mid-2005, St. Kitt
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projects are set to come online in
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Government of Jamaica 10In testimon
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mentioned that promoting health tou
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economies have become increasingly
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Caribbean-Central American Action (
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and that CBERA benefits are limited
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She added that “a failure to full
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APPENDIX ARequest Letter from Commi
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11/07/2UU'113: 45 P'Ua uu3The Honor
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I I / V I / L U U I 15;40 P M......
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71432 Federal Register / Vol. 72, N
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71434 Federal Register / Vol. 72, N
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CALENDAR OF PUBLIC HEARINGThose lis
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ORGANIZATION AND WITNESS:Halcrow, I
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APPENDIX DCountry Profiles Tables a
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Table D.1 Country Profiles Tables a
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Table D.1-ContinuedTable or figuren
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APPENDIX EMerchandise Trade Tables
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Table E.2 Leading U.S. imports unde
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APPENDIX FDevelopment Tables
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Table F.2 Selected examples of rece
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Table F.2-ContinuedCountryPanama-Co
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