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Analysis and Studies - Country Analysis

Guinea: a look at the marke

By SkyMinder Sales Enablement Team October 21st 2024

The region now known as Guinea has historically been part of several West African empires, including the Mali, Ghana, and Songhai empires. During the European colonial era, France claimed the territory and fought against local resistance, ultimately defeating the forces of the prominent warlord Almamy Samory Toure in 1898. With neighboring areas controlled by Britain and Portugal, the land was divided, with Guinea becoming the French-controlled portion. In 1958, Guinea achieved independence from France. Since then, the country has experienced authoritarian governance, marked by military coups and political unrest.

The country has a diverse landscape, ranging from coastal plains to mountainous regions, including the Fouta Djallon, a highland region often referred to as the "water tower" of West Africa for its numerous rivers, but despite being rich in culture and natural beauty, Guinea continues to work toward political stability and economic development.

The flag consists of three vertical stripes of equal width in red (closest to the flagpole), yellow, and green. The red symbolizes the people's sacrifices for freedom and labor, while the yellow represents the sun, the nation's wealth, and justice, whereas the green signifies the country's lush vegetation and the spirit of unity.

Guinea has a high level of specialization in Aluminium Ore ($4.64B), Gold ($5.23B), Coconuts, Brazil Nuts, and Cashews ($99.6M), Cocoa Beans ($71.6M), and Rubber ($29.3M).

 

 

In 2022, Guinea was the 101st in total exports, with a trade of $10.4B, and the 136th in total imports, with a trade of $6.11B.

In 2022 the most exported product was Gold, with a trade of $5.23B, followed by Aluminium Ore ($4.65B), Coconuts, Brazil Nuts, and Cashews ($99.6M), Cocoa Beans ($71.6M), and Non-fillet Frozen Fish ($42.3M), with China being the main destination (36.9%), ahead of India (26.8%), United Arab Emirates (25%), Switzerland (3.35%), and Spain (2.04%).

The country exports portfolio is heavily influenced by its gold and aluminium ore sectors, with gold constituting 50.5% of total exports and primarily going to the United Arab Emirates and India. Aluminium ore accounts for 44.9% of exports, with a significant share directed to China, indicating Guinea’s strategic role in supplying these crucial raw materials.

The agricultural sector shows varying trade dynamics: almost all coconut exports go to India, while cocoa beans are primarily exported to the Netherlands, Indonesia, and Malaysia. Additionally, non-fillet frozen fish is predominantly shipped to South Korea. Overall, Guinea's export strategy reveals a strong dependence on a few key commodities and markets, particularly in the mining sector, alongside agricultural exports that highlight both established relationships and potential avenues for further diversification.

  1. Gold (50.5%): 46.9% United Arb Emirates, 46.2% India, 6.59% Switzerland
  2. Aluminium Ore (44.9%): 81.5% China, 4.92% India, 4.36% Spain, 2.85% Germany, 2.82% United Arab Emirates, 1.91% Ireland
  3. Coconuts, Brazil Nuts, and Cashews (0.96%): 99.7% India
  4. Cocoa Beans (0.69%): 44.5% Netherlands, 37.7% Indonesia, 13% Malaysia, 2.15% Belgium, 1.32% Germany
  5. Non-fillet Frozen Fish (0.41%): 83.9% South Korea, 8.8% Senegal, 5.53% Tunisia

Whereas the most imported product was Refined Petroleum, with a trade of $797M, ahead of Rice ($301M), Wheat ($123M), Rolled Tobacco ($119M), and Motorcycles and cycles ($118M), importing mostly from China (37.4%), India (9.73%), Netherlands (7.73%), United Arab Emirates (4.16%), and Belgium (3.82%).

The graphic shows that the imports are primarily driven by refined petroleum, with the Netherlands as the leading supplier. Other key imports include rice, largely sourced from India, wheat from Germany, rolled tobacco from the United Arab Emirates, and motorcycles, predominantly from India as well.

This heavy reliance on a few countries for critical imports exposes Guinea to potential risks, particularly in the refined petroleum and staple food sectors, where single suppliers dominate. Despite some diversification in areas like rolled tobacco and motorcycles, the concentration on specific countries highlights the need for Guinea to strengthen trade relationships to enhance economic stability and ensure food security.

  1. Refined Petroleum (13.1%): 45.8% Netherlands, 19.8% Greece, 9.99% Spain, 9.21% Belgium, 5.45% Italy, 2.51% United Arab Emirates, 1.09% India, 0.67% Senegal
  2. Rice (4.92%): 94.5% India, 2.05% Burma, 1.77% Thailand
  3. Wheat (2.02%): 94% Germany, 6.03% Poland
  4. Rolled Tobacco (1.94%): 62.3% United Arab Emirates, 17.7% Poland, 9.28% Nigeria, 6.89% Senegal
  5. Motorcycles and cycles (1.93%): 65.1% India, 18.1% China, 16% Indonesia

Between 2021 and 2022 the fastest growing exporter was China, with an increase of $1.43B, ahead of Switzerland ($106M) and Germany ($50M).

 

 

  1. China: from $2.38B to $3.81B
  2. Switzerland: from $240M to $347M
  3. Germany: from $96.8M to $147M

Whereas the country with the fastest growth in imports was the Netherlands, with an increase of $347M, followed by China ($162M) and Greece ($158M).

 

 

  1. Netherlands: from $125M to $472M
  2. China: from $2.12B to $2.28B
  3. Greece: from $1.23M to $159M

Sources: 

https://oec.world/en

https://www.cia.gov/the-world-factbook/countries/