28/03/2024 - 12:04:10

Guinea Bissau

National Flag

Map

4

Basic Information

Guinea-Bissau is located on the west coast of Africa. With a land area of 36,000 square kilometres and a sea area of 8,120 square kilometers, it has 88 islands and a population of approximately 2.0 million in 2021. The capital, Bissau, is the largest city as well as an independent autonomous region. It is also the national political, economic, and cultural centre.

Investment Situation

The moderate natural resources of Guinea-Bissau allow the country to operate farming, animal husbandry and fisheries. Its market threshold is friendly to foreign investors. The country has ample labour force and apparent cost competitiveness; primary products in Guinea-Bissau are cheap and low-end industries are welcome. The Guinea-Bissau government’s policy agenda is dedicated to poverty reduction plans, power construction, port projects, telecommunication networks, fishery facilities, road construction, aviation facilities and tourism development, etc.

 Guinea-Bissau is an agricultural country. 80% of the country’s population make a living through agriculture. Fisheries and forestry are also important local resources, namely the country has an exclusive economic zone of about 70,000 square kilometers and a forest area of ​​2.34 million hectares.

 The service industry also accounts for a considerable portion of the local economy, mainly in trading and catering services. The industrial foundation is relatively weak, and mining resources have not been effectively developed.

 According to the “2022 World Investment Report” published by the United Nations Conference on Trade and Development (UNCTAD), by the end of 2021, Guinea Bissau has attracted US$320 million on stock of inward direct investment. According to the “2021 Statistical Bulletin of China’s Outward Foreign Direct Investment”, by the end of 2021, the stock of direct investment of China in Guinea Bissau was US$24.3 million. Apart from investment in the construction of warehouse for fishery equipment, there are mainly trading companies registered by private enterprises or individual stores.

Trade in Goods

In 2021, the main export destinations of Guinea-Bissau are India, Korea, Singapore and Cape Verde. The main export goods are cashew nuts, mineral fuels, fish and shrimp. The main origins for imports include Portugal, Senegal, China and the Netherlands. The main imported goods are mineral products, cereals, and vessels.

 In 2022, China’s exports to Guinea-Bissau amounted to US$56.5 million, mainly include polished rice, footwear; imports from Guinea-Bissau amounted to US$2 thousands, main imports are connector.

 

Economic Indicators

2020(a)

2021(a)

2022(b)

2023(b)

Population (million)

1.8

1.9

1.9

1.9

GDP (US$ million)

1,523

1,703

1,624

1,692

Real GDP Growth Rate (%)

1.5

5.0

3.8

4.5

Total Export of Goods (US$ million)

182.6

205.3

205.9

221.2

Total Import of Goods (US$ million)

282.0

329.5

298.2

309.8

Total Export of Services (US$ million)

18.7

35.0

Total Import of Services (US$ million)

132.1

168.3

Consumer Price Index (%)

1.5

3.3

5.5

4.0

Current Account Balance (US$ million)

-41

-54

-105

-80

Exchange Rate (Central African Franc CFA: USD, Period Average)

575.6

554.5

623.8

662.6

Remarks: (a) actual value; (b) estimated value of International Monetary Fund (IMF)

Source: International Monetary Fund (IMF)

  

Main Export and Import Place of Goods

Main Export Destinations (2021)

Proportion of Total Value of Exports of Goods (%)

India

59.6

Korea

11.0

Singapore

1.0

Cape Verde

0.4

Others

28.0

 

Main Import Origins (2021)

Proportion of Total Value of Imports of Goods

Portugal

38.0

Senegal

22.7

China

11.0

The Netherlands

6.2

Others

22.1

Source: International Monetary Fund (IMF)

  

Major Imports and Exports of Goods

Major Exports of Goods (2021)

Proportion of Total Value of Exports of Goods (%)

Edible fruit and hard-shelled fruit; citrus fruit or melon skin

80.7

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

12.2

Fish, crustaceans, mollusks or other aquatic invertebrates

3.3

Vessels and other floating structures for breaking up

1.7

Others

2.1

Major Imports of Goods (2021)

Proportion of Total Value of Imports of Goods (%)

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

13.2

Cereals

8.7

Vessels and other floating structures for breaking up

8.1

Drinks, wine and vinegar 

8.0

Others

62.0

Source: International Trade Center (ITC)


Major Imports and Exports of Services

Main Exports of Services (2021)

Proportion of Total Value Exports of Services (%)

Telecommunications, computer and information services

38.1

Tourism

28.6

Financial services

14.3

Other

19.0

Main Imports of Services (2021)

Proportion of Total Value Imports of Services (%)

Transport

37.8

Telecommunications, computer and information Services

16.9

Insurance and pension services

3.4

Other

41.9

RemarksThe above content is based on estimated value of UNCTAD, WTO and ITC.

SourceInternational Trade Centre (ITC)


Statistics on the Trade of Goods
between Mainland China and Guinea-Bissau (US$ ten thousands)

Year

Total Trade

Total Exports value*

Total Imports value**

2022

5,651.8

5,651.6

0.3

2021

8,892.2

8,892.1

0.1

2020

5,144.8

5,144.3

0.5

2019

4,034.1

3,193.9

840.2

2018

3,747.0

2,983.2

763.9

Remarks: *Value of goods exported to Guinea-Bissau from Mainland China; **Value of goods imported from Guinea-Bissau to Mainland China

Source of Data: General Administration of Customs of the People’s Republic of China

 

Statistics on the Trade of Goods between the Macao SAR and Guinea-Bissau (US$) (USD 1 » MOP 8)

Year

Total Trade

Total Exports Value *

Total Imports Value**

2022

4466.6

4466.6

2021

33,680.1

33,680.1

2020

1,287

1,287

2019

2,019

2,019

2018

Remarks: *Value of goods exported to Guinea-Bissau from Macao; **Value of goods imported from Guinea-Bissau to Macao.

Source of Data: Statistics and Census Service (DSEC), Macao SAR Government

Sources:

  • “Country (region) guide for foreign investment cooperation (Guinea-Bissau)” by the Ministry of Commerce of the People’s Republic of China
  • “2021 Statistical Bulletin of China’s Outward Foreign Direct Investment” by the Ministry of Commerce of the People’s Republic of China, National Bureau of Statistics and State Administration of Foreign Exchange
  • General Administration of Customs of the People’s Republic of China
  • SinoMaps Press
  • Statistics and Census Service (DSEC), Macao SAR Government
  • International Monetary Fund (IMF)
  • International Trade Center (ITC)
  • 2022 World Investment Report” by the United Nations Conference on Trade and Development (UNCTAD)
  •  “Country Economic Forecast – Guinea-Bissau (Nov 2022)” by Oxford Economics

Updated in March 2023.