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World Trade Indicators 2009/10
Suriname Trade Brief
Trade Policy External Environment
Since the mid-1990s, Suriname has made progress The simple average of the overall rest of the world
towards liberalization of its trade regime, although tariff (including preferences) faced by the country’s
duties and foreign exchange surrender requirements exports is 9.4 percent. But when its trade flows are
are still applied to mineral exports. As a member of taken into consideration, it is apparent that Suriname’s
the Caribbean Community and Common Market exports have very good access to international
(CARICOM), Suriname applies the group’s Common markets, especially in comparison to its region and
External Tariff (CET). Today, with a simple average income group. Suriname’s weighted rest of the world
MFN tariff of 10.0 percent, Suriname’s trade regime is tariff (including preferences) is 0.1 percent, much
slightly more restrictive than that of an average Latin lower than the regional and income group averages of
America and Caribbean (LAC) or upper-middle- 3.2 and 3.1 percent, respectively. Suriname mainly
income country (9.3 and 9 percent, respectively). exports oil, which is a partial explanation for its low
Much the same as the majority of other countries in its rest of the world tariff for non-agricultural goods of
comparator groups, Suriname is more protective of its 0.03 percent. It also explains why the 3.2 percent tariff
agricultural products (with an average tariff of 17 faced by its agricultural goods has almost no effect on
percent) than of its non-agricultural ones (8.9 percent). the total rest of the world tariff. The Surinamese dollar
Based on the latest MFN applied tariff, it ranks 105th has a de facto peg to the U.S. dollar at a rate of 2.74
out of 181 countries (where 1st is least restrictive). The Surinamese dollars per U.S. dollar.2
country’s maximum MFN applied tariff, excluding
alcohol and tobacco, of 50.0 percent is relatively low. A comprehensive Economic Partnership Agreement
The government’s trade policy space, as measured by (EPA) between the EU and 15 Caribbean states in the
the wedge between bound and applied tariffs (the CARIFORUM EPA group, including Suriname, was
overhang), was 5.2 percent in 2008. Although steps signed in 2008. This replaced the expired preferences
have been taken since the late 1990s to liberalize given under the Africa, Caribbean, and Pacific (ACP)-
telecommunications, air transport, and ports, Suriname EU Cotonou Agreement. The EU committed to
continues to have a low overall GATS commitments immediately removing all tariffs and quotas on
index, where it is ranked 122nd out of 148 countries. Caribbean exports with the exception of sugar and
rice, which will get full duty-free and quota-free access
In response to the food crisis, CARICOM heads of by the end of 2009. The Caribbean countries, on the
state agreed in March 2008 to a two-year suspension other hand, committed to an asymmetric and gradual
of the CET so that member governments can drop opening of their economy to EU imports.3
duties as needed to counteract rising food prices.1 The
CET on a range of infant juices was also suspended
for a period of 6 months up to September 2008. Behind the Border Constraints
Suriname remained in the bottom 20 percent of
international business environments in 2009, being
ranked 155th out of 183 countries in the Ease of Doing
Business index. With a relatively low cost to export
Unless otherwise indicated, all data are as of August 2009 and import goods, but a relatively high number of days
and are drawn from the World Trade Indicators 2009/10 required for these activities, Suriname ranked 101st in
Database. The database, Country Trade Briefs and the Trading Across Borders subcategory, which is a
Trade-at-a-Glance Tables, are available at measures of trade facilitation in the country.
http://www.worldbank.org/wti.
If using information from this brief, please provide the
Trade Outcomes
following source citation: World Bank. 2010. “Suriname
Trade Brief.� World Trade Indicators 2009/10: Country Trade Suriname’s nominal growth rate of exports, based on
Briefs. Washington, DC: World Bank. Available at partner countries’ aggregate import data collected by
http://www.worldbank.org/wti. the IMF, decelerated in 2008 to 13.1 percent
World Trade Indicators 2009/10 Suriname Trade Brief
compared to 17.7 percent in 2007. Its import growth 6. IMF, August 2009a.
rate also decelerated to 16.6 percent from 28.7 percent 7. Fritz-Krockow, Bernhard et al., 2009, p. 86.
in 2007.4 With the falling commodity prices and low
aggregate demand due to the recent economic crisis,
Suriname’s export earnings decelerated substantially in References
the last quarter of 2008, causing the trade balance to Bridges. November 2008. “EU, Former Colonies Sign
turn into a deficit. At the same time, the services First New Generation Trade Pact�. Bridges 12(5).
deficit widened as growth in the tourism sector was International Centre for Trade and Sustainable
outweighed by a rise in transport costs.5 Suriname’s Development. July 20, 2009. .
the first quarter of 2009 have fallen by 8.4 percent Economist Intelligence Unit (EIU). 2008. “Country
compared to the first quarter of 2008. Imports have Profile: Country.� EIU.
also fallen in the same period, declining by 3.6 percent
———. July 2009. “Country Report: Suriname.� EIU.
in nominal terms on a year-on-year basis.6 Suriname
Food and Agriculture Association of the United Nations
mainly exports alumina and gold, which together
(FAO). 2009. “Policy Measures Taken by
accounted for 83 percent of its exports in 2006.7 Its
Governments to Reduce the Impact of Soaring
biggest destination market is Canada, followed by
Belgium and Norway, while most of the imports come Prices (As of 15 December 2008).� FAO. June 26,
from the United States, the Netherlands, and Trinidad 2009. .
exceeded inflows, resulting in a net outflow equivalent Fritz-Krockow, Bernhard et al. 2009. Suriname: Toward
to 8.1 percent of GDP. Stability and Growth. International Monetary Fund,
Western Hemisphere Department. Washington, DC:
IMF.
Notes International Monetary Fund (IMF). August 2009a.
1. FAO, 2009. Direction of Trade Statistics. IMF, Washington, DC.
2. IMF, August 2009b. ———. August 2009b. International Financial Statistics
3. Bridges, November 2008. (Country Tables). IMF, Washington, DC.
4. IMF, August 2009a.
5. EIU), July 2009, p. 14.