Guinea
As a least-developed country (LDC), Guinea is a beneficiary of the EU's "Everything but Arms" (EBA) arrangement. The World Bank classifies Guinea as a lower middle-income economy with a per-capita income of $1,541 in 2023. Total EU imports from Guinea amounted to about €455 million in 2023. As most of Guinea's exports enter the EU duty-free under the EU's normal tariff regime, the scope for preferential imports is limited - these amounted to €1.9 million in 2023.
What is the EBA?
The EBA arrangement covers all LDCs as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products originating in LDCs except for arms and ammunition. Unlike beneficiaries of the Standard GSP and GSP+, LDCs are not excluded from the scheme if they benefit from other preferential arrangements or agreements with the EU.
At a glance: EU preferential imports from EBA beneficiary countries (2023, € million)
14.4M (2023)
Population
Presidential Republic
Government
6.7% (2023)
GDP Growth
7.8% (2023)
Inflation
$ 22.2B (2023)
GDP
Facts about Guinea's economy
Export Products
Gold and aluminium ores are Guinea's most important export products, followed with some distance by cocoa beans and petroleum oils.
Trade Partners
Guinea's most important trading partners are China, the EU and India which together accounted for about 62% overall trade in 2023, over 70% of exports, and 56% of imports.
Economic Structure
The service sector accounts for about 37% of the GDP (2023), followed by agriculture (29%) and industry (26%). Important agricultural commodities are nuts, rice, sesame, millet, corn, and cassava. The industrial sector mainly concentrates on the processing of agricultural commodities, smaller industries include beverages, textiles, and footwear. Mining is also very important.
Bauxite Reserves
Guinea has considerable mineral resources and is home to almost half of the world’s reserves of bauxite which is used to produce aluminium. Also, the world's largest iron ore mine is expected to start production in 2025.
Usage of EBA Preferences
Only a tiny fraction of Guinea's overall exports to the EU market use EBA preferences, because most export commodities enter the EU without duties under the normal tariff regime. Nonetheless, the preference utilisation rate, which represents the ratio of preferential imports to GSP eligible imports, stood at 52% in 2023.
Trade with the EU
Total trade with the EU amounted to €1.8 billion in 2023. The EU is Guinea's second most important trading partner (21% of total trade), ranking first as a source of imports (29%) and third as a destination for exports (9%).
Guinea and the EU
Imports from Guinea by product section (2023, € million)
Imports from Guinea over time (€ million)
GUINEA AND THE EU GSP
Economic Impact
1%
Only a tiny fraction of Guinea's exports to the EU were eligible for EBA preferences in 2023.
52%
Guinea's preference utilisation rate in 2023.
100%
Share of zero-duty imports from Guinea. Most imports are duty-free under normal EU tariffs.
Preference utilisation and export diversification
EU imports from Guinea (€ million)
Preference utilisation (%) vs. total eligible imports (in € million)
The vast majority of EU imports from Guinea are duty free under the EU's normal tariffs; accordingly, EBA eligible imports only account for a small share. Nevertheless, eligible imports showed an upward trend until 2021 but then decreased again until 2023. Guinea’s preference utilisation rate shows considerable fluctuations in recent years, ranging between 82% and 12%, and 52% in 2023. Eligible imports accounted for less than 1% of total imports from Guinea in 2023. The most important product section among eligible imports, edible oils, had a utilisation rate of almost 80% in 2023.
The largest product sections under EBA (€ million, 2023)
Though overall volumes remain small, Guinea uses preferences for a variety of product sections. Nonetheless, the two most prominent sections, fats and oils and foodstuff, account for 76% of exports under the EBA.
SUSTAINABLE DEVELOPMENT
Guinea, as a beneficiary of the EBA scheme, is not obligated to ratify any conventions to be able to benefit from preferential access to the EU market. Nonetheless, Guinea has ratified all 15 core international conventions on human and labour rights. This includes 7 UN human rights conventions and 8 ILO conventions on labour standards. Additionally, Guinea has ratified 8 conventions on environmental protection and 4 conventions on good governance aspects.
Core international conventions on human rights and labour standards
Ratified
- Convention on the Prevention and Punishment of the Crime of Genocide (1948)
- International Convention on the Elimination of All Forms of Racial Discrimination (1969)
- International Covenant on Civil and Political Rights (1976)
- International Covenant on Economic Social and Cultural Rights (1976)
- Convention on the Elimination of All Forms of Discrimination Against Women (1981)
- Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (1987)
- Convention on the Rights of the Child (1990)
- Convention concerning Forced or Compulsory Labour, No 29 (1930)
- Convention concerning Freedom of Association and Protection of the Right to Organise, No 87 (1948)
- Convention concerning the Application of the Principles of the Right to Organise and to Bargain Collectively, No 98 (1949)
- Convention concerning Equal Remuneration of Men and Women Workers for Work of Equal Value, No 100 (1951)
- Convention concerning the Abolition of Forced Labour, No 105 (1957)
- Convention concerning Discrimination in Respect of Employment and Occupation, No 111 (1958)
- Convention concerning Minimum Age for Admission to Employment, No 138 (1973)
- Convention concerning the Prohibition and Immediate Action for the Elimination of the Worst Forms of Child Labour, No 182 (1999)
Additional Conventions
- Convention on International Trade in Endangered Species of Wild Fauna and Flora (1973)
- Montreal Protocol on Substances that Deplete the Ozone Layer (1987)
- Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (1989)
- Convention on Biological Diversity (1992)
- The United Nations Framework Convention on Climate Change (1992)
- Cartagena Protocol on Biosafety (2000)
- Stockholm Convention on persistent Organic Pollutants (2001)
- Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998)
- United Nations Single Convention on Narcotic Drugs (1961)
- United Nations Convention on Psychotropic Substances (1971)
- United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
- United Nations Convention against Corruption (2004)
EU-Guinea Bilateral Development Cooperation
DG INTPA
Access all info about EU-Guinea relations on the International Partnerships website.