ITC by Country Report
Suriname 05/12/2014
ITC by country - Suriname 1 Table of Contents
1. Country / Territory Brief
2. People and Economy 2.1 People 2.2 Economy
3. Trade Performance 3.1 General Trade Performance 3.2 Sector Trade Performance
4. Trade Strategy and Policy 4.1 Trade and Development Strategies 4.2 Domestic and Foreign Market Access 4.3 Trade Facilitation 4.4 Business and Regulatory Environment 4.5 Infrastructure
5. ITC and the Country/Territory 5.1 ITC Projects 5.2 Events 5.3 ITC Contacts
6. Trade Information Sources and Contacts 6.1 Trade Information Sources 6.2 Trade Contacts
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ITC by country - Suriname 2 1. Country / Territory Brief
Suriname’s economy is principally based in the export of aluminium oxide (alumina) and small amounts of aluminium produced from bauxite. A former Dutch colony, democracy in Suriname has gained strength in recent years, creating an economy more diversified and less dependent on Dutch financial assistance. The country’s biodiversity makes it an attractive destination for eco-tourism. The country still faces some challenges in terms of broadening its economic base, diversifying its trading partners and improving the business environment.
Based on the ITC 2014-2018 Strategic Approach to the Caribbean Region, ITC will focus on implementing at regional level the recommendations of strategies recently developed by CARICOM for the cultural industries and professional services sectors.
ITC by country - Suriname 3 2. People and Economy 2.1 People
Total population 515,372 in 2012 with growth rates of 0.9% p.a during 2008-2012 (growth rates per annum) Population density (people per sq. km of 3 in 2012 land area) Female population 49.8% in 2012 Population below 15 27.8% in 2008 ; 29.3% in 2012 years of age Urban population 68.5% in 2012 Population living below $1.25 a day at purchasing N.A power parity (PPP) Ranking in the Human 105 out of 186 in 2012 Development Index (HDI)
Evolution of the Human Development Index (HDI)
Source: United Nations Development Programme Human Development Indicators Note: The Human Development Index measures the overall development of a nation and ranges from 0 (low level of development) to 1 (highest level of development). The United Nations Development Programme (http://hdr.undp.org) provides a detailed explanation. ITC Regional group refers to ITC definition
Life expectancy at birth (years) (71); Mortality rate, under-5 (per thousand live births) (20.8) in Health 2012 Education Education index - expected and mean years of schooling (rank) ( 112 out of 191) in 2012 Income level NA Inequality Inequality-adjusted HDI (rank) (72 out of 191)in 2012 Poverty Multidimensional Poverty Index (rank)( 61 out of 191) in 2012 Gender Gender inequality index (rank) (55 out of 191) in 2012 Sustainability NA
ITC by country - Suriname 4 2.2 Economy
2004 2008 2012 Sector added value US $ %GDP US $ %GDP US $ %GDP
Agriculture 79 5.8 323 9.8 0 0 Industry 482 35.3 1,421 43.2 0 0 Added value per sector Manufacturing 227 16.6 894 27.2 0 0 (current US$ and % of GDP) Services 805 58.9 1,548 47 0 0 Source: World Bank World Development Indicators (WDI)
Note: Added value is US$ terms are expressed in million, GDP US$, and "6,976 to be read 6'976"
Evolution of GDP (constant 2005 US$)
Source: World Bank World Development Indicators (WDI)
Note: ITC calculations based on the World Bank WDI
Evolution of GDP per capita (constant 2005 US$)
Source: World Bank World Development Indicators (WDI)
Note: ITC calculations based on the World Bank WDI
2004 2008 2012
Remittance ($ millions) 9 2 NA Remittances as a Share of Remittance (% GDP) 61.3 6.2 NA GDP Remittances as a Share of Source: World Bank World Development Indicators (WDI) GDP Note: ITC calculations based on World Bank WDI, IMF BOP statistics, and "6,976 to be read 6'976"
ITC by country - Suriname 5 3. Trade Performance 3.1 General Trade Performance 3.1.1 Evolution of Trade Ratio to GDP - Goods
3.1.2 Evolution of Trade Ratio to GDP - Services
ITC by country - Suriname 6 3.1.3 Evolution of Total Trade
3.1.4 Trade Map
ITC by country - Suriname 7 3.1.5 Export and Import by Leading Destination - Export
3.1.6 Export and Import by Leading Destination - Import
ITC by country - Suriname 8 3.1.7 Evolution of Exports and Imports by Destination - Export
3.1.8 Evolution of Exports and Imports by Destination - Import
ITC by country - Suriname 9 3.1.9 Total Export Growth
Source: ITC, calculations based on ITC’s Trade Competitiveness Map data. Note:Graph shows decomposition of the country’s export growth in value terms by diversification pattern over the indicated period.
3.1.10 Marginal Export Growth
Source: ITC, calculations based on ITC’s Trade Competitiveness Map data. Note:Graph shows decomposition of the country’s export growth in value by structural driving effects over the indicated period. Values are in US$ thousands.
ITC by country - Suriname10 3.1.11 Composition of Trade in Services - Export
3.1.12 Composition of Trade in Services - Import
ITC by country - Suriname11 3.1.13 Evolution of FDI
ITC by country - Suriname12 3.2 Sector Trade Performance 3.2.1 Sectoral Diversification in Products - Export
3.2.2 Sectoral Diversification in Products - Import
ITC by country - Suriname13 3.2.3 Sectoral Diversification in Destinations - Export
3.2.4 Sectoral Diversification in Destinations - Import
Sectoral diversification in origin for Suriname's imports (mirror) Sector's Share of top 3 import supplying List of the top 3 supplying countries growth countries in Sector in value sector’s imports (% p.a) 2009- 2009 2013 2009 2013 2013 United States of America ; Italy ; United States of America ; Unclassified products 28.0 % 93.0 % 93.6 % Belgium ; Netherlands Netherlands United States of America ; China United States of America ; Italy ; IT & consumable electronics 22.3 % 82.8 % 81.3 % ; India China United States of America ; United States of America ; Non-electronic machinery 19.8 % 70.0 % 48.8 % Netherlands ; China Netherlands ; Italy United States of America ; Brazil United States of America ; Brazil Fresh food 16.4 % 81.2 % 75.0 % ; Netherlands ; Netherlands Leather products 13.3 % 79.8 % 83.0 % Brazil ; China ; Germany China ; Brazil ; Germany Netherlands ; United States of Netherlands ; United States of Processed food 12.8 % 57.3 % 51.4 % America ; Brazil America ; Belgium China ; Netherlands ; United Clothing 11.7 % 60.4 % 66.7 % China ; India ; Netherlands States of America Netherlands ; United States of China ; Netherlands ; United Basic manufactures 10.2 % 65.0 % 57.9 % America ; China States of America
ITC by country - Suriname14 3.2.5 Sectors by World Demand - Export
3.2.6 Sectors by World Demand - Import
ITC by country - Suriname15 3.2.7 Trade Performance Index
ITC by country - Suriname16 4. Trade Strategy and Policy 4.1 Trade and Development Strategies
Year Strategy name Sector
UNDAF Suriname 2002-2006 The United Nations Development Assistance Framework outlines Suriname's major development challenges 2001 and...
ITC by country - Suriname17 4.2 Domestic and Foreign Market Access
The Republic of Suriname is part of Caribbean South America and an economy heavily dependent on trade, whose imports and exports are equivalent to 100 per cent of its gross domestic product (GDP). Suriname is classified as an upper middle-income country and has enjoyed economic growth over recent years, in no small part, thanks to high commodity prices. Nevertheless, Suriname has been facing development challenges due to: a narrow export base dominated by a limited number of natural resource products, outdated governance, a lacking regulatory framework, which have not evolved significantly since independence in 1975, as well as the high cost of doing business.
Inter-American Development Bank, 2006, Suriname Trade Sector Policy Note
Trade Policy and Market Access
Surinam applied the simple average MFN tariff of 11.4 per cent in 2012. The tariff line ranges from duty-fee to 50 per cent. Agricultural products face higher applied tariff rates on average (19.5 per cent) than non-agricultural products (9.8 per cent). Suriname is one of the 15 member states of the Caribbean Community and Common Market (CARICOM) and therefore applies the CARICOM Common External Tariff (CET) except for products on the A and C lists, which tariffs may be higher or lower than the CARICOM CET. The Forum of the Caribbean Group of African, Caribbean and Pacific States (CARIFORUM) of which Surinam is a member signed the Economic Partnership Agreement (EPA) with the EU in 2008. It provided Surinam with preferential access to the EU market, which is duty-free and quota-free. Given that there is a need to diversify the export base, the Government has aimed to increase the export of agricultural products and become a major food provider in the Caribbean region. The strategies include producing more value added products and diversifying into new products, which would boost exports as well as job-creation.
WTO, 2013, Trade Policy Review (Suriname)
Standard Compliance and Other Relevant Import/Export Restrictions
The Suriname Standards Bureau (SSB) is a national agency for administration and development of standards and technical regulations; for certification of goods and accepted processes; for metrology; for accreditation of laboratories and testing facilities; and for the promotion of the use of international and regional standards. In addition, Suriname has adopted CARICOM's technical regulations for brewery products, the poultry industry, labelling of tobacco products, rum, and rice. Moreover, the Animal Husbandry, and Fisheries, the Agricultural Health and Food Safety Unit (AHFSU) develops and harmonizes national standards in line with those developed by the Codex Alimentarius, the International Plant Protection Convention (IPPC), and the World Organization for Animal Health (OIE). The Ministry of Agriculture, Livestock and Fisheries, in cooperation with the Ministry of Health, started a programme with technical assistance from the Food and Agriculture Organization, to strengthen the food control system with the aim to improve local food safety and increase exports (WTO 2013).
WTO, 2013, Trade Policy Review (Surinam)
ITC by country - Suriname18 4.3 Trade Facilitation
Suriname is developing its methods of trade facilitation such as investments in expansion of the physical infrastructure, rehabilitation of the main port, the modernization of cargo handling and storage, the certification of port operators, improvement in risk management, renewal of legislation and the promotion of awareness by the Ministry of Trade and Industry regarding trade facilitation. However, the OECD Trade Facilitation Indicators (2013) finds that Surinamese performance is below the averages of Latin America and Caribbean region, and upper middle income countries in the areas of information availability, involvement of trade community, advances rulings, appeals procedures, simplification and harmonisation of documents and automation. According to the World Bank Doing Business Report (2013), the total time of exporting and importing one standard container of goods is 41 days (22 days and 19 days respectively), which is longer than the regional averages of 36 days (17 days and 19 days respectively). To compare with individual countries, exports and Description imports take more time in Surinam than Dominica, Dominican Republic, Jamaica, and Puerto Rico. The Government is currently carrying out a trade Facilitation Project, which aims to establish a Suriname Trade, Investment and Export Promotion Agency. This agency will work closely with the Suriname Business Forum and the Investment and Development Corporation Suriname to promote trade (WTO 2013).
Source: OECD, 2013, Trade Facilitation Indicators (Suriname) WTO, 2011, Aid-for-Trade: Case Story (Suriname) WTO, 2013, Trade Policy Review (Suriname)
ITC by country - Suriname19 4.4 Business and Regulatory Environment
The World Bank Doing Business Report (2013) ranked Surinam as 161st out of 189 economies, which is significantly below the average of Latin America and Caribbean countries ranked at 100th. Surinam performs comparably well in getting electricity and dealing with construction permits, while it needs to improve in areas of protecting investor, enforcing contracts, and starting a business. There is no discrimination specifically targeted at foreign investors including through special tax treatment, access to licenses, and approvals or procurement, however, these non-discriminatory policies tend to help little either national or foreign investors due to the poor regulation of businesses. They are affected by bureaucratic procedures, including those for licenses and permits, which are neither streamlined nor transparent. In Description addition, state-owned enterprises (SOEs) are dominant in sectors including oil, electricity and gas supply, water, bananas, and rice. They have an advantage in acquiring resources such as land and finance under the government’s favouritism and lack of transparency. However, Suriname is pursuing improvements in the business environment by taking reforms such as reducing the time required to obtain the president’s approval for the registration of a new company and increasing administrative efficiency at the land registry.
Source: U.S. Department of State, 2013, Investment Climate Statement (Suriname) World Bank, 2013, Doing Business 2014 (Suriname)
The Business Environment: Doing Business
Source: World Bank, Doing Business
Multilateral Trade Instruments
ITC by country - Suriname20 Abstract
The Trade Treaties Map tool is a web- based system on Instrument ratified : 67 / 266 instruments multilateral trade treaties and Ratification rate : 25.2% instruments Weighted score : 33.7/100 designed to assist trade Ratification Rate Rank Weighted Score Rank support institutions In World : 160 / 193 159 / 193 (TSIs) and In Region : Caribbean 14/ 15 13/ 15 policymakers in optimizing their In Development level : Developing country 79/ 88 79/ 88 country's legal framework on international trade
Graph
Presents a visual illustration breaking down a country’s ratification level according to various categories and compares it to the world average.
Instruments Click here for a full list and more details about these multi-lateral trade instruments ratified
ITC by country - Suriname21 4.5 Infrastructure
The World Economic Forum Global Competitiveness Report (2013) ranked Suriname 79th out of 148 with respect to the quality of overall infrastructure. Its performance in mobile telecommunications excels, being ranked 7th in the world. In Surinam, the number of mobile telephone subscription per 100 people is 182.9. However, the quality of railroad infrastructure (ranked 108th) and the quality of electricity supply (ranked 91st) are not favourable. Several constraints that hamper infrastructure sector competitiveness include: the tariff structure of electricity rates; the high cost and monopoly structure of telecommunication services; the air and shipping rates; the absence of a formal credit information sharing mechanism which remedies the credit constraints of SMEs. Being aware of the importance of improving infrastructure for export promotion, the government has aimed to develop the Port of Paramaribo, currently the largest port in the area, as a regional hub (IMF 2012). Suriname also participated in the regional infrastructure development strategy of CARICOM which addresses regional transportation in order to reduce distribution costs and improve the movement of food commodities across the region (CARICOM 2011).
Indicator Value Rank/148
Quality of overall infrastructure How would you assess general infrastructure (e.g., transport, telephony, and energy) in your country? [1 = extremely underdeveloped— 4.12692167 79 among the worst in the world; 7 = extensive and efficient—among the best in the world] | 2012–13 weighted average. Quality of roads How would you assess roads in your country? (1 = extremely 4.040306775 71 underdeveloped; 7 = extensive and efficient by international standards) | 2010, 2011. Quality of railroad infrastructure How would you assess the railroad system in your country? (1 = extremely underdeveloped; 7 = extensive and efficient by international 1.656026611 108 standards) | 2010, 2011. Quality of port infrastructure How would you assess port facilities in your country? (1 = extremely underdeveloped; 7 = well-developed and efficient by international 4.92854123 43 standards). For landlocked countries, this measures the ease of access to port facilities and inland waterways | 2010, 2011. Quality of air transport infrastructure How would you assess passenger air transport infrastructure in your country? (1 = extremely underdeveloped; 7 = extensive and 3.871274352 104 efficient by international standards) | 2010, 2011. Individuals using Internet (%) Internet users are people with access to the worldwide 3.782593514 99 network. Mobile telephone subscriptions/100 pop According to the World Bank, mobile cellular telephone subscriptions are subscriptions to a public mobile telephone service using cellular technology, which provides access to switched telephone technology. 182.8988627 7 Postpaid and prepaid subscriptions are included. This can also include analogue and digital cellular systems but should not include non-cellular systems. Subscribers to fixed wireless, public mobile data services, or radio paging services are not included. Fixed broadband Internet subscriptions/100 pop: The International Telecommunication Union considers broadband to be any dedicated connection to the Internet of 256 kilobits per second or faster, in both directions. Broadband subscribers refers to the 15.53797913 80 sum of DSL, cable modem and other broadband (for example, fiber optic, fixed wireless, apartment LANs, satellite connections) subscribers. Source: World Economic Forum, Global Enabling Trade Report 2014
ITC by country - Suriname22 5. ITC and the Country/Territory 5.1 ITC Projects
5.1.1 Current projects
No Current Projects Found! 5.1.2 Recent projects
No Recent Projects Found!
ITC by country - Suriname23 5.2 Events
5.2.1 Upcoming events
No data
5.2.2 Recent events
No data
ITC by country - Suriname24 5.3 ITC Contacts
Beatriz RODRIGUEZ PEREZ
Trade Promotion Officer
+41 22 730 0591
Claudia URIBE PINEDA
Chief, Office for Latin America and the Caribbean
+41 22 730 0521
ITC by country - Suriname25 6. Trade Information Sources and Contacts 6.1 Trade Information Sources
This section provides a list of country specific print and online publications on trade-related topics, including both ITC and external sources.
6.1.1 ITC publications
Free Trade Area of the Americas (FTAA) and other Trade Policy Related Business Advocacy: A Case Study, CARICOM, with Special Reference to Trinidad and Tobago
Paper exploring the CARICOM's (Caribbean Community and Common Market) current Free Trade Area of the Americas (FTAA) negotiations with special reference to Trinidad and Tobago and Jamaica, and the structure...
Read more
State of e-Business and Potential for Development in the Caribbean Region
Paper focusing on the status of e-Trade readiness of the 13 member States of the Caribbean Community (CARICOM) - outlines basic e-Trade readiness factors for each country; assesses extent of...
Read more
6.1.2 Selected printed information sources
2011 Opportunities for Trade in Services of Canada 2006 - Nurse, Keith The Cultural Industries in CARICOM : Trade and Development Challenges 2010 The Economic Partnership Agreement : Towards a New Era for Caribbean Trade 2010 - Ramdoo I; Walker A Implementing the Economic Partnership Agreement in the East African Community and the CARIFORUM Regions : What is in it for the Private Sector? 2011 CARICOM's Papaya Trade 2011 CARICOM's Nutmeg Trade 2005 Multilateralism and Regionalism : The New Interface ITC by country - Suriname26 2008 - Chiwara L; Karadenizli M Mapping Aid Effectiveness and Gender Equality : Global Findings and Key Messages 2009 The CARIFORUM–EU Economic Partnership Agreement (EPA) : The Development Component 2009 Assessment of the Energy Services Sector in the Caribbean 2010 Trade Policy Review : Belize 6.1.3 Selected online information sources
The National Law Center for Inter-American Free Trade Caribbean Community Caribbean Agricultural Research and Development Institute (CARDI) Caribbean Community Secretariat: Statistics
ITC by country - Suriname27 6.2 Trade Contacts
Phone Fax Official Name Address City Email Website Number Number
Suriname Trade Promotion Gravenberchstraat stpo@sr. www.stp Paramaribo 597434578 597434478 Organization 37 net o.sr http://ww Prins Hendrikstraat +597 +597 vsbstia@ Vereniging Surinaams Bedrijfsleven Paramaribo w.vsbstia 18 475286 472287 sr.net .org http://ww Kamer van Koophandel en Fabrieken Mr. Dr. J.C. de 597 53 03 597 43 79 chamber w.surina Paramaribo Chamber of Commerce and Industry Mirandastraat 10 11 71 @sr.net mecham ber.com Hofstraat 1 - 4th +597 +597 info@sb http://ww Suriname Business Devlopment Centre Paramaribo floor 471521 471579 c.sr w.sbc.sr
ITC by country - Suriname28