Fast Facts
ยท
Capital City: Paramaribo
Population: 492,000 (August 2005)
Official Language:Dutch,
Widely spoken: English, Sranang Tongo
Main religion: Christianity 41% Hindu 20% (Protestant 19%, Islam 14%)
Ethnicities: Creole 18% Javanese 15%, Hindustani 27%, Maroons 15%
Currency: Suriname Dollar (SRD)
Exchange rate: $2.76 SRD=$1 US
Climate: Tropical
The Country
Situated between French Guinea and Guyana in northern South America, Suriname boasts its rolling hills, coastal plains, and swamp terrain. Due to its location and historical background, Suriname maintains an ethnically and religiously diverse population.
The Government
Suriname has undergone numerous transitions to arrive at the democratically elected government it is today. Following its independence from the Netherlands in 1975, Suriname was subject to both civilian and military governments for sixteen years. In 1991 the country formed its consitutional democracy. The residing President is Ronald Venetiaan.
Economic Performance
Suriname experienced an astounding 4.2% rate of growth in 2004. In the same year the country changed its currency from the guilder to the Suriname dollar. The new dollar has remained stable since the change. Gold, crude oil and Alumina are the leading Surinamese export.
Trade Highlights
Imports: Petroleum, capital equipment, -, consumer goods, foodstuffs
Total imports: US$601 million (2003)
Imports from the US: $192.7 (2003); $104.4 million (Jan-Aug 2005)
US Imports Market Share: 32% (2003 est.)
Exports: Lumber, shrimp, alumina, rice, bananas, crude oil, gold
Total exports: US$638 million (2003)
Exports to the US: ; 140.1 million (Jan-Aug 2005)
Why Suriname?
Acceptance of US products: Suriname enjoys the high quality, reliable, low cost goods available in the United States market. The amicable trade relations and ethical business practices maintained by the US with Suriname have also contributed to importers favoring US suppliers.
Support for Liberalization and Economic Reform: Surinamese government officials strongly support liberalization and economic reform in the region. There is slow but steady progress being made to remove subsidies and liberalize the economy. The number of interested International investors visiting Suriname continues to increase. Suriname welcomes investment initiatives, and is slowly developing simplified, more transparent trade and investment laws.
Annual Trade Fair: The American Embassy sponsors an annual "Made in the USA" trade show in June. Interested companies should contact the US Embassy in Suriname or the Suriname American Chamber of Commerce.
Best Prospects
Automotive Parts and Service Equipment: It is difficult for vehicle repair shops to acquire spare parts in Suriname. At the same time, there is a high demand for spare parts, as Surinamers prefer repairing to purchasing new vehicles. Poor road conditions result in the need to frequently repair or replace automobiles. Automotive accessories have also grown in popularity.
Machinery: In the last three years, the largest import sector from the US has been spare and replacement parts for machines. United States companies may be interested in exporting machine tools and engine parts, as they also have fared well in the region.
Autos, Light trucks, Vans: Suriname imports new and used automobiles and trucks from Europe, Japan, Korea, and the US. There is a flourishing market demand for compact and sub-compact cars, four-wheel drive utility vehicles, sport trucks, and pick-ups.
Trucks, Trailers, Buses: The majority of small to medium-sized trucks imported by Suriname originate from Japan and Europe. However, US truck imports nearly tripled from $3 million between 1995 and 1997, showing an increasing interest in American trucks. The Suriname Government lacks proper public-works maintenance equipment, trucks, and buses. Several transport vehicle contracts are expected with the future increases in government revenue from improved taxation, international aid, and aid-sponsored public works projects. Demand for heavy equipment will grow, especially for bulldozers and trucks, as Suriname commences reconstruction and expansion activities in the mining and timber sectors.
Telecommunications Equipment and Services: Suriname telecommunications is dominated by the state-owned company, Telesur. Private companies have been allowed limited access to the market. Thus, US cellular phone services, international callback services, satellite television and communication service suppliers may find eager markets. In addition, there is a rising need for telecommunications equipment to support the expanding services.
Computers and Peripherals: Suriname has a steadily increasing demand for computers and computer supplies.
Mining equipment:
Bauxite: Bauxite, a staple and vital industry in the Surinamese economy, requires a significant amount of heavy equipment. After a number of years of limited repairs and improvements, due to unfavorable foreign-exchange rates, the bauxite industry has finally begun to invest in upgrading plants and equipment. Extraction and refining supplies will be needed to support the industry.
Gold: The gold sector is beginning to attract international attention. There is an anticipated need for gold-mining equipment and supplies on which US companies may want to capitalize.
Construction Equipment and Building Materials: Construction activity is projected to grow in 2005 due to higher government revenues from improved taxation and international development aid. The public sector is planning to upgrade airports and rebuild roads. Thus, there will be ample opportunities for United States suppliers of construction equipment and building products to export goods to the region. In addition, Suriname is experiencing growth in the housing and commercial property sector. Due to the tropical climate and the colonial dated buildings in Paramaribo, there is a constant need for repair and restoration.
For contacts in Suriname please click here.
Sources used: CIA Worldfactbook 2005; Caribbean-Central American Action, Caribbean Region Profile 2005; American Embassy in Suriname .
November 2005
