Equatorial Guinea is a small country situated at the west coast of Central Africa. The country has the 20th highest GDP in the world, but it ranks 121st out of 177 countries on the United Nations Human Development Index. It should be mentioned that Equatorial Guinea is the 3rd largest oil producer in Sub-Saharan Africa, after Nigeria and Angola. Oil accounts for 80% of the country's total exports and 90% of government revenues. Other important economic sectors include forestry, farming, and fishing. The second-biggest exported commodity is timber. The main cultivated crops include cocoa, coffee, rice, cassava, bananas and palm oil nuts.
The government's objective is to diversify Equatorial Guinea's economy by developing sectors such as agriculture, fishing, mining and petrochemicals, tourism and financial services. Equatorial Guinea possesses some natural, namely copper, gold, iron ore, manganese, titanium and uranium deposits which are not fully developed at the present.
Equatorial Guinea is the world's 86th largest exporter, the main exports being crude petroleum, natural gas, timber, cocoa and fish. The country’s main export partners are China, UK, Brazil, France and Singapore.
The exploitation of oil and gas reserves have contributed to a significant economic growth, but Equatorial Guinea's economy remains dominated by petroleum production. The country's manufacturing sector is very small, this is why Equatorial Guinea has to import the missing commodities. The major industrial production include cement, bleach, tuna canning plants, small-scale soap manufacturing and food processing. Agriculture accounts only for about 4.5 % of the country's GDP, while industry (mainly oil extraction) represents 87.3% of the GDP.
Equatorial Guinea is the world's 159th largest importer, it's major imports being ships, boats, machinery, electronic equipment, iron and steel products, beverages, vehicles, furniture, meat and salt. The country's main import partners are Spain, China, the United States, France and Cote d'Ivoire.
Equatorial Guinea Customs Contacts
The Government of the Republic of Equatorila Guinea
Ministry of Foreign Affairs
Equatorial Guinea is a country situated in Central Africa, bordered by Cameroon and Gabon, sharing maritime borders with Nigeria and São Tomé and Príncipe. Equatorial Guinea is a member of the African, Caribbean, and Pacific Group of States, Economic and Monetary Community of Central Africa (CEMAC),World Trade Organization (observer) and other international organizations.
Equatorial Guinea is a member of the Central African Economic and Monetary Community (CEMAC) and applies the customs duties based on the CEMAC common external tariff, which are ad valorem. The common external tariff is applied on the c.i.f. value of products.
There are 4 basic categories of taxable goods:
- basic necessities - 5%
- raw materials and equipment - 10%
- capital goods – 20%
- consumer goods - 30%.
Importers will also have to pay other fees and taxes such as the VAT tax, which is 19,25% for most products and 0% for exports or services. There is also a CEMAC community integration tax (TCI) of 1% and a community integration contribution (CCI) of 0.4%.
As a member of CEMAC, Equatorial Guinea follows the organization’s general standards.
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