Suriname: Key Industries

Suriname's economy has long rested on mineral extraction, historically anchored by bauxite mining and alumina refining near Paranam and Onverdacht, which for decades made the country one of the world's leading bauxite exporters. Rice cultivation on the coastal plain, along with sugarcane, bananas, and coconuts, rounds out the agricultural sector, though less than one percent of Suriname's land is arable and most farming concentrates on the New Coastal Plain, where two harvests a year are common. Timber and plywood from the country's extensive rainforest, which covers more than 90 percent of its territory, remain a resource that has not been fully developed for export.

Gold mining has since overtaken bauxite as Suriname's leading export earner, produced by both large-scale operations and a substantial small-scale and informal mining sector. As of 2023, gold accounted for roughly 60 to 80 percent of the country's total export earnings, with exports valued at approximately $1.83 billion that year. Onshore oil production, managed by the state company Staatsolie from fields such as Tambaredjo and Calcutta, contributes a smaller but steady share of output and government revenue.

Suriname's economic outlook is increasingly tied to offshore oil development. TotalEnergies and APA Corporation reached a final investment decision in October 2024 for the GranMorgu project on Block 58, a deepwater development expected to produce up to 220,000 barrels of oil per day once it comes online, with first oil targeted for mid-2028. The roughly $10.5 billion project is projected to generate billions of dollars in revenue for Suriname over its first years of production, positioning offshore oil to join gold, bauxite, and agriculture as a pillar of the economy in the years ahead.