Suriname, a small but resource-rich country on the northeastern coast of South America, is known for its vibrant culture, diverse population, and a largely untapped economic potential. Despite its modest size, Suriname plays an important role in the global market due to its abundant natural resources and strategic location. The country has a small but growing economy that relies heavily on international trade, both in terms of imports and exports. This trade is regulated by a comprehensive system of import tariffs and duties designed to protect domestic industries while ensuring access to essential goods and services from abroad.
Suriname’s import tariff rates are managed by the Suriname Customs Department and are based on the Harmonized System (HS) of product classification. Tariffs are intended not only to generate government revenue but also to shield local industries from foreign competition. At the same time, Suriname has engaged in various trade agreements to secure preferential treatment for certain products from specific countries and regions.
Overview of Suriname’s Import Tariff System
The Structure of Import Tariffs
Suriname’s tariff system is governed by the Customs Act and applies the Harmonized System (HS), which classifies goods into over 20 broad categories, each with specific tariff rates. The system is designed to protect local industries from an influx of low-cost imports, while simultaneously enabling the country to maintain a steady flow of essential goods, raw materials, and capital equipment.
Key Components of Suriname’s Tariff System:
- Basic Import Duty: The standard import duty in Suriname ranges from 0% to 40% depending on the product category. The basic rate is assessed on the CIF (Cost, Insurance, and Freight) value of goods, which includes the cost of the product, shipping, and insurance.
- Value Added Tax (VAT): A 10% VAT is applied on most goods imported into Suriname. Certain essential goods, such as pharmaceuticals, agricultural items, and raw materials, may be exempt from VAT.
- Surtax: In addition to the basic import duties and VAT, a 2% surtax is levied on most imported goods.
- Excise Duties: These are applied to goods that are considered luxury items or those that have a significant impact on public health, such as tobacco, alcohol, and sugary beverages.
- Import Licenses: Certain categories of goods, particularly sensitive items such as pharmaceuticals and military equipment, require special import permits or licenses from the relevant governmental authorities.
Suriname is a member of the Caribbean Community (CARICOM), a regional trade bloc that provides preferential tariffs and reduces trade barriers between member countries. These agreements affect the duties applied to imports from CARICOM states.
Import Tariff Rates by Product Category
1. Agricultural Products
Agriculture plays a pivotal role in Suriname’s economy, and the government has historically sought to protect domestic agricultural production. However, Suriname imports a significant portion of its food, including grains, fruits, and processed products. Tariffs on agricultural products vary depending on the type of good and its importance to the local market.
Grains and Cereals (HS Code 10)
- Rice: 0% duty
- Rice is a staple food in Suriname, and as a result, the government imposes a 0% duty on rice imports. However, local production is encouraged through policies that limit rice imports during times of sufficient domestic supply.
- Wheat: 15% duty
- Wheat imports are subject to a 15% duty. Wheat is essential for making bread, flour, and other basic food products that are in demand among Suriname’s population.
- Maize: 10% duty
- Maize, a key component in animal feed and other food products, is subject to a 10% duty. Suriname imports a significant amount of maize, especially from neighboring countries such as Brazil and the United States.
Fruits and Vegetables (HS Codes 07, 08)
- Apples: 25% duty
- Apples are among the most imported fruits, and they are taxed at 25%. There is an established domestic market for apples, but local production is limited due to climatic constraints.
- Oranges: 20% duty
- Oranges face a 20% tariff, which helps protect the local citrus market, though the country still imports significant quantities to meet demand.
- Potatoes: 10% duty
- Potatoes, another essential food product, are subject to 10% duty, with special focus on ensuring that local farmers receive support through moderate tariff rates.
Meat and Poultry (HS Code 02)
- Beef: 20% duty
- Beef imports are subject to a 20% duty to protect the local livestock sector. Beef is a popular protein source in Suriname, but domestic production is insufficient to meet demand.
- Chicken: 15% duty
- Poultry products, such as chicken, are taxed at 15%, with the tariff varying depending on whether the product is fresh or processed.
- Pork: 15% duty
- Pork is subject to a 15% duty, similar to chicken, as pork consumption is high in Suriname and local production is limited.
Dairy Products (HS Code 04)
- Milk Powder: 10% duty
- Milk powder, an essential product for both households and the food manufacturing sector, is taxed at 10%.
- Cheese: 15% duty
- Cheese imports face a 15% duty, reflecting both the popularity of cheese in Suriname and the aim to support the local dairy sector.
- Butter: 15% duty
- Like cheese, butter is also subject to a 15% duty to support local dairy producers.
2. Textiles and Apparel
Suriname’s textile and garment industry is still in the early stages of development. While the country produces some fabrics locally, it is highly dependent on imports for ready-made clothing and fabrics. Tariffs on textiles aim to support the fledgling garment sector while providing consumers with affordable clothing.
Fabrics (HS Code 52, 54)
- Cotton Fabrics: 15% duty
- Cotton fabrics are taxed at 15% to protect local textile manufacturers. However, cotton fabrics are still needed to support the growing garment sector.
- Synthetic Fabrics: 25% duty
- Synthetic fabrics, which are used in a variety of applications, face a higher tariff of 25% compared to natural fibers like cotton.
Finished Apparel (HS Codes 61, 62)
- Shirts: 20% duty
- Ready-made garments like shirts are taxed at 20%. There is local production of basic apparel, but imports are necessary to meet demand.
- Jeans: 30% duty
- Jeans, one of the most popular types of casual wear, are subject to a 30% duty. This higher tariff helps protect local garment manufacturers, though imports remain essential.
- Dresses: 25% duty
- Dresses are taxed at 25%, with varying rates depending on the fabric and design complexity.
Footwear (HS Code 64)
- Leather Boots: 40% duty
- Leather footwear, such as boots, is heavily taxed at 40% to protect the local footwear industry.
- Sports Shoes: 30% duty
- Sports footwear, including running shoes and sneakers, faces a 30% duty.
3. Electronics and Electrical Equipment
Suriname’s technological infrastructure has been growing, and the demand for electronics and electrical goods is high. As such, the tariffs on electronics are generally lower to foster access to essential technology for both consumers and businesses.
Mobile Phones and Computers (HS Code 85)
- Mobile Phones: 0% duty
- Mobile phones are exempt from import duties, reflecting the need to make communication technology widely accessible.
- Laptops/Computers: 0% duty
- Similarly, laptops and other computer equipment face 0% duties as part of Suriname’s efforts to increase digital access and support educational and business sectors.
Home Appliances (HS Codes 84, 85)
- Refrigerators: 15% duty
- Refrigerators are taxed at 15%, reflecting the importance of home appliances in households. The local market demands higher-end models that are often imported.
- Air Conditioners: 10% duty
- Air conditioners, essential for Suriname’s tropical climate, face a 10% duty.
Electrical Machinery (HS Codes 84, 85)
- Electric Motors: 10% duty
- Electric motors, which are critical in various industrial sectors, are taxed at 10%.
- Transformers: 15% duty
- Electrical transformers and related equipment are subject to 15% duties, reflecting their importance in the energy sector.
4. Automobiles and Auto Parts
Suriname’s automotive market is growing, but the local manufacturing of vehicles is limited. The country relies on imports for a variety of vehicles, including passenger cars, trucks, and motorcycles, as well as automotive parts.
Motor Vehicles (HS Code 87)
- Passenger Cars: 30% duty
- Passenger cars, which are in high demand, face a 30% duty to protect local industries.
- Electric Vehicles: 10% duty
- Suriname offers a reduced 10% duty on electric vehicles to encourage sustainable transport solutions.
Automotive Parts (HS Code 87)
- Engines: 10% duty
- Engines and related parts for vehicles face a 10% duty to support the local repair and maintenance industry.
Special Import Duties and Exemptions
Preferential Tariffs Under Trade Agreements
As a member of CARICOM (Caribbean Community), Suriname offers preferential treatment for goods imported from other member states. Products like agricultural commodities, raw materials, and foodstuffs benefit from zero duties or reduced rates when imported from fellow CARICOM countries.
Anti-Dumping and Safeguard Measures
Suriname applies anti-dumping duties on goods imported at unfairly low prices from countries outside the region. For example, steel products imported from countries such as China and India may be subject to anti-dumping duties if their prices are deemed to harm local industries.
Country Facts: Suriname
- Formal Name: Republic of Suriname
- Capital: Paramaribo
- Largest Cities:
- Paramaribo (Capital)
- Albina
- Nickerie
- Per Capita Income: Approximately $7,000 USD (2023 estimate)
- Population: Approximately 600,000
- Official Language: Dutch
- Currency: Surinamese Dollar (SRD)
- Location: Suriname is located on the northeastern coast of South America, bordered by French Guiana to the east, Brazil to the south, and Guyana to the west.
Geography
Suriname is characterized by diverse geographical features, including:
- Rainforests: Around 80% of Suriname’s land area is covered by tropical rainforests, which are rich in biodiversity.
- Rivers: The country is crisscrossed by several large rivers, including the Suriname River, Marowijne River, and Coppename River.
- Climate: Suriname has a tropical climate, with high humidity and temperatures ranging from 25°C to 30°C year-round.
Economy and Major Industries
Suriname’s economy is dominated by the following sectors:
- Mining: Suriname is a significant exporter of bauxite, and gold mining is also a major industry.
- Agriculture: Suriname grows rice, bananas, sugar, and cocoa for both domestic consumption and export.
- Forestry: Timber is a key export for Suriname, with vast forest reserves providing a steady supply.
- Energy: Suriname has significant oil reserves, and the energy sector is essential to its economy.
