The Ghana Statistical Service (GSS) has in its latest report disclosed that Ghana imported from 47 more countries than it exported to in the first half of 2023.
The report released by the GSS said Ghana’s imports originated from a total of 191 unique countries, while exports were directed towards 144.
It explained that the report provides a comprehensive overview of Ghana’s international trade, critical insights on patterns and trends, and is vital for data-informed decision-making and supporting economic development.
“Ghana imported from 47 countries more than it exported to in the first half of 2023. Imports originated from a total of 191 unique countries, while exports were directed towards 144,” it said.
Gold, mineral fuels, and would leading exports were the leading exports within the first half of 2022, the report by the GSS noted.
The exports represent more than half of exports in 2022 with 63.1% and 64.0% in 2023, respectively.
One-third of Ghana’s exports went to Europe, the report said.
“Gold and mineral fuels and oils were the leading exports in the first half of both years, representing more than half of exports in 2022 (63.1%) and 2023 (64.0%). The share of gold exports was 9.4 percentage points high in the first half of 2023 compared to 2022, while that of mineral fuels and oils exports was 8.5 percentage points lower. The share of mineral fuels and oils imports increased by 10.2 percentage points within the period while the share of all other commodities declined.”
“In the first half of 2022 and 2023, exports exhibited a consistent pattern across various continents, with about one-third of exports going to Europe. There was a 6.4 percentage point increase in the share of imports from Europe while the share for all other continents declined.”
Imports in the first half of 2023 were US$1.1 billion lower than those in the corresponding period of 2022, and exports have also decreased by US$1.7 billion.
Aside from these, gold makes up more than half of all exports to Europe, accounting for 53.4%, with ‘almost half for Asia of 48.0% and 47.0% for Africa.’
The report said four countries accounted for 99.5 percent of gold exports, including “Switzerland (44.4%), South Africa (24.1%), United Arab Emirates (18.1%), and India (12.9%).”
“The United States of America (23.5%), Canada (22.9%), and China (21.9) are the destinations of over two-thirds (68.3%) of all mineral fuels and oils exports. The main destination for cocoa beans and products is the Netherlands, the destination of a quarter (24.1%) of all cocoa exports.”
The report further highlighted that trade dynamics in Ghana witnessed a trade surplus of GH₵ 2.4 billion in the first half of 2023, in contrast to the trade deficit of GH₵2.3 billion in the same period of 2022.
The value of both exports and imports was higher in the first half of 2023 by GH₵24.3 and GH₵19.6, respectively.
It said trade flow in the first half suggesting that 2023 imports and exports are substantially higher than in the same period in 2022.
By: Rainbowradioonline.com/Ghana
