Source: newsthemegh.com
The total exports of Ghana have decreased by nine percentage points.
Total exports reached US$10.76 billion in August 2023. It’s less than the $11.81 billion in the US that was recorded in August 2022. Even though Ghana maintained a trade surplus in the year under review, the nine percent drop in exports was caused by a dip in total exports of roughly US$1 billion.
Compared to the US$1.56 billion recorded in August of last year, the trade surplus was US$ 2.06 billion. As the largest contributor to all of the nation’s exports, gold continued to rule.
It was the only component of the export basket to go up. From US$ 4.22 billion, it increased to US$ 4.67 billion. The final parts all fell into place. Exports of cocoa decreased slightly, from $1.61 billion to $1.60 billion.
The value of oil exports dramatically decreased from US$ 3.82 billion to US$ 2.65 billion. From US$ 2.16 billion to US$ 2.11 billion, other exports significantly decreased.
On the other hand, it was an improvement in terms of the trade surplus’s contribution to GDP. In 2022, the trade balance to GDP was 2.1 percent; in 2022, it was 2.6 percent.
The nation’s imports, meanwhile, fell from US$ 10.25 billion to US$ 8.74 billion. The decrease in imports of both non-oil and oil contributed to the positive trade balance.