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Ghana's first quarter of 2024 total trade value hit GH₵107.6 billion — Trade Report

  Thu, 30 May 2024
Trade And Commerce Ghana's first quarter of 2024 total trade value hit GH₵107.6 billion — Trade Report
THU, 30 MAY 2024 LISTEN

A Ghana Statistical Service report has shown that the total international trade value for the first quarter of 2024 amounted to GH₵ 107billion, comprising GH₵59.5 billion in exports and GH₵48.1 billion in imports.

In dollar terms, the total trade amounted to $8.8 billion, comprising $4.8 billion for exports and $3.9 billion for imports.

The report showed that Asian countries had superseded Europe as Ghana’s leading trading partner for both exports and imports.

Professor Samuel Kobina Annim, the Government Statistician, announced this at the release of the 2024 Quarterly (January to March) Trade Newsletter in Accra.

The newsletter presents provisional international trade statistics, focusing on the first quarter of 2024.

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The report includes aggregated trade statistics using the Export and Import Price Indices (XMPI), also known as the Unit Value Indices.

The Indices measure changes over time in the relative price of exported and imported products versus the quantities of exports and imports of these commodities.

The newsletter report revealed that the trade surplus in the first quarter of 2024 was GH₵11.5 billion, which was more than twice the value of GH₵4.5 billion, recorded for the first quarter of 2023.

The XMPI revealed that general prices for export commodities on average increased by 20.4 per cent between the first quarter of 2023 and the first quarter of 2024, while prices for imported commodities increased by 11.5 per cent.

The Government Statistician said the figure revealed that the country’s increased trade flow was mainly driven by upward price changes rather than increases in output.

Professor Annim said the report also recorded the lowest export value of cocoa products since 2021.

He explained that the export value of cocoa products in the first quarter of 2024 decreased to US$592.2 million relative to the average of US$825.8 million for the first quarters of 2021, 2022, and 2023.

Touching on the 2023 Annual Trade Report, Prof Annim indicated that the nominal trade deficit of GH₵ 4.8 billion recorded in 2022 was reversed to a trade surplus of GH₵ 5.3 billion in 2023.

He said that compared to 2022, gold was the main export product in 2023, increasing from GH₵54.1 billion to GH₵84.4 billion, while mineral fuels and oils decreased from GH₵ 43.7 billion to GH₵44.6 billion.

On the import side, he said Asia’s share of imports of 41.3 per cent surpassed Europe’s share of 37.3 per cent, with China emerging as Ghana’s largest import partner with GH₵33.9 billion.

The Annual Trade Report is the third trade report to be released by the Statistical Service in the past year, following the 2022 Trade Vulnerability Report and the 2023 Mid-Year Report on Trade.

The maiden quarterly trade statistics newsletter uses data mainly from the Customs Division of the Ghana Revenue Authority.

The newsletter is being institutionalised by the Ghana Statistical Service to routinely provide updated statistics on trade to support informed decision-making.

Prof Annim said international trade expansion and integration into the global economy were important to the creation of new, higher-productivity jobs that facilitate the growth and performance of every economy, especially in developing countries.

Professor Kwaku Appiah-Adu, Senior Policy Advisor, Office of the Vice President, acknowledged the importance of the trade in ensuring that the balance of payment was done efficiently to avoid financial malfeasance.

He called for data integration with other institutions for proper planning, policy analysis, resource mobilisation, and monitoring and evaluation of government projects.

GNA

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