Ghana records trade surplus in second quarter of 2024 driven by increase in gold exports

Ghana’s total trade value for the second quarter (Q2) of 2024 stood at GH₵123.0 billion, comprising GH₵64.2billion in exports and GH₵58.8billion in imports.

The country recorded a trade surplus of GH₵5.4 billion, marking a substantial reversal from a deficit of GH₵3.1 billion recorded in the same period in 2023. In US dollar terms, the total trade amounted to $9.0 billion.

Professor Samuel Kobina Annim, the Government Statistician, speaking at the release of the Ghana Statistics Service Q2 trade statistics on export and import inflows, values and price changes said the findings highlights a trade surplus, driven by a notable increase in export of gold.

He said Asia remained Ghana’s leading trade partner, contributing over half of the country’s imports and half of its exports in Q2 of 2024.

“China plays a centralized role, contributing more than two-fifths of Asia’s exports to Ghana and about one-fifth of Ghana’s exports to Asia,” he added.

He said between Q2 of 2023 and Q2 of 2024, the share of imports from Europe declined by 7.5 per cent, while imports from Asia increased substantially by 8.5 per cent.

The Government Statistician said Gold bullion led Ghana’s exports with a value of GH₵37.0 billion, accounting for 57.6 per cent of total exports.

Other major exports included crude petroleum (GH₵12.6 billion) and cashew nuts (GH₵1.2 billion).

He said the United Arab Emirates (UAE) remained Ghana’s top export destination, accounting for GH₵15.0 billion, representing 23.3 per cent of total exports, while Switzerland followed closely with exports valued at GH₵13.2 billion representing 20.5 per cent and South Africa ranked third, with exports amounting to GH₵8.3 billion (12.9 per cent).

Prof. Annim said Ghana’s import of gas oil (GH₵7.3 billion) and motor spirit predominated market super (GH₵7.2 billion), which together contributed a quarter (24.7 per cent) of the total import value (GH₵58.8 billion).

He said China remained the primary source of Ghana’s imports, contributing GH₵12.3 billion (20.9 per cent of total imports), followed by the UAE with a value of GH₵9.1 billion (15.4 per cent) and the United Kingdom with an import value of GH₵5.2 billion (8.8 per cent).

The Export and Import Unit Value Indices (UVIs) revealed price shifts in key commodities.

Export prices recorded a 40.5 percent year-on-year increase, driven by surging gold prices while import prices increased by 18.9 per cent.

He said during the period real trade figures indicated a deficit of GH₵2.1billion, with exports at GH₵22.5billion and imports at GH₵24.6billion.

However, the nominal values revealed a contrasting narrative, where the nominal export value was GH₵64.2billion and nominal import value was GH₵58.8 per cent, indicating a trade surplus.

This is driven by export prices increasing more import prices, especially due to the high price increase of gold and crude oil.

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