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Import Trade Deficit Hits 4.5bn In 20223 min read

Import Trade Deficit Hits 4.5bn In 2022<span class="wtr-time-wrap after-title"><span class="wtr-time-number">3</span> min read</span>

According to the report, the value of imports was higher in nine out of the 12 months of that year with September being the month with the largest variation where imports exceeded exports at GH¢4.5 billion.

It also highlighted that the country has 209 import partner countries as opposed to 161 export partners.

The report, presented by Government Statistician, Prof. Samuel Kobina Annim, is the first publication produced by GSS that reports on the country’s trading activities.

According to the Prof. Annim, the report is important as it highlights the country’s international trade vulnerability which has the potential to constrain the strengthening of the country’s economy.

It was produced in partnership with the Ghana Revenue Authority (GRA) and will be published continuously.

Data on Imports

The report revealed that China is the country’s main import partner with a total import value of GH¢25 billion. China is the lead import partner for machinery and electrical equipment (33.3 %), chemical products (26.0 %), iron and steel (54.4 %), plastics (29.3 %), and other products (17.0%).

It added that almost two-thirds (63.3 %) of the country’s imports from Europe are from the United Kingdom (34.2 %), the Netherlands (19.2%) and Switzerland (9.9 %). Over two-thirds of mineral fuels and oils come from the United Kingdom (84.1), and the Netherlands (82.3 %) making them the country’s main trading partner for mineral fuels and oil.

Europe is the only continent where one commodity accounts for over half of all imports, which is 55 per cent of all mineral fuels and oil imported.

It indicated that within Africa, South Africa is the main import trading partner recording 23.8 per cent (GH¢3 billion) of the total value of imports from African countries followed by Egypt (14.3 %).

Vehicles and automotive parts are the leading import items originating from the USA accounting for about a third (32.8 %) of imports coming from North America.

The import of diesel and light oils, motor spirit, super as individual commodities have a total combined value of GH¢34.9 billion, which represent almost a quarter of all imports.

Data on Exports

The report stated that about 50.4 per cent of all the country’s exports to Europe go to Switzerland, followed by 13.0 per cent to the Netherlands, and 8.9 per cent to Italy.

China and India together make up more than three quarters (78.2 %) of all the country’s exports to Asia with China amounting to 44.3 per cent and India at 33.9 per cent.

It added that in Africa, 80.6 per cent of the country’s exports go to South Africa (51.3 %), Burkina Faso (15.7 %), Cote d’Ivoire (8.2 %), and Togo (5.4 %) with plastics (49.7%), iron and steel (43.6%), and chemical products (39.5%) being mainly exported to Burkina Faso. South Africa, with GH¢14.9 billion, is the main export destination within Africa with gold (89.9%) being the main export commodity while Burkina Faso is the second destination for export with GH¢4.6 billion.

The report highlighted that Gold makes up more than one third to half of exports to Asia (35.5%), Africa (46.1 %) and Europe (50.4 %). More than 90.0% of gold exports go to Switzerland (48.1%), South Africa (24.8%), and India (21.4%).

Mineral fuels and oils constitute the largest share of exports to North America (80.9%) and Asia (42.6%). Over three-quarters (78.0%) of mineral fuels and oils are exported to China (38.1%), Canada (33.0%), and Italy (6.9 %).

It also indicated that cocoa is mostly exported to Europe (22.1 %), Asia (7.6%), and North America (13.1%).  Half of cocoa exports go to the Netherlands (27.6%), USA (12.7%) and Belgium (9.7%).

Switzerland, China, and Canada are the major export destinations with exports over GH¢15 billion each. Exports to Switzerland amount to GH¢26.1 billion making it the country’s main export destination with GH¢7.9 billion more exports than China (GH¢18.2 billion) the second leading export destination.

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