Europe remains largest destination of Ghanaian exports

Europe continue to remain the largest destination for exports of Ghanaian goods as European countries received the largest share of 31.0% of Ghana’s total exports at the end of September last year.

It was followed by the Far East including China and Japan which accounted for 20.1% percent of exports from Ghana. The Rest of Africa with 15.7%, the European Union with 12.3%, Other Economies (10.6%), ECOWAS (9.0%), and North America (1.2%) followed suit respectively.

According to data from the Bank of Ghana, the Far East however emerged as the leading source of imports accounting for 39.1% of the total imports. This indicates China and the United Arab Emirates were the largest trade destination for Ghanaian traders.

The European Union followed with a share of 24.2% whilst North America (12.4%) and Other’ economies (8.0%) respectively followed. Other Europe (6.8%), Rest of Africa (5.5%) and ECOWAS (4.0%) were also regions or continent Ghana imported goods from.

Top 10 major non-oil imports hit $743m

Meanwhile, the total value of the top 10 non-oil merchandise imports for the third quarter of 2020 amounted to $743.19 million compared to $695.56 million recorded a year ago. Some items included motor vehicles for the transport of persons and goods, self-propelled bulldozers, frozen fish, weedicides and rice. The value of capital goods during the period [quarter 3] was $534 million, up by 6.13% or $30.86 million from the corresponding period in 2019. This was on account of an 11.53% increase in the imports of Capital goods (except transport).

Consumption goods imported, however decreased by 14.86% to $511.87 million, compared to $601.19 million a year ago. Sub categories in this classification that accounted for the decrease included non-durable consumer goods, primary food and beverages, and processed food and beverages. The value of intermediate goods imported however decreased by 26.47% to $1.1 billion compared to $1.49 billion recorded a year ago.