Imports from Asia surge by 8.5% in 2024

By Daniel NONOR, ACCRA

GHANA’S import landscape has witnessed a noticeable shift, with imports from Asia rising by 8.5% in the second quarter of 2024, while imports from Europe saw a 7.5% decline over the same period.

This shift is an indication of Ghana’s deepening economic ties with Asian economies, particularly China, which continues to be the country’s largest trading partner, supplying goods worth GH₵12.3 billion (20.9% of total imports) according to the latest data from the Ghana Statistical Service (GSS) .

According to the GSS report, Ghana’s total imports for the second quarter of 2024 amounted to GH₵58.8 billion, a figure that is heavily influenced by the country’s reliance on petroleum products. Gas oil imports reached GH₵7.3 billion, while motor spirit super imports totalled GH₵7.2 billion, together contributing 24.7% of the total import bill.

The report also revealed that Ghana achieved a remarkable trade surplus of GH₵5.4 billion during the period, marking a sharp contrast to the GH₵3.1 billion deficit recorded in the same period the previous year.

The GSS report, which detailed International Trade Statistics for the quarter, attributed this surplus to a significant rise in gold exports. Gold, the star performer in Ghana’s export portfolio, reached GH₵37.0 billion, representing 57.6% of total exports. The surge was driven by a 40.5% year-on-year increase in gold prices, according to the Export and Import Unit Value Indices (UVIs).

Other key contributors to the country’s exports included crude petroleum, which generated GH₵12.6 billion, and cashew nuts, which brought in GH₵1.2 billion. Overall, Ghana’s total exports for the period amounted to GH₵64.2 billion, surpassing imports by a wide margin.

Ghana’s top export destinations also remained consistent, with the United Arab Emirates (UAE) leading the way, receiving GH₵15.0 billion worth of goods, or 23.3% of total exports. Switzerland followed closely with GH₵13.2 billion (20.5%), while South Africa ranked third, importing GH₵8.3 billion worth of goods, representing 12.9% of total exports. The GSS data also revealed that the cost of imports has increased. Import prices rose by 18.9% year-on-year, reflecting the broader inflationary pressures faced by the country. However, with export prices surging by 40.5%, driven largely by gold, Ghana managed to offset its rising import costs and post a significant trade surplus for the quarter.