The Government Statistician, Prof. Samuel Annim has noted that Asia remains Ghana’s leading trade partner, contributing over half of the country’s imports and nearly half of its exports in second quarter (Q2) of 2024.
At a press conference in Accra on Tuesday, September 24, he stated that between the Q2 of 2023 and Q2 2024, the share of imports from Europe dropped by 7.5 percent, while imports from Asia increased substantially by 8.5 percent.
China remained the primary source of Ghana’s imports, contributing GHȼ12.3billion – 20.9 percent of total imports, followed by the United Arab Emirates (UAE) with a value of GHȼ9.1billion (15.4 percent) and the United Kingdom with an import value of GHȼ5.2billion –8.8 percent.
“More than a fifth of Ghana’s import comes from China. This pattern has been consistent since 2021, with the exception of the first quarter of 2023. “For five out of the ten product classifications, the leading country of origin is China. Vegetable products are mainly imported from Vietnam. Gold’s share of exports increased by about 10% from 47.5% in quarter 2 2023 to 57.6% in quarter 2 2024.”
The UAE remained Ghana’s top export destination, accounting for GHȼ15billion, representing 23.3 percent of total exports.
Switzerland followed closely with exports valued at GHȼ13.2billion, representing 20.5 percent while South Africa ranked third, with exports amounting GHȼ 8.3billion – 12.9 percent.
Prof Annim added that in Q2 2024, the United Arab Emirates surpassed the United Kingdom as the leading source of mineral fuels and oil.
“Asia and Europe are consistently Ghana’s main export destinations, accounting for 73.9 percent of exports in Q2 2024. Asia remains the main export destination since overtaking Europe Q4 2023. There’s a declining trend in the share of imports from Europe in contrast to a rising share from Asia, signalling a significant shift in Ghana’s import sources,” he said.
