Ghana’s total exports for the first 6 months of 2020 exceeded its imports by 963 million dollars. That’s according to the latest statistical figures from the Bank of Ghana.
Trade Surplus refers to the amount by which the value of a country’s exports exceeds the cost of its imports.
The surplus, when compared to what the country recorded in the first half of 2019 represents a drop of about 33 percent.
The reduction was impacted by the first monthly trade deficit recorded in Ghana in almost a year.
A closer look at the latest data from the Bank of Ghana reveals that while commodities like Gold witnessed no significant change in the amounts exported for the month of June when compared to what was exported in June 2019, exported crude oil in June 2020 however saw a significant drop when compared to the amount exported in June 2019.
The year began with the country exporting a total amount of $ 1.4 billion dollars in Gold, Cocoa Beans, as well as Crude oil among others for the month of January.
In the same month, the import of oil and gas products as well as other non-oil produce amounted to $ 1.1 billion dollars, leading to an overall surplus of 308 million dollars at the start of the year.
The monthly surplus trend continues throughout the year until the first negative trade balance in a long time was recorded in June.
The $ 73.4 million dollar negative trade balance which means the country imported more than it exported, was the first negative trade balance since October 2019.