Ghana Records $1.1BN In Balance Of Trade

Latest data from the Bank of Ghana dubbed the Summary of Economic and Financial Data indicates that Ghana earned 7.8 billion dollars from export as against 6.7 billion in import for June 2018, leaving a trade balance of 1.1 billion dollars.

This means that by June this year (2018), the country has imported more goods than it has exported.

According to the data, Gold old fetched the country 2.8 billion dollars as at June this year. It was followed by oil, which fetched the country 2.1 billion dollars, whiles Cocoa earned the country 1.4 billion dollars for the same period this year.

Comparing the June 2018 figures to the June 2017 figure for Gold which was at 3.3 billion cedis, the figure shows that a drop in gold export by 0.08 percent for this year.

The volume of cocoa export also dropped by 0.24 percent ,recording 1.3 billion cedis in 2018 as against 1.7 billion dollars in 2017.

Also as at June this year the value of oil export was 2.1 billion dollars whiles in 2017 it was 1.2 billion dollars. Representing a 0.7 an increase in oil production by June 2018.

The value for nonoil imports in June this year was 5.2 billion dollars. These imports include rice, chicken, sugar and electrical appliances. Comparing this to 2017, non-oil imports was at 4.9 billion dollars representing a percentage growth of 0.06 percent.

The trade balance for June 2018 was 2.1 percent of GDP whiles in 2017 it was 2.4 percent of GDP during the same period.

The capital and financial account balance was negative 1 .0 percent as at May this year.

For the Gross International Reserves for June 2018 it was valued at 7.2 billion dollars whiles Net International Reserves was valued at 4.1 billion dollars during the same period.