<\/p>\n
The economy recorded a trade surplus of GH\u00a23.9billion in the third quarter of 2024, marking a stark improvement from a deficit of GH\u00a22.3billion in the same period last year.<\/p>\n
This turnaround was driven by a surge in gold exports which constituted 62.1 percent of total exports, according to the Ghana Statistical Service\u2019s (GSS) quarterly trade report.<\/p>\n
In the period under consideration, total trade value reached GH\u00a2145.7 billion, comprising GH\u00a274.8 billion in exports and GH\u00a270.9 billion in imports.<\/p>\n
\u201cThis marks a significant improvement, with the turnaround of a GH\u00a22.3billion trade deficit in Q3 2023 to a GH\u00a23.9billion surplus in Q3 2024,\u201d the report noted.<\/p>\n
The gold standard<\/b><\/p>\n
Gold led the export category by generating GH\u00a246.5billion \u2013 a notable increase from the comparable period in 2023. The commodity accounted for more than 60 percent of the country\u2019s total export revenue.<\/p>\n
Crude petroleum followed as the second-highest export with a contribution of GH\u00a211.6billion, while cocoa paste, manganese ore and tuna rounded out the top-five exports. Together, these five products accounted for 83.2 percent of total exports.<\/p>\n
The United Arab Emirates (UAE) emerged as Ghana\u2019s gold exports\u2019 leading destination in third quarter-2024, receiving 40.1 percent of the shipments.<\/p>\n
Switzerland, which had long held the position as Ghana\u2019s top gold buyer, fell to second place with a 30.1 percent share. South Africa, India and China were also key destinations.<\/p>\n
The GSS highlighted the UAE\u2019s growing importance, stating: \u201cThe UAE has emerged as a leading destination for Ghana\u2019s gold exports, with its share growing from a modest 0.7 percent in Q3 2021 to 40.1 percent in Q3 2024, making it the top destination for Ghana\u2019s gold exports\u201d.<\/p>\n
While export performance showed strong growth, imports remained robust \u2013 totalling GH\u00a270.9billion for the quarter. China continued to dominate as the nation\u2019s largest import source, contributing GH\u00a217billion or 24 percent of total imports. Other notable import partners included the United Kingdom, United Arab Emirates, India and the Netherlands.<\/p>\n
Mineral fuels and oils, particularly gas oil and motor spirit, were the top imported products, accounting for 22.3 percent of total imports. Machinery and electrical equipment followed, contributing 16.3 percent.<\/p>\n
The GSS noted that: \u201cIn Q3 2024, the top-two import products \u2013 both within the category of mineral fuels and oils \u2013 totalled GH\u00a212.9billion, with gas oil leading at GH\u00a27billion\u201d.<\/p>\n
Asian partners<\/b><\/p>\n
The document also highlighted Asia\u2019s growing influence on the domestic import market. Nearly half of all imports (48.7 percent) originated from Asia, marking a 6.3 percentage point increase compared to third quarter-2023. <\/p>\n
The report added: \u201cChina is the leading source of imports, contributing GH\u00a217billion, which accounts for 24 percent of total imports\u201d.<\/p>\n
Export prices surged during the quarter, with the Unit Value Index (UVI) for exports increasing by 53.9 percent year-on-year compared to a 26.3 percent rise in import prices.<\/p>\n
This indicates that Ghana\u2019s export commodities, particularly gold, experienced significant price increases.<\/p>\n
\u201cThe year-on-year change in export prices for Q3 2024 was 53.9 percent, while import prices increased by 26.3 percent over the same period,\u201d the GSS stated.<\/p>\n
The real effect<\/b><\/p>\n
Despite this nominal trade surplus, the report revealed a deficit in real terms. After adjusting for price changes, real export values were GH\u00a223billion while real imports stood at GH\u00a227.6billion \u2013 translating to a real trade deficit of GH\u00a24.6billion. This disparity highlights the impact of rising export prices on trade balances.<\/p>\n
\u201cIn Q3 2024, real values indicated a trade deficit with exports valued at GH\u00a223billion and imports at GH\u20b527.6billion. However, nominal values continued to reflect a trade surplus,\u201d the GSS noted.<\/p>\n
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