Ghana recorded a trade surplus of $752.8 million in the first two months of 2023, about 1.0% of Gross Domestic Product, data from the Bank of Ghana has disclosed.
This is far more than the surplus of $205.8 million recorded during the same period in 2021.
The significant growth in trade surplus was due to significant proceeds from gold exports, whilst net imports also fell.
Importantly, total exports in the first two months of 2023 went up by 11.19% year-on-year to $2.76 billion. Total exports for the first two months in 2022 was $2.48 billion.
Crude oil exports fall to $562m
Crude oil exports in February 2022 stood at, $562.6 million, lower than the $688.8 million recorded in February 2022.
This is mainly due to price effects as the crude oil price has gone down significantly from over $100 to about $73.
Gold exports up 35% to $1.11bn
Gold export earnings, however, went up by 35.7% to $1.11 billion, supported by increased production volumes triggered by the positive response from small-scale gold exporters.
Cocoa exports up by 11.63%
Cocoa receipts also went up by 11.63% year-year to $546 million in February 2023.
This is despite lower prices and low cocoa purchases.