Total exports at end-October 2023 stood at $13.4bn. This compares favourably to the total import value of $11.3bn at the end of October 2023.
The difference between the country’s exports and imports within the review period resulted in a positive trade balance of $2.05bn.
The positive trade balance accounted for 2.7% of GDP.
This is per the November 2023 Summary of Economic and Financial Data released by the Bank of Ghana.
Gold, cocoa and oil accounted for a chunk of Ghana’s exports with gold and cocoa contributing $6bn and $1.7bn respectively to total export value.
Oil exports accounted for $3bn of total export value with other exports accounting for the remaining $2.6bn.
With regards to imports, oil and non-oil imports accounted for $3.6bn and $7.7bn of total import value.
Growth in exports contributed to an increase in the country’s gross international reserves which stood at $5.1bn at the end of October 2023 from $4.9bn at the end of September 2023.
Growth in gross international reserves led to a marginal increase in the country’s import cover from 2.3 months in September to 2.4 months in October.
Net International Reserves of the country however stands at $2.1bn, also a marginal increase from the $2bn recorded in September 2023.