For the first time, the Ghana Statistical Service (GSS) has published the Export and Import Price Indices (XMPI), which tracks changes in the relative costs of imported and exported goods over time in relation to their quantities. According to the XMPI, the average increase in commodity prices between Q1 2023 and Q1 2024 was 20.4% for exports and 11.5% for imports. This implies that price adjustments rather than improvements in output have been the main drivers of Ghana’s trade flow gains. GSS’s first quarterly trade statistics newsletter, published on May 30, 2024, highlights these indicators, which were computed using information from the Ghana Revenue Authority’s Customs Division. GSS currently regularly publishes a quarterly trade statistics bulletin with the goal of giving decision-makers access to current trade data. According to the newsletter, the trade surplus in Q1 2024 was GH₵11.5 billion, which was more than twice as much as the GH₵4.5 billion surplus in Q1 2023. However, compared to the average of US$825.8 million for the first quarters of 2021, 2022, and 2023, exports of cocoa goods fell to US$592.2 million in Q1 2024, the lowest export value since 2021.On May 30, 2024, the GSS also published the 2023 Annual Trade Report. After the 2022 Trade Vulnerability Report and the 2023 Mid-Year Report on Trade, this is GSS’s third trade report in the last 12 months. According to the 2023 report, there was a GH₵5.3 billion trade surplus in 2023 after a GH₵4.8 billion trade deficit in 2022. Mineral fuels and oils witnessed a minor increase from GH₵43.7 billion to GH₵44.6 billion, but gold exports surged dramatically from GH₵54.1 billion to GH₵84.4 billion. China became Ghana’s biggest import partner with GH₵33.9 billion, and Asia’s import share (41.3%) overtook Europe’s (37.3%).You can get the XMPI Technical Manual, the Q1 2024 Quarterly Newsletter, and the 2023 Annual Trade Report from www.statsghana.gov.gh. The GSS StatsBank also provides immediate access to trade statistics.
