US-Ghana bilateral trade reaches $1.3b third quarter 2011
…balance of trade is over $300 million
The volume of bilateral trade between the United States and Ghana reached $1,338,094,000 during the first three quarters (January to September) of 2011, according to figures provided by the US Department of Commerce seen by ghanabusinessnews.com.
Products traded between both countries were agricultural products, forest products, chemicals and related products, energy-related products, textiles and apparel, footwear, minerals and metals, machinery, transportation equipment, electronic products and other miscellaneous manufactures as well as special items.
In all sectors, the figures showed that the total US exports to Ghana was valued at $867,474,000 while Ghana’s exports to the US was valued at $470,620,000.
The balance of trade between the US and Ghana during the first three quarters of 2011 is $396,854,000.
On specifics, agricultural products traded between the two countries amounted to a value of $306,387,000. Ghana imported $71,620,000 value of agricultural products while the US imported $234,767,000 value of the same sector products from Ghana.
The US exported $10,167,000 value of forest products to Ghana and imported $14,013,000 of the products from Ghana.
On chemicals and other related products, the value of Ghana’s import from the US was $91,838,000 while export value was $14,915,000.
Trade on energy-related products saw Ghana importing $155,430,000 value of the products as against the US’ $192,454,000 value.
Ghana exported $1,214,000 value of Textiles and apparel products to the US and imported $10,417,000 value of the same products from the US.
Transportation equipment that the US exported to Ghana was worth $305,204,000 as compared to its $171,000 value imports from Ghana.
Electronic products imported into Ghana from the US were worth $30,192,000. Ghana exported only $126,000 worth of electronic products to the US.
On footwear products, both countries traded an amount value of $1,901,000. US exports to Ghana were $1,836,000 and imports were $65,000.
The minerals and metals sector saw the US exporting $79,447,000 value of products to Ghana while Ghana exported $6,115,000 value to the US.
US-Ghana trade on machinery products was $70,719,000; miscellaneous manufactures was $13,692,000 and trade on special items was $33,793,000.
Facts available from the US government indicates that bilateral trade between Ghana and the United States has been relatively well-balanced in recent years, although 2002 saw a sharp drop in exports to the US.
In 2002, exports from Ghana to the US amounted to $76 million, while imports were almost $200 million. This resulted in the country recording significant trade deficit with the US of $76 million, according to US government documents seen by ghanabusinessnews.com on the African Growth and Opportunity Act (AGOA).
By Ekow Quandzie