US-Ghana bilateral trade slips to $556m first four months of 2012 compared to 2011 period

Bilateral trade between Ghana and the US recorded a volume of $556,396,000 from January to April 2012, latest figures released by the International Trade Commission (ITC) of the US Department of Commerce has shown.

US exports to Ghana during the four-month period of the year totaled $456,605,000 while its imports from Ghana were almost $100 million ($99,791,000).

The volume of trade balance between the two countries was $356,814,000 during the January-April period, according to the ITC.

For the corresponding period (January-April) in 2011, the two countries’ bilateral trade hit $648,351,000 as US’ exports to Ghana was $385,027,000 and imports $263,324,000 recording a trade balance of $121,703,000.

The total value of trade between the US and Ghana recorded a significant growth of 56% over the 2010 figures to $1.9 billion in 2011, according to a White House factsheet obtained by ghanabusinessnews.com March 9, 2012.

The factsheet indicated that US exports to Ghana were valued at $1.2 billion in 2011, up from $963 million in 2010 while imports totalled $778 million.

The five largest US import categories with Ghana in 2011 were – mineral fuel (oil) ($441 million), cocoa ($269 million), rubber ($19 million), wood ($18 million), and vegetables (yams) ($7 million), according to the ITC.

The ITC says Ghana is currently its 86th largest goods trading partner with $2 billion in total (two way) goods trade during 2011.

Ghana was the US’ 77th largest goods export market in 2011, it added.

By Ekow Quandzie