Ghana-US bilateral trade shrinks to $1.5b in 2012

…records $364m trade value losses

The United States and Ghana recorded a loss of $364 million in bilateral trade in 2012 as trade  between the two countries shrunk.

Both traded $1,570,089,000 value of goods in 2012 as compared to $1,934,559,000 in 2011, according to latest figures released by the International Trade Commission (ITC) of the US Department of Commerce.

In 2012, US’ exports to Ghana rose to $1,278,876,000 from $1,155,466,000 in 2011, while its imports cut drastically to $291,213,000 from $778,993,000 in 2011.

The 2012 balance of trade was $987,663,000, rising from $376,474,000 in 2011.

The five largest US import categories with Ghana in 2011 were – oil, cocoa, rubber, wood, vegetables.

Ghana was the 86th largest goods trading partner of the US in 2011. The country was also the US’ 77th largest goods export market in 2011.

By Ekow Quandzie