Republic of Ghana President John Mahama was re-elected to office. He took over as vice-president after the sudden death of John Atta Mills earlier in 2012., a photo by Pan-African News Wire File Photos on Flickr.
Ghana’s Trade With US Down To $484m
By Ghana News -SpyGhana.com
The trade balance between Ghana and the United States fell to $484.7 million in the first eight months of 2013, official US data has shown.
This is compared to $670.8 million trade balance both countries recorded during the same period (January-August) in 2012, according to the US Department of Commerce.
The reduction was due low American exports and a rise in Ghanaian exports during the period.
The US exported goods worth $747.5 million during the 2013 period to Ghana compared to what it did $901.7 million in 2012.
The US Commerce Department indicated that exports from Ghana into the American market rose from $230.9 million in the 2012 eight-month period to $262.7 million in 2013. Ghana’s main export commodities to the US are oil and cocoa.
Ghana is a beneficiary of the US African Growth and Opportunity Act (AGOA).
Ghana and the United States traded $1.5 billion worth of goods in 2012, according to figures by the International Trade Commission (ITC) of the US Department of Commerce.
They recorded a trade balance of nearly $1 billion ($987,663,000) in 2012.
By Ekow Quandzie/ghanabusinessnews.com
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