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General News of Sunday, 12 May 2024


Source: CNR

Ghana imported £63m textiles from UK – UK’s Department for Business

Ghana ranks as the UK’s 84th largest trading partner Ghana ranks as the UK’s 84th largest trading partner

Ghana imported approximately £63 million worth of textile fibres from the United Kingdom in 2023 only.

This is according to the latest data from the UK’s Department for Business and Trade Fact Sheet which reveals notable decline of 22.3 percent in UK’s goods exports to Ghana over the past 14 months.

This comes at a time when local fabric manufacturers have expressed concerns of low sales. Despite this, the overall trade in goods and services reached £1.2 billion.

Ghana ranks as the UK’s 84th largest trading partner, constituting 0.1 percent of the UK’s total trade, according to data from the same period.

Furthermore, UK exports to Ghana totalled £545 million in the four quarters leading up to the end of quarter four of 2023, marking a notable decrease of 33.2 percent compared to the same period a year prior.

The primary UK products imported by Ghana during this period were textile fibres (63.3 million pounds), industrial machinery, meat, and meat preparations, and refined oil. Conversely, Ghana’s exports to the UK during this period were primarily comprised of crude oil, vegetables, and fruits.

According to data from the Bank of Ghana, the country recorded a positive trade balance of 2.6 billion dollars at the close of 2023.

This surplus underscores ongoing efforts by the government to diversify the economy, with a focus on fostering export-driven growth.