Export earnings from processed sub-sector drops by 2.3%

graceExport earnings obtained from the processed, and Semi-processed sub-sector in 2015 saw a decline of 2.27%, figures from the Ghana Export Promotion Authority has revealed.

In 2015, the value of the sub-sector amounted to USD2, 120.50million compared to USD2, 169.56million earned in 2014.

The decline according to the Authority was due to the low performances of some key products such as Cocoa Paste, Natural Rubber Sheets and Aluminum Plates, Sheets and oil.

The top ten leading processed and semi-processed products were Cocoa Paste, Canned Tuna, Articles of Plastics, Cocoa Powder, Lubricating Oil, Shea Oil, Aluminum Plates and Sheets, Machine parts, Natural Rubber sheets and freshly cut fruit.

Natural Rubber Sheets dwindled in 2015 as it made a 58.75% loss bringing the amount to about USD53, 620.181million, as compared to the USD129,982,071million recorded in 2014.

Aluminum Plates and sheets also recorded a decline of 34.27% amounting to USD61, 581,283million in 2015, a sharp decline from USD93,692,428 recorded in 2014.
Machine parts saw the next biggest decline as it went down by 30.91%
Cocoa Paste also saw its growth rate reduce to 10.21%.

Freshly cut fruit also reduced by 3.11% in 2015, compared to 2014.
Lubricating oil however saw a boost in 2015 as it recorded the highest growth rate of 2278.66%.

Cocoa powder also saw a growth rate of 68% in 2015, with canned Tuna recording a 44% growth rate in 2015 Export Performance.
Shea oil recorded a 23.09% growth rate, with Articles of plastics making the least earning of 10.64%.

Meanwhile, Ghana’s highest export partners, the European Union saw a decline of 5.45% in 2015, as it recorded 9million dollars in 2015, as compared to 2014’s 9.5million.

Cocoa paste exported to European countries earned the Ghanaian economy 29% contribution from the EU which is the highest, while the second highest canned tuna fetched a 24% from the EU in 2015.
Cocoa Powder also earned the country 7.12%, and Aluminum plates, sheets and coils drew 5.91%.

The rest are cut fruits which recorded a 5.58%, Natural Rubber Sheets with 3.16%, Shea Oil 2.62% and Shea Nuts recording 2.58%.
Banana also recorded a 2.57% increase, with Fresh or Chilled Tunas contributing a 2.08%.

 

Source: citifmonline