NTEs to Netherlands, UK market rake in $424m
THE Netherlands and the United Kingdom (UK) were the two biggest markets for the country’s non-traditional exports (NTEs) last year.
The two absorbed a total of $424 million worth NTEs, representing a rise of 10.67 per cent over the 2020 earnings.
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Germany followed closely with goods worth $178.59 million in the period under review, representing an increase of 38.69 per cent over the 2020 performance, while France consumed US$155.54 million, an increase of 37.07 per cent from 2020 figures.
This is according to report launched by the Ghana Export Promotion Authority (GEPA) dubbed : ‘Analysis of Non-Traditional Export Statistics’.
It said the European Union (EU) and UK markets, which were the leading destination for Ghana’s NTEs, contributed 35.96 per cent of the total value of export earnings for the year 2021 which stood at $3.3 bilion.
The two markets absorbed a total of $1.197 billion of the value of NTEs and represented a 22.49 per cent increase over the 2020 performance.
Performance
Total NTE earnings for the period under review amounted to US$3.3billion, reflecting an increase of about 17 per cent over 2020 earnings of $ 2.846 billion.
Over the last five years (2017 to 2021), Ghana’s NTEs grew at an annual average rate of 7.07 per cent and contributed 22.62 per cent to the total national merchandise exports of Ghana in 2021.
Comparatively, total national exports grew by 1.75 per cent in 2021 compared to 2020. The average annual growth of total national exports over a five-year period (2017-2021) was also 1.75 per cent.
Market targeting
Over the years, GEPA has provided exporters with exposure to international markets via tradeshows, exhibitions and fairs.
These events promote exporters’ businesses and connect them to business prospects and new markets.
In November 2021, GEPA joined other trade agencies to lead a team of small and medium enterprises to participate in the biennial intra-African trade fair held in Durban, South Africa to promote Ghanaian products at the largest African Fair on the continent.
According to the National Export Development Strategy (NEDS) (2020-2029) that seeks to diversify and grow the NTE sector of the economy from US$2.8 billion (2020) to US$25.3 billion in 2029, markets which traditionally absorb substantial amount of Ghanaian products, EU and ECOWAS are likely to absorb more.
