agriculture export, stellar export earnings

Impressive agriculture export earnings in Q2 despite trade challenges

There seems to be good news as agriculture export saw impressive earnings in Q2 despite trade challenges.

The latest trade data for the second quarter of 2022 showed another stellar performance from the agriculture sector with a 5% quarter-on-quarter jump in stellar export earnings to the tune of US$3.4bn.

Indeed an impressive performance despite the earlier trade-related challenges from the Foot-and-mouth Disease-induced halts in wool exports, to global logistical issues that curtailed citrus volumes.

Nectar2Honey solutions, agriculture export

The stellar export earnings and subsequently an agriculture trade surplus was underpinned by robust export demand coupled with strong commodity prices.

Read also: South African power grid under immense strain as cold stores prepare for new EU orange protocol

Maize seems to have made a structural break in export trends with volumes way above the historical levels.

agriculture export
Maize export

The implication for producers is that higher earnings will help them navigate the current high-cost environment and further make the necessary production expansions and necessary replenishment of equipment and machinery.

Read also: We won’t send medical students to Cuba again — Education Chief Director

We have already seen a healthy performance in the agriculture machinery sector with the cumulative tractor and combine sales for the seven months to July 2022 rising by 20% and 50% respectively relative to the same period in 2021.

Nectar2Honey solutions, agriculture export

Read also: Farming and fertilisers: how ecological practices can make a difference

The further spinoff from the excellent exports is a positive contribution to the country’s balance of payment as well as overall gross domestic output growth.

The Choice Press is an online news portal that seeks to project what the gallant small-scale farmers in Africa are doing. We basically report on everything that has to do with agriculture and agribusiness, especially in Ghana.
%d bloggers like this: