December 17, 2021
NTE earnings drop marginally in 2020
Non-traditional exports revenue for the year 2020 fell short of the projected target US$3billion, raking in some US$2.846billion for the period under review.
This figure reflected a 1.84% decline over the 2019 earnings of US$2.89billion.
The fall was attributable to the harsh impact of the Covid-19 pandemic on the business of export which affected the performance of the processed/semi-processed products sector, particularly cocoa butter and canned tuna – top contributors to the NTEs.
Earnings from the processed/ semi-processed sub-sector amounted to US$2.3billion in 2020, down from US$2.45billion recorded in 2019.
The industrial art and craft however showed up strongly as the NTEs growth pole accounting for 1.08% of total NTEs, depicting an overwhelming increase of 110.88% over 2019 earnings.
Chief Executive Officer of GEPA, Dr. Afua Asabea Asare, speaking at the launch of the report, stressed the commitment of GEPA to make up for the loss, adding that the organisation will explore new opportunities to grow the export basket.
She was optimistic that the prudent interventions being deployed towards exports promotion will fast-track the sector’s recovery.
Mr. Yaw Asuo Banin, Board Chair of GEPA launched the document at a media event held at the GEPA Impact Hub, Africa Trade House. Mr. Maxwell Kusi Director Research and International Cooperation and his Team were present to handle media enquiries related to analysis of the 2020 export statistics.