2020 Q1: COVID-19 affects volume of cargo as reports show 44% drop

- The outbreak of the coronavirus has led to a 44% fall in the volume of cargo at the Tema and Takoradi ports compared to a year ago

- Reports show the ports recorded a 24.5% fall in imports and a 66.1% fall in exports

- It was reported that 3.77 million metric tonnes of cargo were transported at both the ports for the first quarter of 2020

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The volume of cargo at the Tema and Takoradi ports fell by 44 percent in the first quarter of the year 2020 compared to the same period in 2019.

It has been gathered that the drop has been attributed to the economic impact of the coronavirus on Ghana’s shipping and maritime industry.

YEN.com.gh understands that the volume of imports fell by 24.5 percent and exports fell by 66.1 percent.

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The Ghana Shippers Authority (GSA) explained that the trade volume of transshipment also fell by 76.1 percent.

Per a report by thebftonline.com, cargo transported at both the ports for the first quarter of 2020 stood at 3.77 million metric tonnes.

The Tema port recorded a total of 2.96 million metric tonnes of cargo throughput representing 79 percent, while Takoradi cargo throughput was 804,437 metric tonnes representing 21 percent of the total seaborne trade.

Transshipment imports amounted to 61,568 metric tonnes while transshipment exports recorded 17,884 metric tonnes.

The World Trade Organisation (WTO) reports that global trade has been negatively affected by the coronavirus pandemic as global merchandise trade by volume fell 3 percent year-on-year in the first quarter of 2020.

Merchandise trade volume in the first quarter of 2020 also saw a decline from the last quarter of 2019.

This downward trend is expected to continue into the latter part of the year 2020.

In other news, a poll carried out by Reuters focused on the cocoa industry has revealed a possible 10 percent fall in prices of the commodity.

The drop, YEN.com.gh has learned, is a result of the rising cost of production as well as a fall in demand due to COVID-19.

The latest development will not, however, affect the price of chocolate bars as pricing of cocoa is only one of the factors that are considered in making up the retail price.

READ ALSO: Business conditions were stable in Ghana in July - Report

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Source: YEN.com.gh