Gold, cocoa and crude export earnings grew strongly in 8 months of 2028, but NTEs declined by 3%
The country’s trade surplus improved significantly to US$8.80 billion during the first eight months of the year, up from US$6.69 billion in the corresponding period of 2025. This was underpinned by robust growth in export earnings that outpaced the rise in imports.
In the first eight months of 2028, gold, cocoa, and crude export earnings experienced significant growth, while non-traditional exports (NTEs) declined by 3%. The composite weighted average price index for these commodities rose by 5.6% year-to-date, reaching 261.86 in August 2026. Crude oil led the growth, with a 42.9% increase, followed by gold at 2.1% and cocoa at 1.5%.
However, cocoa prices contracted, dampening the overall increase. The country's trade surplus expanded to US$8.80 billion during this period, up from US$6.69 billion in the same period of the previous year. Total export earnings grew by 24.8% to US$22.39 billion, driven by higher prices and export volumes for crude oil and cocoa.
Gold exports surged by 32.9% to US$14.86 billion, primarily due to increased safe-haven demand driven by geopolitical uncertainties. Cocoa exports increased by 9.9% to US$2.71 billion, while crude oil exports rose by 32.8% to US$2.42 billion, benefiting from higher global prices. Nevertheless, NTE earnings contracted by 3.0% to US$2.39 billion, reflecting declines across all sub-categories.
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