Ghana: Market for Compounds With Other Nitrogen Function (Excluding Isocyanates) 2024

Market Size for Compounds With Other Nitrogen Function (Excluding Isocyanates) in Ghana

In 2022, after two years of decline, there was significant growth in the Ghanian market for compounds with other nitrogen function (excluding isocyanates), when its value increased by 77% to $X. Overall, consumption showed a prominent expansion. Compounds with other nitrogen function consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Exports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Exports from Ghana

In 2016, after two years of growth, there was significant decline in overseas shipments of compounds with other nitrogen function (excluding isocyanates), when their volume decreased by -91.1% to X kg. Over the period under review, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 4,086%. As a result, the exports reached the peak of X tons, and then declined significantly in the following year.

In value terms, compounds with other nitrogen function exports reduced remarkably to $X in 2016. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 14,136% against the previous year. As a result, the exports reached the peak of $X, and then declined remarkably in the following year.

Exports by Country

Sierra Leone (X kg) was the main destination for compounds with other nitrogen function exports from Ghana, with a 86% share of total exports. Moreover, compounds with other nitrogen function exports to Sierra Leone exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), sixfold.

From 2014 to 2016, the average annual rate of growth in terms of volume to Sierra Leone totaled -92.1%.

In value terms, Sierra Leone ($X) remains the key foreign market for compounds with other nitrogen function (excluding isocyanates) exports from Ghana, comprising 86% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 14% share of total exports.

From 2014 to 2016, the average annual growth rate of value to Sierra Leone totaled -95.3%.

Export Prices by Country

In 2016, the average export price for compounds with other nitrogen function (excluding isocyanates) amounted to $X per ton, declining by -40.6% against the previous year. Over the period under review, the export price, however, continues to indicate significant growth. The pace of growth was the most pronounced in 2015 an increase of 240%. As a result, the export price reached the peak level of $X per ton, and then reduced dramatically in the following year.

Average prices varied noticeably for the major foreign markets. In 2016, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while the average price for exports to Cote d'Ivoire stood at $X per ton.

From 2014 to 2016, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+38.9%).

Imports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Imports into Ghana

In 2022, purchases abroad of compounds with other nitrogen function (excluding isocyanates) was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports recorded strong growth. The pace of growth was the most pronounced in 2018 with an increase of 504% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, compounds with other nitrogen function imports soared to $X in 2022. Over the period under review, imports enjoyed resilient growth. The growth pace was the most rapid in 2018 with an increase of 433%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), China (X tons) and the Netherlands (X tons) were the main suppliers of compounds with other nitrogen function imports to Ghana, together comprising 93% of total imports. Belgium, India and the UK lagged somewhat behind, together accounting for a further 6.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +63.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest compounds with other nitrogen function suppliers to Ghana were the Netherlands ($X), China ($X) and Belgium ($X), together accounting for 89% of total imports. India, the United States and the UK lagged somewhat behind, together accounting for a further 11%.

In terms of the main suppliers, India, with a CAGR of +54.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for compounds with other nitrogen function (excluding isocyanates) stood at $X per ton in 2022, increasing by 24% against the previous year. In general, the import price recorded a modest expansion. The pace of growth was the most pronounced in 2017 when the average import price increased by 74%. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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