Ghana: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Ghana

In 2022, the Ghanian market for crude sunflower-seed and safflower oil was finally on the rise to reach $X after three years of decline. Over the period under review, consumption recorded a significant expansion. Crude sunflower-seed and safflower oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Crude Sunflower-Seed And Safflower Oil in Ghana

In value terms, crude sunflower-seed and safflower oil production totaled $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with a decrease of 99.9% against the previous year. Crude sunflower-seed and safflower oil production peaked in 2022 and is likely to see steady growth in the immediate term.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Ghana

In 2022, crude sunflower-seed and safflower oil exports from Ghana dropped markedly to X tons, waning by -33.8% compared with the previous year's figure. In general, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 895% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports dropped remarkably to $X in 2022. Overall, exports faced a precipitous setback. The pace of growth appeared the most rapid in 2021 when exports increased by 648% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Ghana, with a 100% share of total exports. It was followed by Canada (X kg), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK was relatively modest.

In value terms, the UK ($X) emerged as the key foreign market for crude sunflower-seed and safflower oil exports from Ghana, comprising 99% of total exports. The second position in the ranking was taken by Canada ($X), with a 0.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK was relatively modest.

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, which is down by -13.8% against the previous year. Overall, the export price showed a noticeable curtailment. The pace of growth appeared the most rapid in 2013 when the average export price increased by 45% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the UK amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+8.8%).

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Ghana

In 2022, overseas purchases of crude sunflower-seed and safflower oil were finally on the rise to reach X tons after three years of decline. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 152% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports rose markedly to $X in 2022. Over the period under review, imports continue to indicate significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 149% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Egypt (X tons) constituted the largest crude sunflower-seed and safflower oil supplier to Ghana, with a 70% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Egypt exceeded the figures recorded by the second-largest supplier, Italy (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Egypt totaled +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.0% per year) and Spain (+38.0% per year).

In value terms, Egypt ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Ghana, comprising 59% of total imports. The second position in the ranking was taken by Italy ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Egypt totaled +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.2% per year) and Spain (+39.3% per year).

Import Prices by Country

In 2022, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, shrinking by -12.3% against the previous year. Overall, the import price showed a pronounced descent. The pace of growth appeared the most rapid in 2021 an increase of 25% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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