Ghana: Festive Articles Market 2024

Festive Articles Market Size in Ghana

After ten years of growth, the Ghanian festive articles market decreased by -18.3% to $X in 2022. Overall, consumption, however, saw a significant increase. Over the period under review, the market attained the peak level at $X in 2021, and then fell dramatically in the following year.

Festive Articles Exports

Exports from Ghana

In 2022, overseas shipments of festive or carnival articles decreased by -1.4% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, saw significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 4,104%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped modestly in the following year.

In value terms, festive articles exports dropped to $X in 2022. Overall, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 3,354% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for festive articles exports from Ghana, accounting for a 62% share of total exports. Moreover, festive articles exports to Burkina Faso exceeded the volume sent to the second major destination, Togo (X kg), fourfold. Mali (X kg) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Burkina Faso amounted to +44.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+39.9% per year) and Mali (+50.3% per year).

In value terms, the largest markets for festive articles exported from Ghana were Burkina Faso ($X), Mali ($X) and Togo ($X), with a combined 86% share of total exports.

Mali, with a CAGR of +51.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average festive articles export price stood at $X per ton in 2022, dropping by -4.8% against the previous year. In general, the export price showed a deep contraction. The most prominent rate of growth was recorded in 2015 an increase of 24%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mali ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+3.2%), while the prices for the other major destinations experienced mixed trend patterns.

Festive Articles Imports

Imports into Ghana

In 2022, the amount of festive or carnival articles imported into Ghana fell to X tons, waning by -12.2% on the year before. Overall, imports, however, showed significant growth. The growth pace was the most rapid in 2014 when imports increased by 1,174%. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, festive articles imports shrank rapidly to $X in 2022. Over the period under review, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 619% against the previous year. Imports peaked at $X in 2021, and then declined dramatically in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest festive articles supplier to Ghana, accounting for a 90% share of total imports. Moreover, festive articles imports from China exceeded the figures recorded by the second-largest supplier, Ireland (X tons), more than tenfold. The UK (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +71.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+47.6% per year) and the UK (+53.4% per year).

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to Ghana, comprising 89% of total imports. The second position in the ranking was held by the UK ($X), with a 6.6% share of total imports. It was followed by Italy, with a 1.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +97.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+67.6% per year) and Italy (+10.0% per year).

Import Prices by Country

The average festive articles import price stood at $X per ton in 2022, reducing by -9.8% against the previous year. In general, the import price, however, continues to indicate a modest increase. The pace of growth appeared the most rapid in 2015 when the average import price increased by 35% against the previous year. The import price peaked at $X per ton in 2021, and then shrank in the following year.

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 UK ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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