Ghana: Industrial Roundwood Market 2024

Industrial Roundwood Market Size in Ghana

In 2022, the Ghanian industrial roundwood market increased by 3.4% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +12.6% against 2020 indices. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Industrial Roundwood Production in Ghana

In value terms, industrial roundwood production reduced to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 50%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Industrial Roundwood Exports

Exports from Ghana

In 2022, approx. X cubic meters of industrial roundwood were exported from Ghana; shrinking by -63.2% on 2021. In general, exports faced a deep contraction. The growth pace was the most rapid in 2014 with an increase of 63% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, industrial roundwood exports declined sharply to $X in 2022. Overall, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 85%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

India (X cubic meters), Vietnam (X cubic meters) and China (X cubic meters) were the main destinations of industrial roundwood exports from Ghana, with a combined 79% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +31.6%), while the other leaders experienced a decline.

In value terms, India ($X) remains the key foreign market for industrial roundwood exports from Ghana, comprising 43% of total exports. The second position in the ranking was taken by China ($X), with a 19% share of total exports. It was followed by Vietnam, with an 18% share.

From 2012 to 2022, the average annual growth rate of value to India totaled -17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.9% per year) and Vietnam (+30.9% per year).

Export Prices by Country

The average industrial roundwood export price stood at $X per cubic meter in 2022, stabilizing at the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 27%. As a result, the export price attained the peak level of $X per cubic meter. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per cubic meter), while the average price for exports to Niger ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+4.2%), while the prices for the other major destinations experienced mixed trend patterns.

Industrial Roundwood Imports

Imports into Ghana

In 2022, approx. X cubic meters of industrial roundwood were imported into Ghana; increasing by 20% on the year before. In general, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 561% against the previous year. As a result, imports reached the peak of X cubic meters. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, industrial roundwood imports rose remarkably to $X in 2022. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 664% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, South Africa (X cubic meters) constituted the largest supplier of industrial roundwood to Ghana, with a 84% share of total imports. Moreover, industrial roundwood imports from South Africa exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), sixfold.

From 2012 to 2022, the average annual growth rate of volume from South Africa amounted to +43.9%.

In value terms, South Africa ($X) constituted the largest supplier of industrial roundwood to Ghana, comprising 73% of total imports. The second position in the ranking was held by the United States ($X), with a 26% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from South Africa amounted to +43.4%.

Import Prices by Country

The average industrial roundwood import price stood at $X per cubic meter in 2022, which is down by -5.5% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial roundwood import price increased by +91.7% against 2017 indices. The most prominent rate of growth was recorded in 2019 an increase of 58% against the previous year. Over the period under review, average import prices hit record highs at $X per cubic meter in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for South Africa totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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