Ghana: Market for Natural Rubber And Gums 2024

Market Size for Natural Rubber And Gums in Ghana

In 2022, after five years of growth, there was decline in the Ghanian natural rubber and gum market, when its value decreased by -1.7% to $X. Overall, consumption, however, recorded a strong increase. Natural rubber and gum consumption peaked at $X in 2021, and then reduced modestly in the following year.

Production of Natural Rubber And Gums in Ghana

In value terms, natural rubber and gum production expanded significantly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 64%. Natural rubber and gum production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

In 2022, the average yield of natural rubber and gums in Ghana declined to X kg per ha, almost unchanged from the previous year. The yield figure increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when the yield increased by 3%. Over the period under review, the average natural rubber and gum yield attained the peak level at X kg per ha in 2021, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of natural rubber and gums in Ghana contracted modestly to X ha, waning by -3.5% on the year before. In general, the harvested area, however, saw buoyant growth. The pace of growth was the most pronounced in 2017 when the harvested area increased by 64% against the previous year. Over the period under review, the harvested area dedicated to natural rubber and gum production attained the maximum at X ha in 2021, and then shrank in the following year.

Exports of Natural Rubber And Gums

Exports from Ghana

In 2022, overseas shipments of natural rubber and gums increased by 19% to X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 387% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, natural rubber and gum exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2015 with an increase of 261% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for natural rubber and gum exports from Ghana, with a 51% share of total exports. Moreover, natural rubber and gum exports to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was taken by Canada (X tons), with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +32.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.1% per year) and Canada (+17.4% per year).

In value terms, the largest markets for natural rubber and gum exported from Ghana were the United States ($X), China ($X) and Canada ($X), together accounting for 72% of total exports.

In terms of the main countries of destination, China, with a CAGR of +15.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average natural rubber and gum export price stood at $X per ton in 2022, which is down by -2.8% against the previous year. Over the period under review, the export price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2020 when the average export price increased by 5.2% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to China ($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 France (+4.7%), while the prices for the other major destinations experienced a decline.

Imports of Natural Rubber And Gums

Imports into Ghana

In 2022, approx. X tons of natural rubber and gums were imported into Ghana; with a decrease of -24.9% against the year before. In general, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 when imports increased by 486% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, natural rubber and gum imports reduced notably to $X in 2022. Overall, imports recorded a abrupt contraction. The pace of growth was the most pronounced in 2015 when imports increased by 345%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest natural rubber and gum supplier to Ghana, with a 75% share of total imports. Moreover, natural rubber and gum imports from China exceeded the figures recorded by the second-largest supplier, India (X kg), fivefold. The UK (X kg) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.2% per year) and the UK (-16.7% per year).

In value terms, China ($X), the UK ($X) and India ($X) were the largest natural rubber and gum suppliers to Ghana, together comprising 91% of total imports.

Among the main suppliers, India, with a CAGR of +1.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average natural rubber and gum import price stood at $X per ton in 2022, almost unchanged from the previous year. Over the period under review, the import price showed prominent growth. The pace of growth was the most pronounced in 2020 when the average import price increased by 72% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average 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 UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+101.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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