Ghana: Nitrites Market 2024

Nitrites Market Size in Ghana

The Ghanian nitrites market fell sharply to $X in 2021, with a decrease of -99.3% against the previous year. Overall, consumption faced a sharp reduction. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Nitrites Production in Ghana

In value terms, nitrites production declined to $X in 2021 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by +0.3% against 2016 indices. The growth pace was the most rapid in 2016 with an increase of 21% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then declined modestly in the following year.

Nitrites Exports

Exports from Ghana

In 2021, nitrites exports from Ghana surged to X tons, rising by 344% compared with the previous year. In general, exports saw a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitrites exports surged to $X in 2021. Over the period under review, exports showed strong growth. The most prominent rate of growth was recorded in 2013 with an increase of 239% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) was the main destination for nitrites exports from Ghana, accounting for a 75% share of total exports. Moreover, nitrites exports to Nigeria exceeded the volume sent to the second major destination, Senegal (X tons), fivefold. Burkina Faso (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Nigeria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (+17.5% per year) and Burkina Faso (+6.9% per year).

In value terms, the largest markets for nitrites exported from Ghana were Senegal ($X), Nigeria ($X) and Burkina Faso ($X), together accounting for 98% of total exports.

Among the main countries of destination, Burkina Faso, with a CAGR of +14.5%, 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

In 2021, the average nitrites export price amounted to $X per ton, shrinking by -62.7% against the previous year. In general, the export price saw a perceptible slump. The pace of growth appeared the most rapid in 2016 when the average export price increased by 41%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average 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 Senegal ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+7.1%), while the prices for the other major destinations experienced mixed trend patterns.

Nitrites Imports

Imports into Ghana

In 2021, the amount of nitrites imported into Ghana contracted notably to X tons, with a decrease of -58% against the previous year. In general, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 248% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitrites imports contracted markedly to $X in 2021. Over the period under review, imports continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 456% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the UK (X tons) constituted the largest nitrites supplier to Ghana, accounting for a 45% share of total imports. Moreover, nitrites imports from the UK exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. South Africa (X tons) ranked third in terms of total imports with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the UK amounted to +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.3% per year) and South Africa (+9.9% per year).

In value terms, the UK ($X) constituted the largest supplier of nitrites to Ghana, comprising 58% of total imports. The second position in the ranking was taken by South Africa ($X), with a 23% share of total imports. It was followed by China, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the UK totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-3.5% per year) and China (-20.8% per year).

Import Prices by Country

In 2021, the average nitrites import price amounted to $X per ton, shrinking by -10% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 60% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :